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| Tuesday, July 22, 2008 | (No comments posted.)
Federal Direct Loans for 2008-09 Indiana University Northwest, along with all Indiana University campuses, will begin using the William D. Ford Federal Direct Loan Program as its source for federally backed student loans, beginning in fall 2008.
The decision, announced by associate vice chancellor for enrollment management Joe Pellicciotti, is expected to ensure that IU Northwest students have access to a predictable and dependable source of college funding for the coming academic year. Administered by the U.S. Department of Education, the William D. Ford Federal Direct Loan Program obtains funds directly from the U.S. Department of the Treasury.
Despite the move to utilize the federal Direct Loan Program, Pellicciotti said that IU Northwest would also continue to work with private lender Sallie Mae, or with any lenders a student might choose.
All IU campuses have used Sallie Mae as their preferred student-loan provider under the FFELP since 2004.
"The primary difference between direct loans and FFELP is the source of the loan funding," said IU Northwest spokesperson Michelle Searer. "Direct loans come straight from the U.S. Department of Education using funds obtained from the U.S. Treasury." One major advantage is that this program offers students one single source of contact and knowledge that their loan will not be sold to a third-party lender.
For information, e-mail finaidnw@iun.edu or call (219) 980-6778.
- THE TIMES
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