President Barack Obama signed the Health Care and Education Reconciliation Act of 2010 and essentially changed the nation’s loan policies. Students must now sign a new master promissory note for funds disbursed after June 30.
It’s extremely important that all students interested in a loan sign the updated document, said Financial Aid Counselor Katherine Mixon.
“If they don’t, we (financial aid) can’t process their loans,” Mixon said.
Failure to do so could result in thousands of unregistered students in the fall.
Effective July 1, all federal student loans will be direct loans. As a result, students will borrow directly from the U.S. Department of Education.
To manage student loans, students can log onto studentloans.gov.
A university e-mail will circulate to students soon with additional information.