Also found in: Financial.
FFELPFederal Family Education Loan Program
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References in periodicals archive ?
For many schools, the recent ordeal of finding available FFELP lenders has prompted them to turn to the Federal Direct Lending Program, established in 1993 to process all federal student loans.
Both FFELP and FDLP subsidy cost reestimates have differed from original estimates for loans made in fiscal years 1994 through 2004, reflecting the challenges inherent in estimating the actual costs of loans made under each of these federal loan programs.
Fitch considers them acceptable servicers of FFELP student loans due to their long history of servicing FFELP student loans.
The facility is secured exclusively by FFELP loans and will amortize over a one-year period.
Some lawmakers oppose a federal takeover of student lending and are strong supporters of the FFELP. Many private companies that participate in the FFELP have provided generous campaign contributions to lawmakers.
Chuck Smith, senior vice president and director of lending at SACU, said that interest rates and regulatory changes to the FFELP program changed the credit union's ability to put loans on their portfolio.
Between school years 1993-1994 and 2003-2004, lending by schools has increased significantly from 22 school lenders disbursing about $155 million to 64 schools disbursing $1.5 billion in FFELP loans.
The Office of Federal Student Aid at the Education Department hasn't done much to keep track of whether the schools are complying with FFELP regulations.
As of July 2018, 3.7% of the FFELP loans are indexed to 91-day T-Bill, with the remaining loans indexed to one-month LIBOR.
Secured exclusively by FFELP loans, the facility will amortise over a one-year period and since its size is more than the remaining balance in the company's Straight A federally sponsored financing programme, it will end its participation in the programme prior to the January 2014 deadline.
As per SLM's split, the education loan management business will service FFELP and US Department of Education student loan assets and continue to own legacy private student loans.
Among 211 member institutions who received information from "preferred" lenders on making loans through FFELP for the 2008-2009 academic year, 68 percent said that one or more of their lenders are cutting borrower benefits on FFELP loans; 57 percent said they are no longer providing these loans.