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Student loan program changing this summer

Student loan program changing this summer

Posted: Monday, April 26, 2010 9:04 pm

KNOXVILLE (AP) — Changes to the way the federal government handles student loans could mean college and university students will have to fill out additional paperwork this year.
Beginning this summer, the government will shift the processing of federal student loans to the U.S. Department of Education and away from private lenders.
According to a news release from the University of Tennessee at Knoxville, students currently receiving federally backed student loans will have to complete a new master promissory note.
If those loans are from private lenders, they will have the option of consolidating those loans into new direct loans from the government.
New loan recipients, including transfer students, will apply for loans directly with the U.S. Department of Education.
More than 12,000 UTK students receive some form of federally backed student loan.
On the Net: http://finaid.utk.edu
Published in The Messenger 4.26.10

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