Congress has just passed legislation that puts an end to the FFELP lending program (the loan program currently used 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.
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.
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.
On Monday March 29th, you may begin signing your new promissory note at https://dlenote.ed.gov
Financial Aid will also host a town hall meeting on Thursday April 1 in Room 365 from 12:00- 1:00 for you to come and ask questions.
