Southeastern Financial Aid Office prepared for student loan changes
Contact: Rene Abadie
HAMMOND – The Southeastern Louisiana University Office of Financial Aid is gearing up for the major changes in the federal student aid program that will go into effect later this year.
With the recent signing of legislation by President Barack Obama, the Federal Family Education Loan Program is being eliminated and all funding for federal student loans will be obtained directly through the William G. Ford Federal Direct Loan Program. Commercial banks and other private lenders may continue to offer alternative loans, but they will not participate in the federal student loan program as of July 1, 2010.
“We are working with the university’s Controller’s Office and U.S. Department of Education to make this a seamless change with minimal impact on our students,” said Sarah Schillage, Southeastern director of financial aid.
She said the complete switch to the new program goes into effect for the fall 2010 semester, however, the participation cutoff of July 1 could affect some of our summer borrowers.
“We are encouraging any students attending summer school who are interested in student loans to complete a file update request form as early as possible and visit the Office of Financial Aid to speak with their financial aid counselor if they have specific questions,” Schillage said. “Current borrowers seeking loans for the fall semester will also need to sign a new master promissory note through the Department of Education.”
She said students can complete the note online via www.studentloans.gov and do not have to wait for an award letter to fill out and submit a new promissory note.
The Southeastern Office of Financial Aid Web site, www.selu.edu/financialaid, has been updated to reflect the changes, she said. In addition, the office personnel have all been instructed on how the new law and regulations impact students.
“Students should also check their university e-mail accounts for updates,” Schillage said. “We will be conveying information to them as soon as it becomes available.”