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:
“It is odd that the NCAA would place a school on probation for driving an athlete to class, or providing a loan, but would have no penalty for a school that violates Title IX, a federal law.”
—Cardiss L. Collins (b. 1931)
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—Irina Mogilevskaya, Russian student. “Immigrating to the U.S.,” student paper in an English as a Second Language class, Hunter College, 1995.
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—Paul Laurence Dunbar (1872–1906)
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