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Financial Aid to Phase in Direct Loans to Students Walden hopes to transition students by 2010. In preparation for what the Obama administration has indicated its direction will be with regard to student loans, which is to eliminate private lenders from student loan programs, Walden University will begin phasing in Direct lending to its graduate students starting this fall. The university hopes to make a full transition from Stafford Loans to Direct Loans by 2010. Direct Loans are provided directly by the federal government, while Stafford Loans and other loans under the Federal Family Education Loan Program (FFELP) are backed by private lenders. The process for Direct Loans and filing paperwork remains unchanged from Stafford Loans. Students must sign a promissory note and complete an entrance interview as in the past. Incoming undergraduate and graduate students starting in the fall should expect an email in late July or early August notifying them that their student aid package is available for their review. Students can accept, decline or reduce the amount of loans through their MyFinAid link on their myWalden university portal. Walden began awarding Direct Loans to undergraduate students in October 2008. The transition to Direct Loans has been transparent. “There were some administrative changes in our office to support students’ questions about Direct Loans,” says Diondrae Collier, associate director of financial aid at Walden. “So far the transition is going very well.” More Information Financial aid help is available at Walden University’s Financial Aid Office, which can be reached at 1-800-925-3368 (option 1). For more information about Direct Loans, go to the U.S. Department of Education’s Federal Student Loan Servicing Web page at www.dl.ed.gov. To find out how to apply for financial aid, visit the Free Application for Federal Student Aid at www.fafsa.ed.gov.
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