Money Mondays: Changes in Federal Financial Aid
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Posted By: autumn cade on June 29, 2010 I recently read that there are changes to the federal financial aid program rolling out soon. Can you tell us what these changes are? - Nicole, Dallas, TX Nestled within the health care bill signed into law by President Barack Obama on March 25th are changes that impact federal student loan and grant programs and provide funding for community and historically black colleges and universities - including funding for community-based programs that encourage higher education. What changes are occurring with student loans? Starting July 1st, students who qualify for federal student loans (e.g., Stafford, Perkins and Graduate PLUS loans) will borrow directly from the federal government rather than through a bank or other financial institution (private education loans or other alternative loans are not covered under this reform) while loan terms and interest rates remain the same. So, if Nicole receives federal student loans to finance her education, she will go directly to the financial aid office of her college or university to process the loan and receive a check rather than taking such documents to a bank or other financial institution for processing. This is technically referred to as Direct Student Loan processing, which colleges and universities have adopted in response to the law changes. Read More; http://www.blackamericaweb.com/?q=articles... If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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autumn cade
Cal St Univ, Long Beach class of 2015 Member Since June 2010 |
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