Important Changes to JMU's Financial Aid Process

From: Public Affairs

April 7, 2009

Beginning with the summer 2009 session, James Madison University will participate exclusively in the Federal Direct Loan (subsidized and unsubsidized student loans), Federal Parent PLUS Direct Loan and Federal Grad PLUS Direct Loan programs for processing new loans.

The traditional Federal Family Educational Loan Program (FFELP) loans (i.e., Stafford Loan, Parent PLUS Loan, and Grad PLUS Loan) through banks, credit unions and other student loan lending companies will no longer be processed at JMU. Under the direct loan program, students and parents borrow from the federal government through JMU without going through a lender.

Participants in the new program must complete the Direct Loan Master Promissory Note at https://dlenote.ed.gov/empn/index.jsp. This is only necessary for new loans. The new program does not affect existing loans.

More information is available from the JMU Financial Aid Office at www.jmu.edu/finaid/directloans.shtml. The office also will conduct a direct lending question and answer session on Tuesday, April 14 from 2 - 3 p.m. in Taylor Hall room 305. Reservations are not required to attend the session.

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