Eastern to switch student loans to direct lending
All loans will come from U.S. Treasury Department
Lindsay Huffman
Issue date: 11/19/09 Section: News
"[Signing] the Master Promissory Note is the big thing students have to do to get their loan here," Park said. "We will do the rest on our side."
She also said that students should not worry about changing to the new program. Any students with loans through a bank or lender now can consolidate their total amount of loans through the Department of Education. If a student decides to quit school, then he or she can consolidate their loans in repayment.
Students should not experience any lapse or interruption with access to their loans, Park said.
"As long as students sign a new Master Promissory Note, there should be no problems," she said.
Eastern is not the first school in Kentucky to participate in direct lending. Several schools, including Morehead State University, the University of Louisville, the University of Kentucky and Northern Kentucky University, are contemplating or have already made the decision to change to the direct lending program. In order to remind Eastern students, Park said the university will distribute information about direct lending through e-mail in the spring, strongly encourage students to sign their new promissory note and fill out their FAFSA as soon as possible.
"I'm not worried about making the switch," Park said. "I look forward to it."
If students have any questions about the program or want to learn more, contact Shelley Park at shelley.park@eku.edu or call 859-622-1752.
She also said that students should not worry about changing to the new program. Any students with loans through a bank or lender now can consolidate their total amount of loans through the Department of Education. If a student decides to quit school, then he or she can consolidate their loans in repayment.
Students should not experience any lapse or interruption with access to their loans, Park said.
"As long as students sign a new Master Promissory Note, there should be no problems," she said.
Eastern is not the first school in Kentucky to participate in direct lending. Several schools, including Morehead State University, the University of Louisville, the University of Kentucky and Northern Kentucky University, are contemplating or have already made the decision to change to the direct lending program. In order to remind Eastern students, Park said the university will distribute information about direct lending through e-mail in the spring, strongly encourage students to sign their new promissory note and fill out their FAFSA as soon as possible.
"I'm not worried about making the switch," Park said. "I look forward to it."
If students have any questions about the program or want to learn more, contact Shelley Park at shelley.park@eku.edu or call 859-622-1752.
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