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The federal student loan repayment pause is ending in October 2023. For borrowers whose loans were previously in default, the Fresh Start program offers an opportunity to move forward.
The government this month extended the deadline for consolidating commercially-held FFEL, Perkins, or Health Education Assistance Loan (HEAL) with Federal Student Aid to become eligible for the ...
Below are some strategies to help you recover from student loan default. 1. Fresh Start Program. Fresh Start is a new program that became available to federal student loan borrowers earlier this year.
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." [ 1]
Defaulting on a loan happens when repayments are not made for a certain period of time as defined in the loan's terms of agreement, typically a promissory note. For federal student loans, default requires non-payment for a period of 270 days. For private student loans, default generally occurs after 120 days of non-payment.
Fresh Start is a relief program for defaulted federal student loan borrowers that ends on Sept. 30, 2024. It’s offered by the U.S. Department of Education (ED).
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