Bulletin ID
DLB - 98 - 12
| PublicationDate: 3/1/98 BulletinID: DLB - 98 - 12 March 1998 DLB-98-12 Subject: Special features on http://www.ed.gov/DirectLoan -- the Direct Loan Web Site Dear Colleague: We at the Direct Loan Task Force were delighted to meet and talk with so many school representatives at the recent Direct Loan Anniversary Conference in Washington, D. C. Many of you had the opportunity to visit the PC lab and to view and use the services that are available on the Direct Loan web site. We realize, however, that not everyone could attend the conference, and that many of you have not had the time to log on and familiarize yourselves with all of the Direct Loan web features. With that in mind, Id like to highlight some of the special features, starting with two of the newest (and most fun!) tools for students-- the interactive calculators. One, at http://www.ed.gov/DirectLoan/calc.html, is an interactive budgeting worksheet and calculatorthat allows a student to estimate financial needs and create a budget for school and living expenses. This calculator lists most of the critical items (for instance, tuition, books, scholarships, and family contribution) to help students consider all expenses and resources. After completing all of the appropriate entry fields, the student clicks calculate and total resources, expenses, and balance are computed for the academic year. Another click and calculate tool is the monthly repayment calculator, located at http://www.ed.gov/DirectLoan/calc.html. Here a borrower can compare the initial monthly payments s/he would make under each of the four Direct Loan repayment plans. The borrower identifies the amount borrowed, clicks on calculate, and the program provides estimated initial monthly payments for each of the Direct Loan repayment options: standard, extended, graduated, or income contingent. A Direct Consolidation Loans calculator will be added to the repayment calculator page in mid-summer. This calculator will have a data entry screen with entry fields for all loans that may be consolidated. The borrower inputs the amount of each loan s/he wishes to consolidate, then clicks consolidate to bring up a summary for each repayment plan. A third new feature on the Direct Loan web page offers borrower account information. Located at http://www.ed.gov/DirectLoan/students.html, a borrower can access current loan information. By entering a Social Security Number, birthdate, and zip code, s/he can see her/his last loan payment, next payment due date, current balance, and loan status. The status of the loan, whether current, in deferment, or default, is also identified. A variety of documents are posted for financial aid administrators. The growing library of technical directives includes Direct Loan Bulletins and counseling guides, training calendars, Direct Loan newsletters, and a link to all Dear Colleague letters. Other areas include information on Direct Loan consolidation, Direct Loan deferment and forbearance forms, FAFSA on the Web, Title IV School Codes, and schooLinks that link users to the web sites of schools participating in the Direct Loan program. The Direct Loan web site address is http://www.ed.gov/DirectLoan. I encourage you all to log on and check it out for yourselves. Sincerely, Joe L. McCormick Chair Direct Loan Task Force |