IMPORTANT! Changes to the Federal Student Lending Process

With the recently enacted Health Care and Education Affordability Reconciliation Act of 2010 (HR 4872), the Federal Family Educational Loan (FFEL) Program has been eliminated. Private lenders, such as Oak Trust Credit Union, no longer have a role in originating or funding federal Stafford, PLUS, or Consolidation loans


Federal Direct Student Loans

Beginning July 1, 2010 all new federal student loans will be issued via the William D. Ford Direct Loan Program. The lender for your federal loans will be the U.S. Department of Education rather than your credit union or other financial institutions.

Stafford and PLUS Loans: Visit the Department of Education for information about Federal Direct Stafford and PLUS loans. It is suggested that you stay in close contact with your school’s Financial Aid Office to apply and monitor application status.

Consolidation Loans: You may have the opportunity to consolidate your existing loans through the Federal Direct Loan Consolidation Program. To view consolidation loan detail, visit the Department of Education Consolidation Loan website.

Direct Lending Borrower Aids: Although our credit union will no longer be funding federal student loans, we would like to continue assisting you in whatever way we can.

Below are resources to assist you through the Direct Loan process.

• Direct Loan Guide
• Frequently Asked Questions

• Quick Reference Guide: Provides details on the types of federal student loans
• Financial Aid Process Guide: Explains the steps towards applying/receiving federal aid
• www.studentaid.ed.gov: Detailed student aid and student loan information from the U.S. Dept of Ed
• www.collegeplan.org: Information on college selection, admissions, financial aid and scholarships
• www.collegeboard.com: Scholarship information
• www.mappingyourfuture.biz: Detailed information about career planning, selecting a school and paying for college