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ERIC Number: ED430472
Record Type: RIE
Publication Date: 1999
Reference Count: N/A
Repayment Book. William D. Ford Federal Direct Loan Program.
Department of Education, Washington, DC.
This booklet is intended to help individuals who received William D. Ford Federal Direct Loans as students manage the repayment process. Following an introduction, explanations are offered for how the principal balance of the loan is determined and how interest rates are applied. The following sections explain the four different repayment plans, factors to consider in choosing a plan, the process of switching plans, and making payments. Many examples illustrate each aspect of the loan repayment process. A chart offers examples of debt levels, monthly payments, and total amount repaid for all of the repayment plans. Additional sections discuss consolidation of multiple federal loans and the consolidation application process. Also included are answers to some frequently asked questions and a glossary. An appendix provides specific guidance on calculating direct loan monthly payments, charts for each repayment plan, and worksheets. (DB)
Descriptors: Credit (Finance), Federal Programs, Higher Education, Interest (Finance), Loan Repayment, Money Management, Student Financial Aid, Student Loan Programs
U.S. Dept. of Education, Tel: 800-848-0979 (Toll Free); Web site: www.ed.gov/DirectLoan
Publication Type: Guides - Non-Classroom
Education Level: N/A
Authoring Institution: Department of Education, Washington, DC.
Identifiers: Federal Direct Student Loan Program