The Office of Financial Aid would like to keep you informed concerning some changes that will take place July 1, 2010. As most of you are aware, the Health Care and Education Affordability Reconciliation Act of 2010 (HCEARA/H.R. 4872) was passed by the U.S. House of Representatives and the U.S. Senate on March 25, 2010, and President Obama signed the bill into law on March 30, 2010. The bill puts into effect some major changes in several federal student aid programs.
The bill mandates that, effective July 1, 2010, all federal student loans (Stafford, PLUS, and Grad PLUS) will be originated through the William D. Ford Federal Direct Loan Program (a part of the federal government). In addition, the Family Federal Education Loan Program (FFEL), which permitted private lenders to originate these loans, is eliminated effective June 30, 2010. Union learners who have another disbursement occurring after July 1 from our current FFEL program will receive their disbursement from this program.
An email was sent to all learners concerning these changes, and a follow up postcard will be sent as well. For more information concerning the Direct Loan program, please visit our website at: (www.myunion.edu/finaid).
Office of Financial Aid