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 3rd Quarter Midterm Ends
    January 30, 2015 @ N/A Event Details >>
  • Women's Basketball vs Cincinnati Christian
    January 30, 2015 @ 5:30 pm Event Details >>
  • Men's Basketball vs Cincinnati Christian University
    January 30, 2015 @ 7:30 pm Event Details >>
  • Convocation: Highlands Center For Autism (HCA)
    February 3, 2015 @ 1:00 pm Event Details >>
  • Women's Basketball @ Berea
    February 3, 2015 @ 7:30 pm Event Details >>

Calendar

January 2015
S M T W T F S
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

Women's Basketball vs Carlow

Men's Basketball vs Carlow University

4

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

Women's Basketball vs Point Park

Men's Basketball vs Point Park University

5

Christmas/New Year's Recess

JBS Christmas/New Year's Recess

ALC Faculty/Staff Opening Day

ALC Registration

ALC Registration

JBS Start Second Semester

6 7

ALC Classes Begin

8

Men's Basketball @ Boyce College

9 10

Men's Basketball @ Brescia University

Women's Basketball @ Brescia University

11 12 13

Men's Basketball vs Crown College

Women's Basketball vs Midway

14

Last Day to Register/Drop-Add

15 16 17

Women's Basketball @ IUS

Men's Basketball @ Indiana University Southeast

18 19 20

Opening Convocation

Opening Convocation - Carl Hurley

Women's Basketball @ Rio Grande

Men's Basketball @ Rio Grande University

Men's Basketball @ Rio Grande University

21 22 23 24

Women's Basketball @ IUK

Men's Basketball @ Indiana University Kokomo

25

Women's Basketball @ IU East

Men's Basketball @ Indiana University East

26 27

Blood Drive

Convocation: Blood Drive - Community Service

28 29 30

JBS 3rd Quarter Midterm Ends

Women's Basketball vs Cincinnati Christian

Men's Basketball vs Cincinnati Christian University

31