The Voluntary Flexible Agreement (VFA) was created by the United States Congress in 1998 during a reauthorization of the Higher Education Act of 1965. The VFA enables Federal Family Education Loan Program (FFELP) guarantors to develop programs and techniques to help borrowers avoid student-loan default and all of its negative consequences. The VFA objective is experimentation for the purpose of finding the best practices, collecting long-term data, and sharing results in order to determine what benefits schools, students, the federal government, and the American taxpayer.
Read more about Voluntary Flexible Agreement: New Methods, “First Generation” VFAs, Consequences of Defaulting On A Loan, Options For Defaulted Borrowers, See Also
Famous quotes containing the words voluntary, flexible and/or agreement:
“Men are not therefore put to death, or punished for that their theft proceedeth from election; but because it was noxious and contrary to men’s preservation, and the punishment conducing to the preservation of the rest, inasmuch as to punish those that do voluntary hurt, and none else, frameth and maketh men’s wills such as men would have them.”
—Thomas Hobbes (1579–1688)
“It is safest to be moderately base—to be flexible in shame, and to be always ready for what is generous, good and just, when anything is to be gained by virtue.”
—Sydney Smith (1771–1845)
“That which corrodes the souls of the persecuted is the monstrous inner agreement with the prevailing prejudice against them.”
—Eric Hoffer (1902–1983)