If you have followed the major news from Washington these past few months, you have probably heard about our President's proposal to transition all student loan lending under the Stafford and PLUS loan programs to the William D. Ford Direct Lending program. This will mark a significant change in how our school manages student loans. We as a school have decided to go ahead and make the switch as of the 2010-2011 school year, which will go into effect in August of 2010. We have just begun the process of converting to Direct Lending and will hopefully complete early in Spring 2010. So, please continue to check back for future updates and any additional information as it becomes available.
With all change comes some difficulties, but after hearing directly from the US Secretary of Education Arne Duncan, this transition will ensure student access to Stafford and PLUS loans into the future and allow all of you, our students, to continue to progress towards your educational, career, and life goals that have begun with your education here at Greenville Technical College. We as a financial aid office are committed to ensuring your access to funding for your education and will do all within our power to make this transition a smooth one.
If you have any questions concerning the transition to Direct Lending, please contact DJ Wetzel, at Donald.Wetzel@gvltec.edu
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I currently have my student loans through SC Student Loans. So,my loans will no longer be with them? Are the lending policies similar? I guess I want to make sure I wont have any trouble getting approved. Also, will I owe SC Student Loans right away for what I owe them? Thanks so much!
ReplyDeleteThank you very much for your great questions! The way this transition will work is that any loans originated in the past will remain with the same lenders. So your loans you have with SC Student Loan, will stay with them and you will still begin to repay them to SC Student Loan 6 months after you graduate. Any new loans that you receive from GTC beginning in August 2010, will be through Direct Lending. Pleas keep in mind though, that you are still borrowing under the Stafford loan program. SC Student Loan was a servicer of the Stafford Loan much like Direct Lending will be your new servicer (they just also happen to be funding the loan program as well!)So in essence you will not notice any changes in how your loan is approved, or whether or not you can receive Stafford loans, you will just have a new servicer to repay. You also have the option to consolidate your loans with SC Student Loan into Direct Lending if you choose to, that way when you begin to repay, you will only be making one monthly payment instead of two!
ReplyDeleteAgain, thank you for your questions and please let me know if you have additional ones!
Hi Alanna,
ReplyDeleteThank you for the kind words.
Hey I have a question i want to go to school in the summer time can you point me to the right direction to sign up for fincail aid so i can get it in the summer also thank you
ReplyDeletewhen will Spring financial aid checks be disbursed?
ReplyDeleteThe disbursement date from the lender is 2/2/10. It takes about 2 weeks to process refund checks after they are disbursed from the lender, so the checks should be mailed out around the middle of February.
ReplyDeleteThank you for your comment!
Regarding signing up for Summer financial aid, the FAFSA you may have already submitted for the 2009-2010 academic year will be used to evaluate your eligibility for financial aid for the Summer 2010 semester.
ReplyDeleteThank you for your comment!
I was curious if you could tell me when student loans for this semester (Fall 2010) will be disbursed and when to expect the refund to hit my account?
ReplyDeleteThanks,
Brittany