If you have FFEL Loans or Perkins Loans. … FFEL and Perkins loans may be “converted” to a Direct Loan (which is forgivable under the above programs) by requesting a Direct Consolidation Loan to “pay off” FFEL and Perkins Loans. To see if you have FFEL Loans: sign into www.NSLDS.ed.gov (using your Federal PIN).
Secondly, are FFEL and FFELP the same?
Also, the government-mandated specific interest rate levels for all FFEL loans. The terms “FFELP loans” and “FFEL loans” are often used interchangeably to refer to Federal Family Education Loan Program loans.
Thereof, are Ffelp loan payments suspended?
Payments and interest have been suspended from March 13, 2020, through Jan. 31, 2022, for four types of federal student loans: … Federal Family Education Loan Program (FFELP) loans held by the government. Federal Perkins loans held by the government.
Are Stafford loans Direct or FFEL?
In the case of a Stafford Loan a bank or savings and loan or credit union is the lender whereas the federal government is the lender of a Direct Loan. The repayment of a Stafford Loan is guaranteed by the federal government. Undergraduates, graduates and professional degree students may obtain a Stafford Loan.
Borrowers can include FFEL Loans (with the notable exception of Parent PLUS loans) in a federal direct consolidation. By consolidating, the FFEL loan becomes a Direct Loan eligible for forgiveness under the Public Service Student loan forgiveness (PSLF) program.
FFELP loan forgiveness
FFEL borrowers may be eligible for Public Service Loan Forgiveness or Teacher Loan Forgiveness if they consolidate into a Direct Loan. To qualify for this type of FFELP loan forgiveness, they would have to be on a qualifying repayment plan and make 120 qualifying payments to the new loan.
FFEL loans are federally guaranteed student loans that were originally funded by private companies.
FFELP Loans are a type of student loan that were made by private banks and state lenders. … He also encouraged borrowers with FFEL Loans to consolidate them into Direct Consolidation Loans using his executive power. FFEL Loans are no longer given out, but there are still 10.6 million people with outstanding loans.