U of Louisville chooses new student loan program
U of L chooses new student loan program
Business First of Louisville
Effective for the fall 2009 semester, the University of Louisville will offer Stafford and PLUS loans funded by the Federal Direct Loan Program rather than the Federal Family Education Loan Program, a move the university believes will save money for students and their families.
In the Federal Direct Loan Program, the U.S. Department of Education acts as the lender. Recent volatility in the national credit markets and cuts in federal subsidies available to lenders have led many to stop offering borrower discounts or to end their participation in the Federal Family Education Loan Program altogether, the university said in a press release.
New and returning students will need to complete entrance counseling and sign a new master promissory note before they can get loan funds for the fall semester. Parents who want to borrow under the direct PLUS program will also need to sign a new note.
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