id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cjrl-2297	Dean, Kamille Wolff	Foreclosures and Financial Aid: Mind Over Mortgages in Closing the Plus Loan Gap	2014	48	.pdf	application/pdf	32582	903	31	The evolving views on home ownership as a liability as opposed to an asset impacts the pursuit of higher education for many Americans, especially those who depended on Home Equity Lines of Credit (HELOC) loans to help pay for college.35 The increased credit underwriting standard used for federal student loans effectively penalizes unassuming college students and their families who invested in the over-inflated real estate market without adequate protection from predatory lenders.36 2014 COLUMBIA JOURNAL OF RACE AND LAW 145 minus any other financial aid.109 Perkins and Stafford Loans are limited to specific amounts based on the level of educational attainment.110 Ultimately, there is a cumulative limit on the amount of federal Perkins and Stafford student loans that a borrower may obtain, but there is no monetary limit on the lifetime amount of PLUS loans that a recipient may receive.111 A college financial aid package may include federal and private student loans.112 There are a number of differences between private and federal student loans.113 One main distinction is that the United States Department of Education is the lender for federal student loans, whereas a bank or financial institution is usually the lender for private student loans.114 Also, federal student loans have fixed interest rates over the life of the loans while private student loans have variable interest rates that are typically higher than those offered by the federal student aid program.115 Finally, federal student loans are generally subject to more favorable repayment options than private student loans, including deferment, forbearance, income-based repayment and income-sensitive repayment.116 109 See U.S. Dept. of Educ., supra note 107 (“Federal student aid covers such expenses as tuition and fees, room and board, books and supplies, and transportation.	cache/cjrl-2297.pdf	txt/cjrl-2297.txt