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The Fresh Start program is a temporary relief program designed to help borrowers with defaulted student loans get back on track. Through the program, you can access a suite of benefits, which include:
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 ...
A defaulted student loan happens when the borrower does not make payments on their student loan, often for a few months or more. Having a student loan in a default state can have serious ...
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.
The Voluntary Flexible Agreement (VFA) was created by the United States Congress in 1998 during a reauthorization of the Higher Education Act of 1965. The VFA enables Federal Family Education Loan Program (FFELP) guarantors to develop programs and techniques to help borrowers avoid student-loan default and all of its negative consequences.
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