Participation in the Direct Loan Program Begins July 1, 2010
Mercy College will participate in the William D. Ford Federal Direct Loan (Direct Loan) Program beginning July 1, 2010. Students and parents who previously received loans through the Federal Family Education Loan (FFEL) Program will now borrow through the Direct Loan Program. The Direct Loan Program offers the same types of loans as the FFEL Program and Direct Loans generally have the same terms and conditions as FFEL Program loans, but instead of a bank lending the money, the U.S. Department of Education (the Department) lends the money directly to students and parents through the student’s school. There are also some differences in the names of the loans. The FFEL Program’s Federal Stafford Loans (subsidized and unsubsidized) are called Direct Subsidized Loans and Direct Unsubsidized Loans in the Direct Loan Program. Federal PLUS Loans are called Direct PLUS Loans. The Financial Aid Office will notify you when Mercy has completed the set up requirements for the transition to Direct Lending. If you have any questions, please feel free to email us at financialaid@mercycollege.edu or call (419) 251-1219.