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What's New
Northeastern Illinois University goes Direct Lending 2010-2011
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution.
With Direct Loans, students ...
*No longer have a guarantor agency, servicer and lender to track status of loan.
*Borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
*Can anticipate smoother certification and disbursement process since monies can be disbursed more efficiently - similar to Pell Grant disbursements.
*Have online access to your Direct Loan account information 24 hours a day, 7 days a week
*Can choose from several repayment plans that are designed to meet the needs of almost any borrower and you can switch repayment plans if your needs change.
To prepare for 2010-2011, students ...
*Should make sure that their mailing and email address listed on www.fafsa.gov are accurate for 2009-2010
*Who intend to borrow, should complete a Direct Loan Master Promissory Note
*Who intend to borrow, verify that the entrance counseling requirement with the Financial Aid Office has not expired (older than 5 years)
Please note the following ...
*There will be no change to your current borrowing history - annual limits and aggregate limits still apply
*Minimum Standards of Academic Progress must still be maintained
*Total financial aid awards cannot exceed the Cost of Attendance for the loan period
*In an effort for graduating seniors to keep repayment simple, all prior Stafford Student Loans with banking institutions can be consolidated into one Direct Loan. For more information on Direct Consolidation Loans, click here.
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