Federal Loan Repayment
Prior to July 1, 2010, students at Fordham Law borrowed their Federal Stafford and Grad PLUS Loans through the Federal Family Education Loan Program (FFELP) from a bank or other lending institution, such as Citibank, Sallie Mae or Access Group. These are FFELP loans. After July 1, 2010, students borrowed these same loans directly from the Federal Government through the Department of Education. These are Direct Loans. As an undergraduate, you may have borrowed FFELP Loans or Direct Loans, depending upon the School attended.
It is important to distinguish between the two types of loans, particularly if you plan to take advantage of the new Pay As You Earn (PAYE) Repayment option and/or the Federal Public Service Loan Forgiveness Program since only Federal Direct and Federal Direct Consolidation Loans qualify for each. Day students who began at Fordham in August 2010 may have borrowed all Direct Loans while evening students who began at Fordham in August 2009 may have borrowed FFELP loans their first year here.