Student Loan Types
Loans made by ED to undergraduate students
what are direct federal loans
Payments amortize, loans repaid over a standard repayment period
what is the standard repayment plan?
The easiest way to get income information submitted to the Department of Education
What is the IRS data transfer tool?
The agency Lane works at
What is the Oregon Division of Financial Regulation? Or What is the Department of Consumer and Business Services?
The only way to return to "current" status on a private loan
What is paying the arrears?
Loans made to parents on behalf of their dependent students
What are Parent Plus?
The newest (and soon to be only) income-driven plan
What is the Repayment Assistance Plan?
It is one type of student loan forgiveness that does not come with tax consequences
What is PSLF? or What is TPD?
It's the place to check if a collections company or servicer is correctly licensed
What is NMLS consumer access?
The earliest a federal student loan borrower will see a late payment reflected on their credit report.
What is 90 days late?
Loans that require a credit score and/or cosigner
What are private student loans?
The only income-driven repayment plan currently open to Parent Plus borrowers
What is Income Contingent Repayment?
The first year the IRS sent out 1099 for discharged student loan balances
The federal agency that oversees private student loan servicers, among other financial institutions.
What is the CFPB?
Servicers of this loan type may negotiate a payoff for defaulted debt.
What are private student loans?
"Agreements" entered into by students promising to repay some portion of their salary after graduation
What are Income Share Agreements?
It's used to determine the best repayment plan for each borrower
What is the FSA repayment simulator?
Like mortgages, student loans come with this tax benefit
What is student loan interest deduction?
What is heck no!
The default resolution option for federal loans that results in the defaulted loan being paid in full.
What is consolidation?
Loans made to graduate students, up to the cost of attendance. Going away after 2026.
What are Grad Plus loans?
The income-driven repayment plan open only to borrowers who take out loans before July 1, 2026.
What is Income Based Repayment?
This type of student loan forgiveness will be looked at as income for tax purposes, starting January 1, 2026.
What is Income-Driven repayment-based forgiveness?
It's the most common student loan scam
What is unlicensed document prep?
What is loan rehabilitation?