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All-New Loan Process


Trinity Valley Community College will begin processing Stafford Student Loans through the Federal Direct Loan Program beginning with the Summer 1 2010 semester. This program will replace the current Federal Stafford Student Loan and Parent PLUS loan programs. Federal regulation now requires educational loans to be processed through the Federal Direct Loan Program. This program gives TVCC current and prospective students the opportunity to receive competitive benefits as well as assuring TVCC, and students, that funding will be available for federal educational loans.

FOR DETAILED INFORMATION ON THE WILLIAM D. FORD DIRECT LOAN PROGRAM, PLEASE GO TO THE DIRECT LOAN WEBSITE AT www.studentloan.gov – THIS IS A COMPREHENSIVE WEBSITE MAINTAINED BY THE DEPARTMENT OF EDUCATION COVERING ALL ASPECTS OF THE LOAN PROGRAM.

Here are some of the benefits that Trinity Valley students will receive from this change:
• The Direct Loan Program is funded directly by the Federal Government, thereby eliminating some of the confusion by offering a single source and process for federal loans.
• Direct Loans are not sold by the Federal Government; borrowers will know who holds their loans during repayment. In addition, prior borrowers can consolidate Federal Stafford Loans with their Direct Loans, enabling them to track their loans with one lender instead of multiple lenders.
• Direct lending offers a Public Service Loan Forgiveness program and an income-based repayment option for students in certain public service professions or who have low incomes.


What does this mean for you? This means that your Federal Stafford and PLUS loan will come from a different source but the funding for it is assured. It also means that you and your parents (if the parent desires to borrow a PLUS loan) will need to complete a new Master Promissory Note (MPN).


The Trinity Valley Community College Financial Aid Office will be available to assist you with any questions regarding the Federal Direct Loan Program. TVCC will also be updating our web site and distributing information to assist you with this transition in order to help you develop a better understanding of the benefits of the new program.
 

 

 

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