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

  • Global Awareness Week
    February 15, 2016 @ N/A Event Details >>
  • Men's Basketball vs Indiana University East
    February 16, 2016 @ 7:30 pm Event Details >>
  • Women's Basketball vs Ohio Christian University
    February 20, 2016 @ 1:00 pm Event Details >>
  • Men's Basketball vs Ohio Christian University
    February 20, 2016 @ 4:00 pm Event Details >>
  • JBS 3rd Quarter Grades Due
    February 25, 2016 @ N/A Event Details >>

Calendar

February 2016
Sunday Monday Tuesday Wednesday Thursday Friday Saturday
January 31, 2016

Women's Basketball @ Indiana University Kokomo

Men's Basketball @ Indiana University Kokomo

February 1, 2016 February 2, 2016

ALC Blood Drive

Convocation: Blood Drive - Community Service

Convocation: Nick Jamerson

Women's Basketball vs Midway

February 3, 2016 February 4, 2016 February 5, 2016 February 6, 2016

Men's Basketball @ West Virginia Tech University

Women's Basketball @ West Virginia Tech University

February 7, 2016 February 8, 2016 February 9, 2016

Convocation: Brooke Radnor

February 10, 2016 February 11, 2016

Women's Basketball vs Rio Grande University

Men's Basketball vs Rio Grande University

February 12, 2016 February 13, 2016

Women's Basketball @ Welch College

Men's Basketball vs Wilberforce University

February 14, 2016 February 15, 2016

Global Awareness Week

February 16, 2016

Global Awareness Week

Men's Basketball vs Indiana University East

February 17, 2016

Global Awareness Week

February 18, 2016

Global Awareness Week

February 19, 2016

Global Awareness Week

February 20, 2016

Women's Basketball vs Ohio Christian University

Men's Basketball vs Ohio Christian University

February 21, 2016 February 22, 2016 February 23, 2016 February 24, 2016 February 25, 2016

JBS 3rd Quarter Grades Due

February 26, 2016 February 27, 2016
February 28, 2016 February 29, 2016 March 1, 2016

Convocation: Elizabeth Lawson

March 2, 2016 March 3, 2016 March 4, 2016

ALC Midterm Grades Due

March 5, 2016