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The post PLUS Loan Basics for Parents appeared first on ED.gov Blog. Item Link: PLUS Loan Basics for Parents. Item Date: 06/05/2019 - 10:15am. Our mission is to promote student achievement and preparation for global competitiveness by fostering educational excellence and ensuring equal access. Student Loans.
These loans are issued directly to parents and the interest rate for Parent PLUS Loans first disbursed on or after July 1, 2023, and before July 1, 2024, is currently 8.05%, according to Sallie Mae.
Borrowers with FFEL Program loans held by the Department will also receive the account adjustment automatically but must consolidate into the Direct Loan Program if they want to count any prior time in repayment toward PSLF. Borrowers with any other federal loan type would need to consolidate to Direct Loans to receive the payment count adjustment.
By: James Kvaal, U.S. Under Secretary of Education Since the start of the Biden-Harris Administration, over 942,000 public service workers have received the $68 billion in relief they are entitled to under the bipartisan Public Service Loan Forgiveness Program (PSLF). Prior to the Biden Administration, only 7,000 people in total had received debt forgiveness throughContinue Reading
18. When do I have to begin repaying a Direct PLUS Loan? The first payment on a Direct PLUS Loan is due within 60 days after the loan is fully disbursed. There is no grace period for Direct PLUS Loans. However, you can postpone payments on your Direct PLUS Loan while you are in school – see questions 19, 20, and 21. 19.
The U.S. Department of Education (Department) today announced additional steps to support students and their families with the Better FAFSA. The Department is launching a multi-million-dollar program as part of the FAFSA Student Support Strategy to help school districts, state, nonprofits and other public and private organizations with efforts to boost FAFSA completion.
Note that a school is required to provide entrance counseling (described in Volume 2) to the student if this is the student’s first Stafford loan. Disbursement requirements for FSA funds (including Stafford/PLUS loans) are described in Chapter 3. In this chapter, we’ll cover the process of making a loan, describing the actions and ...
In August, the Biden administration announced an executive order to forgive $10,000 in student loan debt for borrowers, along with an additional $10,000 in loan forgiveness for Pell Grant recipients.