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 GHS Federal 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 website 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. Please click here for the Direct
Loan Guide and here for Frequently
Asked Questions .
For Information on Existing
Loans
For questions or service related to an existing
Federal Family Educational Loan secured through our credit union,
contact Great Lakes (our chosen servicer) at 1-800-236-4300 or
access your account information online at www.mygreatlakes.com
For questions regarding who holds or services your existing
federal student loan(s), please access the National Student Loan
Database (http://www.nslds.ed.gov/nslds_SA/), which is a
Department of Education central database for student aid.
