Monday, December 28, 2009

Edinboro U offers new loans

The Erie Times News reports:
EDINBORO -- Edinboro University is offering the Federal Direct Loan Program to students.

Loans, unlike traditional Federal Family Education Loans, are funded directly by the federal government.

The Federal Family Education Loan Program uses money from private lenders that is guaranteed by the government.

The university began offering the loans to help students who were having trouble financing their education when a number of private lenders stopped offering student loans, said Dorothy Body, Edinboro University's assistant vice president for financial aid.

The university offered Federal Direct Stafford Loans to a few students in 2008-09, and successfully processed those loans. They were offered to all incoming freshmen who filed for financial aid for 2009-10.

Edinboro University in time will offer only Federal Direct Loans. It is the first school in the Pennsylvania State System of Higher Education to offer the loans.

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