FAQs
Is the FFELP Consolidated Loan type eligible for Biden's loan forgiveness?
FFEL Consolidation Loans are eligible for certain types of loan forgiveness, including PSLF and IDR Forgiveness, through loan consolidation into the Direct Loan Program. They were also eligible for the president's broad cancellation plan, which the Supreme Court ultimately scuttled.
FFEL vs FFELP?
FFEL and FFELP are often used interchangeably, but they refer to the same program: the Federal Family Education Loan Program. FFELP was a federal student loan program in which private lenders provided loans guaranteed by the federal government. This means the government would pay the lender back if a borrower defaulted on a loan.
Are Navient FFELP Loans eligible for forgiveness?
Yes, Navient FFELP Loans can be forgiven under different forgiveness programs, including the IDR Waiver. Navient borrowers should consolidate their FFEL Loans into a Direct Consolidation Loan before April 30, 2024, to meet the eligibility requirements.
