Federal Direct Student Loan Program
Private student loan
The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education ... rather than a bank or other financial institution."
Following the passage of the Health Care and Education Reconciliation Act of 2010, the Federal Direct Loan Program is the sole government-backed loan program in the United States. Guaranteed loans—loans originated and funded by private lenders but guaranteed by the government—were eliminated because of a perception that they benefited private student loan companies at the expense of taxpayers, but did not help reduce costs for students.
Read more about Federal Direct Student Loan Program: Political History of The Program
Famous quotes containing the words federal, direct, student, loan and/or program:
“If the federal government had been around when the Creator was putting His hand to this state, Indiana wouldn’t be here. It’d still be waiting for an environmental impact statement.”
—Ronald Reagan (b. 1911)
“No direct hit to smash the shatter-proof
And lodge at last the quivering needle
Clean in the eye of one who stands transfixed
In fascination of her brightness.”
—Karl Shapiro (b. 1913)
“To be born in a new country one has to die in the motherland.”
—Irina Mogilevskaya, Russian student. “Immigrating to the U.S.,” student paper in an English as a Second Language class, Hunter College, 1995.
“... the ... thing I am proudest of in my whole business life is that I do not take, that I never took in all my life, and never, never! will take, one single penny more than 6% on any loan or any contract.”
—Hetty Green (1834–1916)
“When the Revolutionaries ran short of gun wadding the Rev. James Caldwell ... broke open the church doors and seized an armful of Watts’ hymnbooks. The preacher threw them to the soldiers and shouted, “Give ‘em Watts, boys—give ‘em Watts!””
—For the State of New Jersey, U.S. public relief program (1935-1943)