From www.taylor.edu - Taylor University, integrating faith and learning

The Student Loans are now ready!

Printable Loan Instructions

 

This is a brief instructional sheet you can print off and have at hand while completing your student loans. 

Click HERE to open the .pdf

Detailed information is given for each loan, on each specific web page.

 

About Our Student Loan Program

 

Taylor University has participated in the Federal Family Education Loan Program (FFELP) in which all borrowing was through a lender of your choice.  We have recently decided we will begin participation in the Federal Direct Loan Program (DL) for the 2009-10 academic year and will no longer participate in FFELP.  This means that we will no longer process any Federal Stafford or Federal PLUS loans through lenders effective the end of the 2008-09 academic year. 

We have determined to make the change to the DL program for a number of reasons of which I will highlight a few.

1. FFELP funds are disbursed through private lenders (such as EdAmerica, Fifth Third and SallieMae). The DL program is funded directly by the Federal Government. This will guarantee availability of capital to fund loans and we believe the process will be less confusing with a single source for your loan.

2. First time borrowers will only have to track their loans with one lender. Borrowers who have prior loans have the opportunity to consolidate all loans into a single consolidation loan, an option that is only available through the Direct Loan program.

3. All benefits of the loan are a part of the Master Promissory Note (MPN). As always, read your MPN very carefully. Don't lose any of the loan benefits because you have not read your MPN!

4. As a borrower you will have a single point of service for the life of the loan.

5. PLUS loan interest rates are 7.9% through the Direct PLUS program as compared to 8.5% in FFELP, a savings of nearly $28,000 in the first year interest charges for our families who borrowed through the PLUS loan program in 07-08.

6. The DL program is fully integrated with the federal financial aid process. Taylor already has the software to administer this program due to the other federal programs we administer.

Additional information about the DL Program and application instructions will be available online after May 8, 2009.

Kay Stouse

Assistant Director of Financial Aid