Federal Student Lending Process


With the Health Care and Education Affordability Reconciliation Act of 2010 (HR 4872), the Federal Family Educational Loan (FFEL) Program was eliminated.  This means that private lenders, such as DEFCU, can no longer have a role in originating or funding Federal, Stafford, PLUS, or Consolidation student 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 Borrowing 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 (Must have Adobe Acrobat Reader to access document.  Click here to download for free):

For questions regarding who holds or services your existing federal student loan(s), please access the National Student Loan Database, which is a Department of Education central database for student aid.


How to Apply for Federal Financial Aid

  1. Select a school, apply for admission and be accepted.

  2. After the FAFSA form has been processed, you will be notified of eligibility.

  3. The college will send you an award letter.

  4. If your award letter states there is still unmet need, work with your school's financial aid department to apply for a student loan.

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