To the campus community,

We write to share exciting information with you about an important change in federal student loans in our near future. Beginning with summer session 2010, Keene State College will participate in the William D. Ford Federal Direct Loan Program.

In general, there are two approved loan programs for Stafford and PLUS loans for students and parents: the Federal Family Education Loan Program (FFELP) and the William D. Ford Federal Direct Student Loan Program (Direct Lending or DL). Keene State College is converting from FFELP to Direct Lending because we believe the DL program will better serve our students and their families. Significant improvements and benefits for borrowers include a streamlined loan application process (the FAFSA serves as the loan application), lower interest rates for PLUS loans, reduced complexity because borrowers will not need to deal with the varying, customized procedures from the 3,500 lenders who are part of the FFELP Program, and, after graduation, improved loan consolidation, repayment, and income contingent payment options. Information about the William D. Ford Direct Lending Program will be available and updated on our website. More...