Direct LendingDirect LendingPresented by the Financial Aid Presented by the Financial Aid

OfficeOfficeSeph R. Rodriguez – Marisa Lopez – Jonathan Seph R. Rodriguez – Marisa Lopez – Jonathan

MorenoMoreno

AgendaAgenda

Why Direct Lending?Why Direct Lending? What is Direct LendingWhat is Direct Lending StudentLoans.govStudentLoans.gov

Completing the Direct Loan Promissory Completing the Direct Loan Promissory NoteNote

Complete Entrance CounselingComplete Entrance Counseling Helpful WebsitesHelpful Websites Financial Aid Contact InformationFinancial Aid Contact Information

Why Direct Lending?Why Direct Lending? On March 30, 2010, President Obama signed into On March 30, 2010, President Obama signed into

law the Health Care and Education Reconciliation law the Health Care and Education Reconciliation Act of 2010 (H.R.4872). The new bill requires that Act of 2010 (H.R.4872). The new bill requires that all colleges participate and process all federal all colleges participate and process all federal Stafford and PLUS loans through the Direct Loan Stafford and PLUS loans through the Direct Loan program beginning 7/1/10. program beginning 7/1/10.

Along with the implementation of the new Along with the implementation of the new federally mandated Direct Loan processing federally mandated Direct Loan processing requirement is the termination of the Federal requirement is the termination of the Federal Family Education Loan (FFEL) program.Family Education Loan (FFEL) program.

Due to these changes the Department of Due to these changes the Department of Education has increased the Expected Family Education has increased the Expected Family Contribution for PELL eligibility (undergads only)Contribution for PELL eligibility (undergads only)

What is Direct Lending?What is Direct Lending?

Established in 1995Established in 1995 Similar to FFELP in most waysSimilar to FFELP in most ways

Types of loansTypes of loans Similar regulationsSimilar regulations Identical loan limitsIdentical loan limits

Differences between DL and FFELPDifferences between DL and FFELP No more private lendersNo more private lenders

No more required lender listNo more required lender list Students borrow directly from the Department Students borrow directly from the Department

of Educationof Education

StudentLoans.govStudentLoans.gov

Starts With a LoginStarts With a Login

Register for a loginRegister for a login

Must have a PINMust have a PIN The same PIN used The same PIN used

for the FAFSAfor the FAFSA

Manage My Direct LoanManage My Direct Loan

Direct loan Direct loan maintenance maintenance

Parent Direct loanParent Direct loan UndergraduateUndergraduate DependantDependant

Tools and RecoursesTools and Recourses

pin.ed.govpin.ed.gov LoginLogin FAFSAFAFSA Direct loanDirect loan Entrance/Exit InterviewsEntrance/Exit Interviews

fafsa.govfafsa.gov

nslds.ed.govnslds.ed.gov

loanconsolidation.ed.govloanconsolidation.ed.gov

Managing RepaymentManaging Repaymentstudentaid.ed.govstudentaid.ed.gov

All you need to All you need to know about…know about…

Deferment & Deferment & ForbearanceForbearance

Loan Discharge Loan Discharge and Forgivenessand Forgiveness

Learn MoreLearn More

studentaid.ed.govstudentaid.ed.gov

All that is Direct All that is Direct LoanLoan

Spanish Spanish

Completing the Direct Loan Completing the Direct Loan Promissory NotePromissory Note

Sign in to StudentLoans.gov from the Sign in to StudentLoans.gov from the “Manage My Direct Loan” section. Provide “Manage My Direct Loan” section. Provide the requested information then click “sign the requested information then click “sign

In”In”

Click "Complete Master Promissory Click "Complete Master Promissory Note"Note"

Select the type of loan you’re Select the type of loan you’re applying forapplying for

Fill in the BlanksFill in the Blanks

Fill in School State & NameFill in School State & NameAddress Will Auto-PopulateAddress Will Auto-Populate

Provide Two Valid Provide Two Valid ReferencesReferences

Review Terms & ConditionsReview Terms & Conditions

Review Entire Note & SignReview Entire Note & Sign

Complete Entrance Complete Entrance CounselingCounseling

Select Student StatusSelect Student Status

Review GuidelinesReview Guidelines

Fill in School State & NameFill in School State & NameAddress Will Auto-PopulateAddress Will Auto-Populate

Counseling Session & QuizCounseling Session & Quiz

Review Rights & Review Rights & Responsibilities Then SubmitResponsibilities Then Submit

Print Entrance RecordPrint Entrance Record

Helpful WebsitesHelpful Websites www.StudentLoans.govwww.StudentLoans.gov – One stop FA – One stop FA

shopshop www.studentaid.ed.govwww.studentaid.ed.gov – General FA info – General FA info www.fafsa.govwww.fafsa.gov – FAFSA completion and – FAFSA completion and

correctioncorrection www.pin.ed.govwww.pin.ed.gov – Electronic signature – Electronic signature www.nslds.ed.govwww.nslds.ed.gov – FA history & exit – FA history & exit

counselingcounseling

Questions…Questions…

Financial Aid Contact Financial Aid Contact InformationInformation

General Telephone NumbersGeneral Telephone Numbers

(626)397-1350(626)397-1350

(800)353-1350(800)353-1350

General E-Mail addressGeneral E-Mail address

financial@pacificoaks.edufinancial@pacificoaks.edu