Federal Direct Consolidation Loan Program [Education] Law and Legal Definition
According to 34 CFR 685.102 _b_ [Title 34 – Education; Subtitle B -- Regulations of the Offices of the Department of Education; Chapter VI -- Office of Postsecondary Education, Department of Education; Part 685 -- William D. Ford Federal Direct Loan Program; Subpart A -- Purpose and Scope], the term Federal Direct Consolidation Loan Program means:
“(1) A loan program authorized by title IV, part D of the Act that provides loans to borrowers who consolidate certain Federal educational loan (s), and one of the components of the Direct Loan Program. Loans made under this program are referred to as Direct Consolidation Loans.
(2) The term "Direct Subsidized Consolidation Loan" refers to the portion of a Direct Consolidation Loan attributable to certain subsidized title IV education loans that were repaid by the consolidation loan. Interest is not charged to the borrower during deferment periods, or, for a borrower whose consolidation application was received before July 1, 2006, during in-school and grace periods.
(3) The term "Direct Unsubsidized Consolidation Loan" refers to the portion of a Direct Consolidation Loan attributable to unsubsidized title IV education loans, certain subsidized title IV education loans, and certain other Federal education loans that were repaid by the consolidation loan. The borrower is responsible for the interest that accrues during any period.
(4) The term "Direct PLUS Consolidation Loan" refers to the portion of a Direct Consolidation Loan attributable to Direct PLUS Loans, Direct PLUS Consolidation Loans, Federal PLUS Loans, and Parent Loans for Undergraduate Students that were repaid by the consolidation loan. The borrower is responsible for the interest that accrues during any period.
Legal Definition list
- Federal Direct Consolidation Loan Program [Education]
- Federal Depository Institutions Regulatory Agency
- Federal Deposit Insurance Reform Conforming Amendments Act of 2005
- Federal Deposit Insurance Reform Act of 2005
- Federal Deposit Insurance Fund
- Federal Direct Loan Program
- Federal Direct PLUS Program [Education]
- Federal Direct Stafford/Ford Loan Program [Education]
- Federal Direct Unsubsidized Stafford/Ford Loan Program [Education]
- Federal Election
- Federal Election Activity
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