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

  • JBS Fall Festival
    October 3, 2014 @ N/A Event Details >>
  • Women's Volleyball vs Hiwassee College
    October 3, 2014 @ 7:00 pm Event Details >>
  • Men's and Women's Cross Country - Run for the Hills
    October 4, 2014 @ 10:00 am Event Details >>
  • Men's and Women's Cross Country - Run for the Hills
    October 4, 2014 @ 10:00 am Event Details >>
  • Women's Tennis vs Carlow University
    October 4, 2014 @ 10:00 am Event Details >>

Calendar

October 2014
S M T W T F S
28 29 30

Women's Volleyball Tri-Match @ Rio Grande

1 2 3

JBS Fall Festival

Women's Volleyball vs Hiwassee College

4

Men's and Women's Cross Country - Run for the Hills

Men's and Women's Cross Country - Run for the Hills

Women's Tennis vs Carlow University

Women's Volleyball Tri-Match @ UPIKE

5 6 7

JBS 1st Quarter Grades Due

Breast Cancer Awareness

8

ALC Midterm Grades Due

JBS Science Fair

9 10

JBS Grandparents' Day

11

ALC Alumni Association Meeting

ALC Alumni Association Meeting

Appalachia Day Homecoming

Appalachia Day Homecoming

Appalachia Day Homecoming

12 13 14

Women's Volleyball @ Berea

15 16

Fall Break (No Classes)

JBS Fall Break (No Classes)

17

Fall Break (No Classes)

JBS Fall Break (No Classes)

18
19 20

Alcohol Awareness Week

Golf Scramble

Women's Volleyball vs Brescia

21

Alcohol Awareness Week

Mountain Comprehensive Care

22

Alcohol Awareness Week

23

Alcohol Awareness Week

Brett Wiscons

24

Alcohol Awareness Week

Fall Board Meeting

25

Fall Board Meeting

Men's and Women's Cross Country - Midway College Invitational

Men's and Women's Cross Country - Midway College Invitational

Women's Volleyball Tri-Match @ Asbury

26

Women's Volleyball Tri-Match vs IU East/UPIKE

27 28 29 30 31 1