Many of you may have noticed that there are quite a few changes happening in the Financial Aid world right now. A new legislature was passed stating that all schools are now required to switch their lending program to Direct Lending(meaning the government will now be providing Stafford loans as opposed to private lenders). Are you wondering how this will effect you?
The good news is that for the most part it will be seamless for students. You will be required to sign a New Master Promissory Note (MPN) with Direct Lending, but other than that, things will remain the same in terms of how and when the aid is disbursed.
The real change will happen behind the scenes at the Adult Financial Aid office here at Granite State College. We have been working feverishly to make sure we are ready for the July 1st deadline imposed by the government.
What was the reason behind the switch you ask? The intention is to provide increased funding for federal grant programs such as the Pell Grant. Now, rather than private lenders collecting origination fees from students and using them towards their own services, the Department of Education will now take the fees charged for the Stafford loan programs and funnel it back into the Federal Grant programs.
Also, over time, the Department of Education is planning to lower the Stafford Loan Interest rates, making educational loans more affordable for students.
In order to make the process of signing the new Direct Lending MPN easier for our students, the Office of Financial Aid will be making visits to the Rochester NH College, the Claremont NH College, the Conway NH College and the Manchester New Hampshire College to assist students and answer any questions. To find out the specific times of our visits, please contact the regional centers. Also, as always, students are welcome to stop in and see us at the Concord New Hampshire College at any time.
The good news is that for the most part it will be seamless for students. You will be required to sign a New Master Promissory Note (MPN) with Direct Lending, but other than that, things will remain the same in terms of how and when the aid is disbursed.
The real change will happen behind the scenes at the Adult Financial Aid office here at Granite State College. We have been working feverishly to make sure we are ready for the July 1st deadline imposed by the government.
What was the reason behind the switch you ask? The intention is to provide increased funding for federal grant programs such as the Pell Grant. Now, rather than private lenders collecting origination fees from students and using them towards their own services, the Department of Education will now take the fees charged for the Stafford loan programs and funnel it back into the Federal Grant programs.
Also, over time, the Department of Education is planning to lower the Stafford Loan Interest rates, making educational loans more affordable for students.
In order to make the process of signing the new Direct Lending MPN easier for our students, the Office of Financial Aid will be making visits to the Rochester NH College, the Claremont NH College, the Conway NH College and the Manchester New Hampshire College to assist students and answer any questions. To find out the specific times of our visits, please contact the regional centers. Also, as always, students are welcome to stop in and see us at the Concord New Hampshire College at any time.
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