Direct Lending Presented by the Financial Aid Office Seph R. Rodriguez – Marisa Lopez – Jonathan Moreno

Agenda Why Direct Lending? Why Direct Lending? What is Direct Lending What is Direct Lending StudentLoans.gov StudentLoans.gov Completing the Direct Loan Promissory Note Completing the Direct Loan Promissory Note Complete Entrance Counseling Complete Entrance Counseling Helpful Websites Helpful Websites Financial Aid Contact Information Financial Aid Contact Information

Why Direct Lending? On March 30, 2010, President Obama signed into law the Health Care and Education Reconciliation Act of 2010 (H.R.4872). The new bill requires that all colleges participate and process all federal Stafford and PLUS loans through the Direct Loan program beginning 7/1/10. On March 30, 2010, President Obama signed into law the Health Care and Education Reconciliation Act of 2010 (H.R.4872). The new bill requires that all colleges participate and process all federal Stafford and PLUS loans through the Direct Loan program beginning 7/1/10. Along with the implementation of the new federally mandated Direct Loan processing requirement is the termination of the Federal Family Education Loan (FFEL) program. Along with the implementation of the new federally mandated Direct Loan processing requirement is the termination of the Federal Family Education Loan (FFEL) program. Due to these changes the Department of Education has increased the Expected Family Contribution for PELL eligibility (undergads only) Due to these changes the Department of Education has increased the Expected Family Contribution for PELL eligibility (undergads only)

What is Direct Lending? Established in 1995 Established in 1995 Similar to FFELP in most ways Similar to FFELP in most ways Types of loans Types of loans Similar regulations Similar regulations Identical loan limits Identical loan limits Differences between DL and FFELP Differences between DL and FFELP No more private lenders No more private lenders No more required lender list No more required lender list Students borrow directly from the Department of Education Students borrow directly from the Department of Education

StudentLoans.gov

Starts With a Login Register for a login Register for a login Must have a PIN Must have a PIN The same PIN used for the FAFSA

Manage My Direct Loan Direct loan maintenance Direct loan maintenance Parent Direct loan Parent Direct loan Undergraduate Dependant

Tools and Recourses pin.ed.gov pin.ed.gov Login FAFSA Direct loan Entrance/Exit Interviews fafsa.gov fafsa.gov nslds.ed.gov nslds.ed.gov loanconsolidation.ed.gov loanconsolidation.ed.gov

Managing Repayment studentaid.ed.gov All you need to know about… All you need to know about… Deferment & Forbearance Deferment & Forbearance Loan Discharge and Forgiveness Loan Discharge and Forgiveness

Learn More studentaid.ed.gov studentaid.ed.gov All that is Direct Loan All that is Direct Loan Spanish Spanish

Completing the Direct Loan Promissory Note Sign in to StudentLoans.gov from the “Manage My Direct Loan” section. Provide the requested information then click “sign In”

Click "Complete Master Promissory Note"

Select the type of loan you’re applying for

Fill in the Blanks

Fill in School State & Name Address Will Auto-Populate

Provide Two Valid References

Review Terms & Conditions

Review Entire Note & Sign

Complete Entrance Counseling

Select Student Status

Review Guidelines

Fill in School State & Name Address Will Auto-Populate

Counseling Session & Quiz

Review Rights & Responsibilities Then Submit

Print Entrance Record

Helpful Websites – One stop FA shop – One stop FA shop – General FA info – General FA info – FAFSA completion and correction – FAFSA completion and correction – Electronic signature – Electronic signature – FA history & exit counseling – FA history & exit counseling

Questions…

Financial Aid Contact Information General Telephone Numbers (626) (800) General address