History of Federal Student Loans – Video
Did you know that Federal Student Loans have only been available for the past 50 years (as of 2015)? Here is a brief history of student loans in the United States.
The William D. Ford Federal Direct Loan (Direct Loan) Program is the largest federal student loans program. Under this program, the U.S. Department of Education is your lender. There are four types of Direct Loans available:
- Direct Subsidized Loans
- Direct Unsubsidized Loans
- Direct PLUS Loans
- Direct Consolidation Loans
The Federal Perkins Loan Program is a school-based loan program for students with exceptional financial need. For these loans instead of a loan servicing company, your school is the lender. Although federal student loans can be a hassle they are an investment in your future. Loans are a slippery slope that can easily turn into a ball and chain. Federal student loans ask a lot of the borrowers and often times responsible people can wind up with defaulted loans because of the overwhelming nature of how crippling student loan debt can be for a person.
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