Alice Lloyd College

FAQs About the Federal Direct Lending Program

1. Why is ALC changing to the Federal Direct Lending Program?

President Obama and the current administration in Washington voted and passed the H.R. 4872-Health Care and Education Affordability Reconciliation Act of 2010, requiring all federal student loans to be funded by USDE through Direct Lending beginning July 1, 2010.

2. Do I have to complete another Master Promissory Note (MPN) with the federal government even if I have signed one before with a bank or other lender?

Yes, you must sign a new Direct MPN, because the federal government will now be your new lender. This should be the last MPN you have to sign as long as you attend ALC.

3. How and when do I complete a Direct Loan MPN?

If you plan to receive a Direct Loan, you need to complete a Direct Loan MPN as soon as possible. By completing the MPN now you will avoid possible delays in receiving your student loan funds. You can complete the MPN here.

4. If I have already completed a Direct Loan Master Promissory Note for another school, do I have to complete one for ALC?

Yes.

5. When I change from bank student loans to the Federal Direct Loan Program, will my earlier loans go into repayment?

No, as long as you remain enrolled at least half-time.   

6. Can I consolidate my Direct Loans and my bank loans?

Previous loans will not go into repayment as long as you remain enrolled at least half-time without a six-month break. When you do start repayment, you have a choice to either make payments to your previous lenders and the Federal Direct Loan Program or to consolidate your loans with the lender or the federal government. Currently, most lenders have stopped consolidating loans, so most consolidations are with the government. The benefits of consolidation depend on interest rates at the time of consolidation. Federal consolidation information: http://www.loanconsolidation.ed.gov/.

7. How do I contact the Direct Loan Program?

Telephone: 1.800.848.0979
Website: www.direct.ed.gov

Upcoming Events

Calendar

December 2014
S M T W T F S
30

Men's Basketball vs Shawnee State University

1 2

ALC Blood Drive

Women's Basketball @ Kentucky Christian University

Men's Basketball @ Kentucky Christian University

3 4 5

JBS Christmas Concert

Last Day of Classes

Last Day of Classes

6

Women's Basketball vs Indiana Southeast

Men's Basketball vs Indiana University Southeast

7

Christmas Pretties Dinner

Christmas Pretties Dinner

Voices of Appalachia Christmas Concert

Voices of Appalachia Christmas Concert

Voices of Appalachia Christmas Concert

Men's Basketball vs Union College

Voices of Appalachia Christmas Concert

8

ALC Final Exams Week

9

ALC Final Exams Week

10

ALC Final Exams Week

11

ALC Final Exams Week

12

ALC Final Exams Week

Fall Semester Ends

Women's Basketball @ Union College Classic

Men's Basketball vs Embry Riddle @ Daytona, FL

13

Women's Basketball @ Union College Classic

Men's Basketball vs Webber International University @ Daytona, FL

14

Men's Basketball vs Webber International University @ Daytona, FL

15

Men's Basketball vs Webber International University @ Daytona, FL

Christmas/New Year's Recess

16

Christmas/New Year's Recess

JBS Final Exams Week

17

Christmas/New Year's Recess

JBS Final Exams Week

18

Christmas/New Year's Recess

JBS Final Exams Week

19

Christmas/New Year's Recess

JBS Faculty In-Service

20

Christmas/New Year's Recess

21

Christmas/New Year's Recess

22

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

23

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

24

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

25

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

26

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

27

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

28

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

29

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

Men's Basketball @ Western Kentucky University

30

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

31

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

1

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

2

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

3

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

Men's Basketball vs Carlow University

Women's Basketball vs Carlow