A report developed for Congress details the current federal student loan terms, conditions and benefits, incorporating the many changes made by the College Cost Reduction and Access Act (P.L. 110-84), the Ensuring Continued Access to Student Loans Act (P.L. 110-227), and the Higher Education Opportunity Act (P.L. 110-315).

The Congressional Research Service - the public policy research arm of the U.S. Congress - authored the report that reviews the many beneficial terms on loans including lower interest rates, loan forgiveness, repayment relief through deferment and forbearance, and loan consolidation.

According to the report, the federal education loan programs provide more direct aid to support students' postsecondary educational pursuits than any other single source. In the 2009 fiscal year, it is estimated that these programs will provide $74 billion in new loans to students and their parents.

The report provides a comprehensive review of student loan terms and benefits, including:

• Eligibility Requirements
• Annual and Aggregate Loan Limits
• Interest Rates
• Borrower Fees
• Consolidation Loans
• Student Loan Discounts and Repayment Incentives
• Loan Discounts Under the FFEL Program
• Repayment Incentives Under the DL Program
• Graduated, Extended, Income-Sensitive, Income-Based, and Alternative Repayment Plans
• Borrower Repayment Relief
• In-School, Graduate Fellowship, Rehabilitation Training Program, Unemployment, Economic Hardship, Military Service, and Post-Active Duty Student Deferments
• Mandatory and Mandatory Administrative Forbearances
• Interest Rate Benefits for Active Duty Servicemembers
• Servicemembers Civil Relief Act (SCRA)
• No Accrual of Interest on DL Program Loans for Certain Active Duty Service Members
• Consequences of Default
• Loan Rehabilitation
• Loan Discharge
• Loan Forgiveness and Repayment Programs

Posted 01/14/09 to www.NASFAA.org. Redistribution to non-NASFAA institutions is prohibited. Please submit Web Site questions or comments to Web@NASFAA.org.