| DCLPublicationDate: 5/1/95 DCLID: GEN-95-29 AwardYear: Summary: 1996-97 Application for Participation in the William D. Ford Federal Direct Loan Program sent only to eligible non-participating school's Financial Aid Officers May 1995 GEN-95-29 (LD) (Subject: 1996-97 Application for Participation in the William D. Ford Federal Direct Loan Program sent only to eligible non- participating school's Financial Aid Officers) Dear Colleague: 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, Dr. Daniel Davenport, Director of Admissions and Student Financial Aid Services at the University of Idaho, expressing his enthusiasm for the program, writes: "How do we measure the success or failure of our program? It's obvious. The students. Our students continue to praise the program for its simplicity and ability to provide loan funds to them in a short period of time. We had more loan funds available for students to use at registration than any time in the history of the University." Clearly, the program is realizing every goal that was originally envisioned. 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. Sincerely, Leo Kornfeld Senior Advisor to the Secretary Enclosure [[ The enclosure "1996-97 Willian D Ford Federal Direct Loan Program Participation Application" is currently unavailable for viewing. Please reference your paper document for additional information.]] |