Best answer: Are my loans Direct or FFEL?

How do I know if my loan is FFEL or Direct?

In January 2010, the government passed legislation ending the FFEL program, and no FFELs were made after June 30, 2010. So, if you took out your federal student loan after June 30, 2010, your loan is a Direct Loan.

How do I know if my loans are direct?

You can contact 1-800-4-FED-AID, the federal student aid helpline, to determine if your loan is managed by any of them. If so, the helpline can connect you to your servicer for more information about your loan.

Which loans are FFEL loans?

Loans included in the FFEL program include Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS Loans, and Consolidated Loans.

Are FFEL and FFELP the same?

Also, the government-mandated specific interest rate levels for all FFEL loans. The terms “FFELP loans” and “FFEL loans” are often used interchangeably to refer to Federal Family Education Loan Program loans.

Are FFEL loans federal or private?

The FFELP was introduced as part of the Higher Education Act of 1965. Through the FFELP, private lenders issued federal loans that were guaranteed and subsidized by the federal government. There are two main kinds of FFELP loans: commercially-owned and Education Department-owned.

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Can FFEL loans be consolidated?

Borrowers can include FFEL Loans (with the notable exception of Parent PLUS loans) in a federal direct consolidation. By consolidating, the FFEL loan becomes a Direct Loan eligible for forgiveness under the Public Service Student loan forgiveness (PSLF) program.

Are FFEL loans suspended?

Payments and interest have been suspended from March 13, 2020, through Jan. 31, 2022, for four types of federal student loans: Federal Direct Loans (including PLUS loans) Federal Family Education Loan Program (FFELP) loans held by the government.

Can FFEL loans be discharged?

FFEL Loans can be forgiven. Public service workers can get credit for payments made on FFEL Loans.

What are FFEL student loans?

The Federal Family Education Loan (FFEL) Program was a system of private student loans which were subsidized and guaranteed by the United States federal government. The program issued loans from 1965 until it was ended in 2010.

How do I know if I have a Perkins loan?

You can also call the Federal Student Aid Information Center, 1-800-4-FED-AID, TDD 1-800-730-8913. The Center’s counselors can help you figure out what types of loans you have. Federal loan promissory notes and applications will state the name of the federal loan program (Stafford, PLUS, Perkins, FFEL, William D.