William D. Ford Direct Loan Program

ATTENTION 2010-2011 STUDENT LOAN BORROWERS

President Obama recently enacted student loan reform that impacts how you obtain student loans. Under the Health Care and Education Affordability Reconciliation Act of 2010 (H.R.), all Federal Stafford, PLUS and Consolidation loans will process through the William D. Ford Direct Loan Program beginning July 1, 2010.

All schools previously participating in the Federal Family Education Loan Program (FFELP), including Ivy Tech Community College, were required to transition to Direct Lending. Although the program is different, the same types of loans are offered - Stafford (both subsidized and unsubsidized) and PLUS loans for graduate/professional students and for the parents of undergraduate students. There are a few important points you need to be aware of or take action on while awaiting your 2010-2011 award package:

FEDERAL PIN
You will need your Federal Student Aid PIN to complete the Master Promissory Note (MPN) and/or entrance counseling. If you do not have a PIN or have forgotten your PIN please visit http://www.pin.ed.gov.

MASTER PROMISSORY NOTE (MPN)
To receive Federal Direct Stafford and/or PLUS loans, you need to complete a Federal Direct MPN. If you have received a Federal Direct Stafford loan at Ivy Tech any other institution, you may already have an active MPN on file. You can check the status of your MPN or complete a new Direct Stafford and/or PLUS loan MPNs electronically via www.studentloans.gov. Log in with your Federal Pin, select Complete Master Promissory Note then Subsidized/Unsubsidized. You will be prompted for personal information and asked to select a school. After entering Indiana for the School State, choose IVY TECH COMMUNITY COLLEGE OF INDIANA – ALL CAMPUSES from the School Name drop down box. This school choice is correct for all Ivy Tech campuses and will display an Indianapolis address, do not be concerned that your campus address does not display.

LENDER
The U.S. Department of Education is the lender for all Direct loans; you do not need to select a lender for your Direct Stafford or PLUS loans.

ENTRANCE COUNSELING
If you are a first-time borrower at Ivy Tech, you will also need to complete the on-line entrance counseling available at www.studentloans.gov. Log in with your Federal Pin, select Complete Master Promissory Note then Subsidized/Unsubsidized. You will be prompted for personal information and asked to select a school. After entering Indiana for the School State, choose IVY TECH COMMUNITY COLLEGE OF INDIANA – ALL CAMPUSES from the School Name drop down box. This school choice is correct for all Ivy Tech campuses and will display an Indianapolis address, do not be concerned that your campus address does not display. Your electronic counseling results take approximately 2 business days to load into Banner Self Service.

If you have any questions or concerns, please feel free to contact us. We look forward to guiding you through the financial aid process for the upcoming year. For more information on Direct Lending, visit www.studentloans.gov.