Federal Family Education Loan Program
U.S. Department of Education Announces $25 Million for Job Retention Activities
The U.S. Department of Education today announced the availability of $25 million to help loan servicers in the Federal Family Education Loan (FFEL) Program retrain and redeploy workers most affected by the higher education provisions of the Health Care and Education Reconciliation Act of 2010, which eliminated new loan originations under the bank-run FFEL program.
U.S. Department of Education Marks Historic Day in Higher Education
Federal student aid will increase and become more accessible for millions of college students and their families under provisions of the recently passed Health Care and Education Reconciliation Act of 2010, which take effect today. The biggest and most important change is the elimination of the bank-based, Federal Family Education Loan (FFEL) Program.
Student Loan Default Rates Increase
U.S. Secretary of Education Arne Duncan today announced that the FY 2007 national student loan cohort default rate increased to 6.7 percent, up from the FY 2006 rate of 5.2 percent.
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