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

November 2014
S M T W T F S
26

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

27 28 29 30 31 1

Women's Basketball vs Hiwassee College

2 3 4

Politics & Social Media

Women's Basketball vs Kentucky Christian University

Men's Basketball vs Kentucky Christian University

5

Men's Basketball @ Milligan College

6 7

JBS 2nd Quarter Midterm Due

Men's Basketball vs Bluefield College @ BB&T Classic

8

Women's Basketball vs WVA Tech

Men's Basketball vs UPike @ BB&T Classic

9 10 11

Juan Alonzo

Women's Basketball @ UPike

12

ALC Pre-Registration

13

ALC Pre-Registration

14

ALC Pre-Registration

Women's Basketball @ Warren Wilson

15

ALC Pre-Registration

Women's Basketball @ Hiwassee College

16

ALC Pre-Registration

17

ALC Pre-Registration

Men's Basketball @ Union College

18

ALC Pre-Registration

Celebration of Graduates

19 20 21

Women's Basketball @ WVA Tech

Men's Basketball vs Milligan College

22

Men's Basketball @ Crown College

Men's Basketball @ Crown College

23 24 25

Women's Basketball vs UPike

26

ALC Thanksgiving Recess

JBS Thanksgiving Recess

27

ALC Thanksgiving Recess

JBS Thanksgiving Recess

28

ALC Thanksgiving Recess

JBS Thanksgiving Recess

29
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