Know Who's Who in the Student Loan World

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STUDENT LOAN
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Know Who's Who in the Student Loan World

• With Thanksgiving just around the corner, many of
  us will soon have large get-togethers with family
  and friends to celebrate. These gatherings have
  the Student Loan Ranger picturing the "extended
  family" of a student loan. You'd need a big table
  to seat them all.
• It's always awkward to make small talk with your
  great aunt or second cousin if you don't actually
  know who they are.

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• William D. Ford Federal Direct Loan Program As
  of July 1, 2010, all federal student loans are
  originated through the direct loan program. These
  loans include Stafford loans and PLUS loans, and
  the U.S. Department of Education serves as their
  sole lender.

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• Your school Your school always starts the
  financial aid process. Their financial aid office
  will determine your eligibility for aid, as well
  as award your federal student loans. This
  information will be included in your award
  letter.
• Your lender This is who provides your loan
  funds. Within the direct loan program, your
  lender will always be the Department of
  Education. They'll send the money to the school,
  which credits it to your account.

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• Guarantor  A guarantor is a nonprofit or state
  organization that works with your lender,
  servicer, school, and the Department of
  Education to help you successfully repay FFELP
  loans. If your FFELP student loans default, your
  guarantor takes ownership of them. Guarantors are
  not part of the direct loan program.

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• National Student Loan Data System Like we said,
  you need a pretty big table to accommodate your
  loan's family.
• The NSLDS website lists all of your federal
  student loans, as well as who holds them. If your
  loan was a part of FFELP, your guarantor will be
  listed. If you only have a Department of
  Education servicer listed, your loan is part of
  the direct loan program.
• Source (http//bit.ly/1MOkPXj)

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