Important Financial Aid Announcement
Federal Student Loan Processing Update for 2010/2011
We will be converting from the Federal Family Education Loan (FFEL) program, funded by private lenders, to the William D. Ford Federal Direct Loan (DL) Program beginning with the 2010-2011 academic year. The Federal Direct Loan (DL) Program includes Stafford and PLUS loans.
As many of you know, during these difficult economic times many commercial lenders have dropped out of the federal student loan program or are changing how loans are being processed. Since President Obama has proposed to have all Federally backed education loans processed through the Department of Education’s Federal Direct Loan Program, it seemed prudent for Manhattanville to become a participant in that program. We believe that this decision provides a more stable and secure borrowing environment for you. As a result, all borrowers, both students and parents, will be directed to borrow through the Federal Direct Loan (DL) Program.
Your loans will continue to be a low-cost, fixed-rate and can be repaid over a period of 10 years after the student, either graduates or leaves the college. The only difference will be that instead of a private lender, you will now be borrowing directly from the Department of Education. In addition, you will be able to complete you new Entrance Interview and Master Promissory Note directly on their website.
NEXT STEPS:
We understand that this will be a transition, but please know that the implementation of Direct Lending will provide stabilized access for all of our students and parents. Please complete these steps by March 1, 2010, so that you may continue to benefit from the Federal Student Loan Program.
Additional Information: