What is a William D Ford loan?
What is a William D Ford loan?
The William D. Ford Federal Direct Loan (Direct Loan) Program is a federal student loan program under which eligible students and parents borrow directly from the U.S. Department of Education at participating schools.
How much is the William D Ford loan?
Cumulatively, an undergraduate dependent can borrow up to $31,000 (no more than $23,000 of which can be subsidized), undergraduate independent or students whose parents have been turned down for a parent PLUS loan can borrow up to $57,500 (no more than $23,000 can be subsidized) and a graduate student can borrow up to …
What is the William D Ford Act loan forgiveness?
“Obama Student Loan Forgiveness” is a nickname for the William D. Ford Direct Loan program. The federal government will no longer give subsidies to private lending institutions for federally backed loans. Borrowers of new loans starting in 2014 will qualify to make payments based on 10% of their discretionary income.
What are the four types of loans available under the William D Ford Federal Direct Loan Program?
Ford Direct Loan (Direct Loans) Program have? The William D. Ford Federal Direct Loan (Direct Loan) Program consists of the following types of loans: Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidated Loans.
Is a Stafford loan A William D Ford loan?
Stafford loan is a type of federal, fixed-rate student loan available to college and university undergraduate, graduate, and professional students attending college at least half-time. These loans are also called direct loans and are given out under the William D. Ford Federal Direct Loan Program.
What is the maximum amount in subsidized William D Ford Direct Stafford Loans a dependent student can borrower as an undergraduate?
Dependent undergraduate students can borrow up to $5,500 in the first year (no more than $3,500 may be subsidized); $6,500 in the second year (no more than $4,500 may be subsidized); $7,500 in the third, fourth, and fifth years (no more than $5,500 may be subsidized), up to a total of $31,000 aggregate balance (no more …
What is the Federal Direct Stafford Loan?
Direct Stafford Loans are student loans that must be repaid and are available to both undergraduate and graduate students. Subsidized Stafford loan – A loan for which the government pays the interest while you are in school, during grace periods, and during any deferment periods. …
What is fed direct loan?
A federal Direct Loan is a federal student loan made directly by the U.S. Department of Education. Generally, if you took out a federal student loan or consolidated your loans on or after July 1, 2010, you have a federal Direct Loan. Direct Subsidized Loans. Direct Unsubsidized Loans.
What type of loan is a Stafford loan?
Stafford Loans are federal loans made by the government, meaning you’re borrowing directly from the U.S. Department of Education. That’s who you’ll repay when it’s time, too. Today, 92% of all student loans are made by the federal government.