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More Newsy Notes from the Financial Aid Office

The recent passage of the Health Care and Student Loan Reconciliation Bill made major changes to student borrowing of Federal student loans for the upcoming academic year.  Beginning July 1, 2010, banks will no longer be allowed to participate in the Federal student loan programs.  All students will be borrowing all of their federal loans from the William D. Ford Direct Student Loan Program through the Department of Education.  The major benefit of this change is that it eliminates the middleman.  All students who wish to borrow a Stafford Loan or a Grad PLUS Loan will simply tell the Financial Aid Office at VLS that they wish to borrow and the amount.  The FAO will inform the Department of Education of the student’s request, and the net proceeds of the loan will be sent directly to the students account at the law school.  All the student needs to do, in addition to informing VLS of your request, is to go on our website and complete the necessary promissory note(s).  In addition, if the student has never borrowed a federal student loan, they will also have to complete the Entrance Counseling requirement.  The link to this is also on our website.  The good news is that once you are done completing the promissory note(s) and Entrance Counseling, you never have to do this again.  Future borrowing will only require the student to tell the Financial Aid Office the amounts of federal loans they wish to borrow.

More detailed instructions on what you need to do will be mailed to you in June.

Stay tuned for future Newsy Notes from the Financial Aid Office.

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