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Direct Lending

Direct Lending. Presented by the Financial Aid Office Seph R. Rodriguez – Marisa Lopez – Jonathan Moreno. Agenda. Why Direct Lending? What is Direct Lending StudentLoans.gov Completing the Direct Loan Promissory Note Complete Entrance Counseling Helpful Websites

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Direct Lending

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

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

  3. 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. • 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)

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

  5. StudentLoans.gov

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

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

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

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

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

  11. 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”

  12. Click "Complete Master Promissory Note"

  13. Select the type of loan you’re applying for

  14. Fill in the Blanks

  15. Fill in School State & NameAddress Will Auto-Populate

  16. Provide Two Valid References

  17. Review Terms & Conditions

  18. Review Entire Note & Sign

  19. Complete Entrance Counseling

  20. Select Student Status

  21. Review Guidelines

  22. Fill in School State & NameAddress Will Auto-Populate

  23. Counseling Session & Quiz

  24. Review Rights & Responsibilities Then Submit

  25. Print Entrance Record

  26. Helpful Websites • www.StudentLoans.gov – One stop FA shop • www.studentaid.ed.gov – General FA info • www.fafsa.gov – FAFSA completion and correction • www.pin.ed.gov – Electronic signature • www.nslds.ed.gov – FA history & exit counseling

  27. Questions…

  28. Financial Aid Contact Information General Telephone Numbers (626)397-1350 (800)353-1350 General E-Mail address financial@pacificoaks.edu

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