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By
Joe Pellicciotti, Associate Vice Chancellor- Enrollment
Management
Campus Moves to Direct Lending
IU Northwest joined all other Indiana University campuses
recently to move to the federal Direct Loan Program
(DLP) as our source of federally backed Stafford loans,
starting in the fall of 2008. You will read more about
this important event in the Financial Aid section of
this newsletter.
In a recent press release, Neil Theobald, IU vice
president and chief financial officer, referred to
two major factors driving the decision: One is that
private lenders in the federally backed Federal Family
Education Loan Program have indicated that demand may
exceed the supply of private student loan funds in
2008-09. Since the funds supporting the DLP come from
the U.S. Treasury, any market turmoil will not adversely
affect our students' loan funding. Theobald stated
further, The other factor is that private lenders
are beginning to charge a 1 percent origination fee
for FFELP loans, while the origination fee for the
Direct Loan Program is 0.5 percent, resulting in significant
savings on IU's federal loan portfolio of $393 million. A
move to the Direct Loan Program will save IU students
nearly $2 million, Theobald added."
The IU Northwest Office of Financial Aid, working
with the Office of Marketing and Communications, is
implementing a communication plan to inform students
of the move and the impact of DL.
IU Northwest Graduate assistant at ALC
I.U. Northwest provides a graduate assistant to assist
IU Northwest faculty teaching at the Academic Learning
Center in Merrillville and to help our students taking
classes at the center. Our graduate assistant for 2008-09
will be Jorie Spinks. Jorie is a graduate student within
the M.S.W. program, and she was our graduate assistant
at the ALC for 2007-09, as well.
Jorie is available to provide tours of the ALC for
any faculty, staff, or students interested in doing
so.
Contact information for Jorie at the ALC is as follows:
Jorie Spinks
Graduate Assistant
Academic Learning Center
(219) 756-3739 Direct Line
(219) 756-7252 ALC Main
Number
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