FFELP

FFELP stands for Federal Family Education Loan Program. It was a federal program that provided student loans to help U.S. students fund their college education. Under FFELP, private lenders like banks and credit unions loaned money to students, which was partially subsidized and insured by the government. Borrowers could receive loans with favorable interest rates and repayment options. However, the program was discontinued in 2010, and existing FFELP loans are now being transitioned to the Direct Loan Program, which offers loans directly from the U.S. Department of Education.