Private College Student Loan

For Direct Consolidated School Loans, what is a GRANDFATHERED repayment plan?

When I choose to change my repayment plan for a direct consolidated school loan, it says: WARNING: Please Note: You are currently on the grandfathered Standard Plan . Once you change your repayment plan, you will not be able to return to one of the grandfathered repayment plans at a later date. What exactly does grandfathered mean? What am I giving up?

Public Comments

1. To grandfather means to grant such an exemption. A grandfather clause is an exception that allows an old rule to continue to apply to some existing situations, when a new rule will apply to all future situations.