La Salle University has historically participated in the Federal Family Education Loan Program (FFELP), which allows students and parents to borrow Stafford, Parent PLUS, and Graduate PLUS loan funds for school from private lenders.
The University has formally decided to withdraw from the FFELP lending program and to participate exclusively in the William D. Ford Federal Direct Lending program for the 2010-2011 aid year.
Under this program, students and their parents borrow directly from the federal government. The lender is the U.S. Department of Education, funded by the U.S. Treasury.
Some offerings and benefits of participation in the Direct Lending program include:
The interest rates, loan amounts, fees, and other borrower benefits for the Direct Lending program are virtually the same as the FFELP program. For a more detailed comparison of the programs, go to the Federal Student Aid Web site at http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp.
You will still need to complete the 2010-2011 Free Application for Federal Student Aid (FAFSA) and submit all requested documentation to La Salle University. All student and/or parent borrowers must sign a new Direct Loan Master Promissory Note. We will send you further information on the application process with your 2010-2011 award letter.
The University is committed to providing a smooth transition with no reduction in service or funding. Please continue to check your La Salle e-mail account and the Student Financial Services section of the La Salle Web site (http://www.lasalle.edu/financialaid/content/loan/) for updated information. If you have any questions or concerns, please feel free to contact us at 215.951.1070 or via e-mail at firstname.lastname@example.org.
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