6.24 million Americans receive federal student loans.
They’re the biggest source of income for millions of students, and the amount is projected to grow to $1.3 trillion by 2021.
The total number of students enrolled in four-year colleges and universities is estimated at more than 4 million, according to the National Center for Education Statistics.
The median amount paid out is about $23,000.
Here are some of the key things you need to know about the loans.
What is the federal government’s student loan program?
The federal government has a two-pronged program that helps students finance their college education.
First, the federal student loan, or Direct Loan, is a fixed amount of money that borrowers are eligible to receive if they make an acceptable payment on their federal loans within five years.
Second, the Federal Direct Loan is a separate loan that borrowers can apply for.
In most cases, the FSLO loan is used to pay for attendance, financial aid, and other educational expenses.
How much does it cost to attend college?
Students can borrow up to $4,200 a year, but the maximum amount of the FDLO loan they can borrow is $10,200, according the federal website.
The maximum amount you can borrow for tuition is $25,000 a year.
What if I graduate and don’t pay off my loans?
If you’ve been in school for a while and don.t plan on getting a job or getting out of debt, you may be able to refinance the loans with lower interest rates than a traditional loan.
In other words, you can refinance your FDL loan for less than what you’re paying now.
But if you want to go into debt again, you’ll need to make an adjustment.
Can I refinance my loan if I can’t afford college?
Yes, if you don’t have any remaining student loans, you’re eligible to refit the loans under a program called the Direct Loan Modification Program.
The program allows you to reframe the loans into a new form that will allow you to pay down your student loans faster, without any new fees or interest.
The goal is to help students refinance their student loans without raising any new taxes.
What happens if I have a bad semester?
Some students with bad semesters, or bad loans, will be able get help from the Department of Education to refloat the loan at lower rates.
Which colleges are best for low-income students?
While there are several colleges that offer scholarships, many have been hit hard by the Great Recession.
That means they’re struggling financially.
Many have struggled to keep their programs afloat, and some schools have struggled even to keep students enrolled.
Here’s a list of some schools that offer financial aid to low- and moderate-income low- to middle-income families.
The American Council on Education says that while it is important to support struggling colleges and schools, there’s also value in offering financial aid if you have a student who is unable to pay the full cost of attendance.
Here is the list of colleges that have financial aid available to low to moderate- to high-income college students.