Roosevelt University in Chicago, Schaumburg and Online - Logo

Federal Direct Lending Information

The financial aid staff is here to answer any questions that you may have on Federal Direct Lending or how this impacts you.  You may contact them with any questions at 1-866-421-0935.  We have provided responses to a few  frequently asked questions on the Federal Direct Lending Program below.

Frequently Asked Questions

Q1. What will happen to the existing loans that I have borrowed from other lenders?

After graduation you have a choice.  You may either make individual payments to your previous lender(s) and to the Department of Education for your Direct Loans, or you can consolidate your loans into one simple payment.  You may either consolidate all your loans with your previous lender, or with the Department of Education. 

 

Q2. Do I have to complete another Master Promissory Note and Entrance Counseling Form?

Yes, you must sign a new Direct Loan Master Promissory Note because you will now be borrowing from a new lender.  This will be the last promissory note you will have to sign as long as you continue to attend Roosevelt University.  Another benefit of participating in the Federal Direct Loan Program is that the Master Promissory Note Process is completely on-line.  You will also need to complete a Direct Loan Entrance Counseling session which can also be done on-line.

 

Q3. How and when do I complete a Direct Loan Master Promissory Note and a Direct Loan Entrance Counseling session?

 We would like you to complete a Direct Loan Master Promissory Note as soon as possible (if you plan on borrowing). 

You may do so at: https://studentloans.gov/. You should also complete the Direct Loan Entrance Counseling on-line at: https://studentloans.gov/

.

 Q4. If I have already completed a Direct Loan Master Promissory Note for another school, do I have to complete another one for Roosevelt University?

As long as you have been continuously enrolled at least half time you will not have to complete a new Direct Lending note.  However, if you have had a break in your enrollment for more than one term, please contact our office to determine if you will need to complete a new note.

 

Q5. Are processing fees assessed to each loan prior to disbursement?

Yes, a processing fees is assessed on all federal loans disbursements, with the fee changing every October 1.  

A chart of those fees is located below.


Q6. Where can I go to consolidate my loans?

You have a couple of different options for consolidation.  You may explore your options, as discussed above, with either private lenders or with the Federal Direct Loan program. You can access information on the Federal Direct Loan consolidation options at: http://loanconsolidation.ed.gov/

 

Q7. If I change loan programs will my other loans go into repayment?

No, your other loans will not go into repayment as long as you remain enrolled at least half time.

 

Q8. How do I contact the Direct Loan Program?
Contacts for the Direct Loan program:        1-800-848-0979

PIN Website: http://www.pin.ed.gov/PINWebApp/pinindex.jsp

Entrance Counseling: https://studentloans.gov/

Master Promissory Note: https://studentloans.gov/

Account Information: https://studentloans.gov/ 

 

Direct Loan Fees for the 2014/2015 Award Year

Loan Types Impacted Loans Loan Fee Percent Fee Example

Direct Subsidized and Unsubsidized Loans

Loans first disbursed on or after December 1, 2013 and before October 1, 2014 1.072 $58.96 on a $5,500 Loan
Loans first disbursed on or after October 1, 2014 and before October 1, 2015 1.073 $59.01 on a $5,500 Loan
       
Direct Plus (Parent and Graduate/ Professional Students) Loans first disbursed on or after December 1, 2013 and before October 1, 2014 4.288 $428.80 on a $10,000 Loan
Loans first disbursed on or after October 1, 2014 and before October 1, 2015 4.282 $429.20 on a $10,000 Loan