Florida Student Loan

Student Loans for Florida Students

Most of the people know the state of Florida for its sunny beaches, tourism and college parties.  However, the Florida State Government is very serious about assuring that its students have ample resources to get a high quality college education.  One of the such resources is student loans through their financial aid program.

The Federal Family Education Loan Program (FFELP)

Administered by OSFA, the Florida Department of Education, this loan program provides low-cost educational loans authorized by the Higher Education Act to assist students and their parents obtain help in paying for the cost of higher education. There are several types of loans currently offered under the FFELP:

• Subsidized Federal Stafford Loans,
• Unsubsidized Federal Stafford Loans,
• Federal PLUS Loans,
• Federal Consolidation Loans.
• Services offered: Loan Processing, Claims and Recovery, Program Policy, Institutional Review 

Lender-of-Last-Resort

The Lender of Last Resort is for schools that are unable to obtain a
lender for their students who are eligible to receive a Federal Family
Education Loan.   The Lender-of-Last-Resort must make subsidized and
unsubsidized Federal Stafford loans to any eligible student. The
Lender-of-Last-Resort may make Federal PLUS loans to borrowers who have
been otherwise unable to obtain those loans from another eligible
lender.  As a student loan guaranty agency, OSFA administers the FFELP through an agreement with the United States Department of Education and in compliance with the Higher Education Act, Code of Federal Regulations, and Florida Statutes.

Florida Student Loan Repayment

Florida students can repay there student loans online at OSFA website.  Florida Department of Education has partnered with Bank of America to process student loan repayments.

Florida Student Loan Forgiveness

Students in Florida can apply for loan forgiveness if they plan on pursuing careers in armed forces, nursing or teaching.  Students shall contact their financial aid office to see what loan forgiveness options are available to them.

Florida Student Loan Consolidation

Florida students qualify for student loan consolidation.  They can get their student loans consolidated through one of the several Florida Department of Education approved lenders.  Both the Federal as well Private student loans are eligible for consolidation.  Please contact your lender for more information.

Florida Student Loan Default

Student facing financial hardships to pay off their student loans can qualify for deferred payments or forbearance.  Those who have defaulted on their Florida Student Loan will be required to payback even if they have filed for bankruptcy.  Since Florida Student Loans are guaranteed by the government, both US and Florida Department of Education will garnish paychecks to collect the defaulted loan.  Therefore, it is in a student's best interest to work with their lender to payoff those loans.