Get 2010/2011 Federal Direct Parent Plus Loan Application Office Of Student Financial Aid Post Office

The Federal Family Education Loan Program, or FFELP, provided student loans to borrowers until June 30, 2010. FFELP loans were issued by private and state lenders but guaranteed by the federal government.

No minimum credit score is needed to get a parent PLUS loan. Federal loans aren't like private parent student loans, which use your credit score to determine whether you qualify and what interest rate you'll receive. But parent PLUS loans do have a credit check, and you won't qualify if you have adverse credit history.

The U.S. Department of Education makes Direct PLUS Loans to eligible parents through schools participating in the Direct Loan Program. (We also offer PLUS loans for graduate or professional students.) A Direct PLUS Loan is commonly referred to as a parent PLUS loan when made to a parent borrower.

Public Service Loan Forgiveness for Parent PLUS Loans Parent borrowers may be eligible for Public Service Loan Forgiveness (PSLF) after making 120 qualifying payments (ten years). Parent PLUS loans are eligible if they are in the Direct Loan program or included in a Federal Direct Consolidation Loan.

Signs of trouble with student borrowing began to appear by the late 1980s. In 1986, parents and students had incurred nearly $10 billion in federal student loans – then considered an outrageous amount.

This rapid rise in debt began after the 2005 Higher Education Reconciliation Act introduced a new offering called Graduate PLUS loans. Following the 1992 Higher Education Amendments, most individuals could borrow no more than $18,500 a year from the federal government to pay for a graduate degree.

In 2010, President Obama signed the Health Care and Education Reconciliation Act, which eliminated the Federal Family Education Loan Program by requiring all federal student loans to be Direct Loans, offered by the government's William D. Ford Federal Direct Loan Program.

Student Loan Forgiveness and Repayment Assistance Act of 2010 - Amends the Higher Education Act of 1965 to lower the cap on annual, income-based student loan repayments for new borrowers of Direct Loans after July 1, 2014, from 10% to 7% of the amount by which a borrower's and the borrower's spouse's adjusted gross ...