Over the past few months, Southern New Hampshire University (SNHU) has closely monitored the current state of the Federal Student Loan program. After thorough research and conversations with our peer institutions, we have determined that the current Federal Family Education Loan (FFEL) Program being used by SNHU is not meeting the needs of our students. Our desire was to make a decision that would both improve our processes and provide an overall better service for students. With that, Southern New Hampshire University is pleased to announce that starting with the 2010-2011 academic year we will be participating to the William D. Ford Direct Loan Program (Direct Loans).
This change will go into effect on July 1, 2010. At this time, Southern New Hampshire University will no longer be processing any loans associated with the Federal Family Educational Loan (FFEL) program. Students who wish to receive Federal Stafford Loans in the 2010-2011 academic year will be required to sign a new Master Promissory Note (MPN) with Direct Loans. Students can complete this by going to SNHU Direct Loan Information.
The university is committed to having access to a stable source of educational loans. Through Direct Loan, the Office of Financial Aid will access funding directly from the United States Government. Students will experience fewer delays in receiving their federal loan funds, and could benefit from a reduction in origination loan costs. Once in repayment students will also have the option to participate in additional repayment and consolidation programs.
Please visit SNHU Direct Loan Information for additional information on this exciting change.