Congress recently passed legislation that puts an end to the FFELP lending program (the loan program we currently use at Florida Coastal). All loans (Subsidized, Unsubsidized and Grad PLUS) will now be processed with the US Department of Education as the lender. This program is called Direct Lending.
There are many positive aspects to Direct Lending. Click the headline above to learn more.
- 1) No more lender changes, you will have one lender and one lender only.
- 2) One single contact during the servicing and repayment of your loans.
- 3) You will have on line access 24/7 to your Direct Loan account information at www.dl.ed.gov
- 4) Access to multiple repayment plans.
For the most part the changes will take place “behind the scenes”. The awarding process will remain the same i.e. completing the FAFSA, Institutional Application, award notice, etc. Loan amounts will be the same as before.
It will however be necessary for ALL students to sign a new Master Promissory note with the Department of Education.
We will also have a town hall meeting on Thursday April 1 in Room 365 from 12:00- 1:00 for you to come and ask questions.
We will also follow up with additional emails, information on the plasma screens etc. to keep you informed.
If you are graduating at the end of the Spring 2010 semester, this change will not affect you.
If you have any questions, please do not hesitate to ask.