Beginning Summer 2010, the University of North Florida will participate in the Federal Direct Loan Program. This change will eliminate borrowing from private lenders for all Stafford and PLUS loans. Loans originated through UNF will be disbursed directly by the federal government. The Direct Loan Program offers an easier and more efficient process for our borrowers and, in some cases, it may cost less. The questions and answers below should provide a broad understanding of how this program works.
Direct Loans are federally insured low-interest education loans for student and parents. These include the Direct Subsidized Loan, the Direct Unsubsidized Loan, the Direct Parent PLUS Loan, and the Direct Grad PLUS Loan program for graduate and professional students.
The Direct Loan Program will provide UNF students with a reliable source of educational loan funding. While volatility in the credit markets and reductions in lender subsidies have caused some lenders to stop making federal student loans or to stop offering borrower benefits and other services, the Direct Loan Program is not impacted by such changes in the economy and can therefore provide a stable and predictable loan process.
This change will affect all student and parent borrowers who plan to borrow a federal loan from the Summer 2010 and forward. After the spring 2009 semester, UNF will no longer process any loans through the Federal Family Education Loan Program.
No, those programs are not affected.
Yes, you must sign a new Direct Loan Master Promissory Note (MPN) because you will be borrowing from a new lender, the Federal Department of Education.
Yes, every student borrower must complete new entrance counseling under the Direct Loans Program.
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