Federal Direct Loans

• Direct Subsidized Stafford Loans
• Direct Unsubsidized Stafford Loans
• Direct Parents PLUS Loans
• Direct Graduate PLUS Loans

Fairleigh Dickinson University currently participates in the Federal Family Education Loan Program (FFELP). However, as part of the new Health Care and Education Reconciliation Act of 2010, it will soon be replaced by the Federal Direct Loan Program. Instead of borrowing from a third-party lender such as a bank, you will be borrowing directly from the federal government.

Beginning this summer, Fairleigh Dickinson will begin processing all federal loans through the Direct Loan Program. We appreciate your patience and cooperation as we complete this process.

What Do I Need to Do? 

Are you a
renewing borrower?

If you already have a Stafford or PLUS loan and wish to renew it in 2010-11, you must complete and sign an online Master Promissory Note as soon as possible, even if you have not yet received your financial aid award letter for 2010-11.

Are you a
first-time borrower?

If you plan to apply for a Stafford or PLUS loan for the first time, you must complete a Loan Entrance Counseling session (required of all first-time borrowers), and then the Master Promissory Note. 

For ALL borrowers, renewing OR first-time, here are your next steps:

1) To be considered for federal aid, you must file the FAFSA each year at www.fafsa.gov.

2) Go to studentloans.gov, the Federal Student Loan site

3) Follow the directions in the Manage My Student Loan box.  

4) Renewing students will need their 4-digit Federal pin number; first-time borrowers will need to apply for their PIN. If you’ve lost or misplaced your PIN, follow the instructions provided.

HAVE QUESTIONS? We’re Here to Help!

During this transition, your FDU campus financial aid office is available to answer any questions you and your family may have about the Direct Loan Program. You can reach us at the following numbers:

College at Florham
973-443-8700

Metropolitan Campus
201-692-2363
 

Additional FAQs About Federal Direct Loans

Will this change my financial aid?

No, your financial aid award will not be impacted by the Direct Loan Program. It only affects how you and your family apply for a federal loan.

Can I still get a private loan?

Families can still research third-party loans through outside lenders at any time, although interest rates are typically higher and a co-signer is often needed. As one starting point, we provide a page with a listing of some private loan sources to consider and some private loan issues.

What loans are available through the Direct Loan Program?

You and your family can apply for the following federal loan programs:

  • Federal Direct Stafford Loans
    These fixed-rate student loans for undergraduate students can be used to pay tuition and other eligible school expenses. Subsidized Stafford Loans are federally guaranteed loans based on financial need, while Unsubsidized Stafford Loans do not require financial need.
  • Federal Direct Parent PLUS Loan
    This is a federally insured loan for parents of dependent undergraduate students. It is a fixed interest rate loan that requires no collateral and has minimal credit requirements. Parents may borrow up to the cost of attendance less any other financial aid the student receives.
  • Federal Direct Graduate PLUS Loan
    This is a low-interest loan program that enables graduate students to borrow directly from the government to help pay for their educational expenses. The loan has many benefits such as a fixed interest rate, high credit approval and streamlined application process.