Maintained for Historical Purposes

This resource is being maintained for historical purposes only and is not currently applicable.

(GEN-95-29) 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

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


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Last Modified: 04/30/1995