Summary: 1996-97 Application for Participation in the William D. Ford Federal Direct Loan Program sent to Chief Fiscal Officers at eligible non-participating institutions.
(Subject: 1996-97 Application for Participation in the William D.
Ford Federal Direct Loan Program sent to Chief Fiscal Officers at
eligible non-participating institutions.)
We are writing to request your institution's support and
participation in the most innovative financial aid program to be
implemented in the last 20 years: Direct Loans. We invite you to
participate in this important program. At the same time, you'll
be joining your colleagues nationwide who have already decided that
direct lending is the program that will efficiently and
effectively take student aid into the next century.
The accolades for this program are not merely Department or
Administration rhetoric. In fact, a recent Education Daily survey
of first year participants found that 92 percent of the schools
rated the program exceptional! A recently issued report on the
program, performed by independent auditors, found similar
results and concluded that the program is "more efficient, less
costly and more customer friendly" than the old guaranteed loan
system. Your colleague, Judith Fingar, Chief Fiscal Officer at the
University of Washington, expressing her enthusiasm for the
"After two full quarters in the Ford Federal Direct Student
Loan Program, the University of Washington is convinced
that our early support for direct lending was more than
justified. Earlier disbursement of Direct Loan proceeds
resulted in other efficiencies at the UW. We saw a drop in
the number of students requesting short-term emergency
loans and we were able to process an ever increasing number
of Stafford/PLUS loans with reductions in staffing. The
Direct Loan Program works."
Clearly, the program is realizing every goal that was originally
The Direct Loan Program is all about choice. It offers you a
newer, faster, streamlined, more efficient approach to providing
loans to your students to help meet their financial needs. The
program itself is extremely flexible--you can decide how much
administrative responsibility you want to take on and what portion
of your loan volume you want to be in Direct Loans. In addition,
the program can be tailored to meet your automation needs, whether
you operate in a PC or mainframe environment.
Take advantage of the opportunity to participate in this new
"reinvented" student loan program. Apply early and ensure your
school's place in the 1996-97 school year. Enclosed is an
application for your consideration.
Senior Advisor to
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