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With the recently enacted Health Care and Education
Affordability Reconciliation Act of 2010 (HR 4872), the Federal
Family Educational Loan (FFEL) Program has been eliminated.
Private lenders, such as Chadwick FCU, no longer have a role in
originating or funding federal Stafford, PLUS, or Consolidation
loans.
Federal Direct
Student Loans
Beginning July 1,
2010 all new federal student loans will be issued via the
William D. Ford Direct Loan Program. The lender for your federal
loans will be the U.S. Department of Education rather than your
credit union or other financial institutions.
Stafford and PLUS Loans: Visit the
Department of Education
website for information about Federal Direct
Stafford and PLUS loans. It is suggested that you stay in close
contact with your school’s Financial Aid Office to apply and
monitor application status.
Consolidation
Loans: You may have the opportunity to consolidate your existing
loans through the Federal Direct Loan Consolidation Program. To
view consolidation loan detail, visit the Department of
Education
Consolidation Loan website.
Direct Lending
Borrower Aids: Although our credit union will no longer be
funding federal student loans, we would like to continue
assisting you in whatever way we can.
For Information
on Existing Loans
For questions or
service related to an existing Federal Family Educational Loan
secured through our credit union, contact Great Lakes (our
chosen servicer) at 1-800-236-4300 or access your account
information online at
www.mygreatlakes.com.
For questions regarding who holds or services your existing
federal student loan(s), please access the
National Student Loan
Database, which is a Department of Education central database
for student aid. |
