Great News !!!
Stockton Moves to Process Stafford and Plus Loans in the Federal Direct Loan Program.
What does this mean to you for the Fall 09 semester ?
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Beginning in the Fall 2009, Stockton College will participate in the William D. Ford Federal Direct Stafford Loan Program. This means that students and parents will now get Stafford and PLUS (for parent and graduate students) directly through the U.S. Department of Education, rather than through private lenders participating in the Federal Family Education Loan Program (FFELP).
"We have carefully weighed the strengths and weaknesses of the Direct Loan Program with the Federal Family Education Loan Program," says Stockton Financial Aid Director Jeanne Lewis. "It is our conclusion that the Direct Loan Program is simpler, faster, and less expensive for borrowers. In addition, it ensures the availability of funds for our students and their families."
The shifting credits markets and changes in federal law have reduced the number of private lenders offering Federal Stafford and PLUS Loans through FFELP. In addition, because of changes in federal law, FFELP lenders can no longer afford to offer the discounts and incentives that previously made it preferable to borrow from them rather than the Department of Education.
The following FAQ provides answers to some commonly asked questions about Stockton's change to the Direct Loan Program.
What is the difference between FFELP and the William D. Ford Direct Loan Program?
In the Direct Loan Program, the U.S. Department of Education acts as a lender, providing funds for Stafford loans and PLUS (for parent and graduate students) loans. With FFELP, students chose a bank or lender, the college then certified the amount the students and parents were eligible to borrow and applied the laon proceeds to students accounts.
Why is Stockton changing to the Direct Loan Program?
Stockton very carefully weighed the differences between FFELP and the Direct Loan Program. We decided to go with the Direct Loan Program because it:
- Is a simpler process for families as every borrower uses the same application process and is subject to the same loan fees;
- Better guarantees the availability of funds for families;
- Is cheaper for families in the short term and offers the same cost to families in the long term*; and
- Offers loans through the same department that handles conslidation of student loans (the U.S. Department of Education).
If I'd previously received a Stafford or PLUS Loan through a private lender, do I have to change to the Direct Loan Program?
Yes, all students needing a PLUS or Stafford Loan for the 2009-10 school year will need to apply for the loan through the Direct Loan Program.
*The net fee for the Stafford Loan is .05 percent through the Direct Loan Program vs 1.0 percent through FFELP. The PLUS loan interest rate is 7.9 percent through the Direct Loan Program, as compared with 8.5 percent through FFELP.
OFFICE INFORMATION
Staff Directory
Jeanne Lewis, Director of Financial Aid
Susanne Dorris, Associate Director of Financial Aid for Technology
Melinda Matos, Assistant Director of Financial Aid
Kimberly Clark, Assistant Director of Financial Aid
Terra Mecouch, Assistant Director of Financial Aid
Donna Freeman, Assistant Supervisor, Administrative Services
Vicki Miller, Sr. Loan Counselor
Coleen Capella, Supervisor of Accounts, Federal Work Study
Donna Garrity, Secretarial Assistant II, Veteran's Benefits and Tuition Aid Grant
Erica Pinto, Technical Assistant 1,Alternative Loans
Barbara Bowen, Financial Aid Assistant, NJ Class Loans
Sueann Pellerito, Sr. Clerk Typist
Wendy Sage, Clerk Typist
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