What will happen to the existing loans that I have borrowed from other lenders?
After graduation, you have a choice. You may either make individual payments to your previous lender(s) and to the Department of Education for your Direct Loans, or you can consolidate your loans into one simple payment. You may either consolidate all your loans with your previous lender, or with the Department of Education. However, many private lenders have discontinued their consolidation services.
If I have previously borrowed under the FFELP Program, do I have to complete another Master Promissory Note (MPN)?
Yes, you must sign a new Direct Loan Master Promissory Note. Your Federal PIN is required in order to E-Sign. You will not need to sign a new MPN each year that you attend Trinity Valley Community College, only the first year. The Direct Loan Master Promissory Note is valid for Federal Direct (DL) Stafford Loans at educational institutions participating in the Federal Direct Loan Program for a period of 10 years.
Where can I go to consolidate my loans?
You may explore your options, as discussed above, with either private lenders or with the Federal Direct Loan Consolidation Program.
Will the change in loan programs cause my prior loans go into repayment?
No, your prior Stafford loans will not go into repayment as long as you remain enrolled at least half time.
How do I contact the Direct Loan Program?
Direct Loan program: 1-800-848-0979