April 26, 2010... On July 1, 2010, TTC will be required to replace the Federal Family Education Loan Program (FFELP) with the Federal Direct Loan (DL) Program. Federal regulations for student loans changed with the Student Aid and Fiscal Responsibility Act (SAFRA), which became law in March 2010. The Federal Direct Loan Program requires every student requesting a student loan for the 2010-2011 academic year to complete the Federal Direct Loan Master Promissory Note (MPN).

SAFRA eliminates the FFELP lending program. TTC will no longer award loans under this program. Many students received student loans from lenders funded through the FFELP program, including S.C. Student Loan Corp., Discover Student Loans, Nelnet Student Loans, Citibank Student Loans, Wachovia and Bank of America. It is extremely important that students closely monitor their student e-mail accounts for additional information.

Due to these changes at the federal level, if you wish to continue your loan for the 2010-2011 academic year, you must do the following:

Go to http://www.studentloans.gov/ and sign a new Federal Direct Loan Master Promissory Note (MPN). Please do this as soon as possible. If you do not take this step, you will not receive your loan.
Beginning July 1, 2010, TTC will process all Federal Stafford and PLUS loans through the William D. Ford Federal Direct Loan (DL) program. This program will replace the Federal Family Education Loan (FFEL) program at TTC. This means students will no longer use private lenders to receive their loan funds; they will borrow directly from the federal government.
If you need assistance or have questions about the federal loan changes, contact the Financial Aid office at 843.574.6110.