:: Direct Loan Resources for Financial Aid Professionals ::

The Health Care and Education Reconciliation Act of 2010 (H.R. 4872) was signed into law by President Obama on March 30, 2010. The bill included the elimination of new lending under FFELP starting July 1, 2010. If you have questions visit our HCERA Legislation Web page or contact our Policy, Compliance and Training department at 405.234.4432 or pct@ocap.org.

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ED Links & Resources

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Dept. of Education Direct Loan Publications

DL Basics for Students brochure DL Basics for Students PDF – Introduces students to Direct subsidized and unsubsidized loans
DL Basics for Parents brochure DL Basics for Parents PDF – Educates parents about Direct PLUS Loans
Conceptos básicos sobre préstamos PLUS del Direct Loan Program para padres Conceptos básicos sobre préstamos PLUS del Direct Loan Program para padres (DL Basics for Parents in Spanish) PDF – Educates Spanish-speaking parents about Direct PLUS Loans
DL Entrance Counseling Guide DL Entrance Counseling Guide PDF – A guide for individual or group entrance counseling sessions with students
DL exit counseling guide DL Exit Counseling Guide PDF – A guide for individual or group exit counseling sessions

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Frequently Asked Questions (FAQs)

Q. Where do I send borrowers to locate their loan information?

A. The National Student Loan Data System (NSLDS) at NSLDS.ed.gov (external link)  provides a centralized database containing all federal student loan borrower information including loan amounts, outstanding balances, loan statuses and loan servicers. To access the information, borrowers will need to provide their name, Social Security number (SSN), date of birth and FSA ID – the same FSA ID used to apply for aid and complete the FAFSA. In addition, students can find contact information for each federal loan servicer on the Department of Education's website.

Q. How do I refer to Direct Loans? Are they still considered Stafford and PLUS loans?

A. Yes, they are still Stafford and PLUS loans. The Department of Education, however, often refers to direct Stafford loans as 'Federal Direct Subsidized Loans' and 'Federal Direct Unsubsidized Loans' and to PLUS loans as 'Federal Direct PLUS Loans.'

Q. Some students report problems accessing StudentLoans.gov. How can I help them?

A. StudentLoans.gov (external link)  only works when using the Mozilla Firefox or Internet Explorer browsers.

Q. Where do I refer students having problems with StudentLoans.gov?

A. Students having issues completing their MPN or other problems with the site should call COD Applicant Services at 800.557.7394 (toll-free).

Q. Does the DL PLUS MPN work for multiple schools?

A. Yes. The parent only needs to complete a new MPN if:

Q. Must students complete DL entrance counseling if they completed FFELP entrance counseling?

A. The majority of students will not need to repeat entrance counseling before receiving their first DL loan disbursement. Only students who are receiving subsidized/unsubsidized loans for the first time or are receiving a Grad PLUS loan for the first time will be required to repeat entrance counseling.

Q. If a student has both FFELP and DL loans, will s/he need to complete exit counseling for both?

A. As long as the exit counseling provided contains the necessary information required for both programs, a student with both types of loans will only need to complete either the FFELP or DL exit counseling, not both.

Q. Can we still use the same online counseling servicer or do we have to switch to ED's service?

A. You can still use the same entrance/exit counseling service provider, assuming the provider meets all federal regulations. Most widely-used online counseling providers, such as Mapping Your Future, comply with ED's guidelines.

Q. What are the rules for returning unused DL funds to the Department of Education?

A. The Department posted a July 23 electronic announcement (external link)  providing guidance to schools about when and how to return unused funds via their G5 web site.

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