How are Federal Direct Loans different from my old loans?
Under the Federal Direct Loan Program, all funding comes directly from the U.S. Department of Education. The U.S. Department of Education will be the one source for lending and repayment. Your old loans at UM were processed through the Family Education Loan Program (FFELP), which used banks and other financial institutions.
What will happen to my FFELP loan/s with my old lender/s?
Previous FFELP loans will continue to be services through your old lender unless the loans have been sold to the Department of Education. If there are any changes to the servicing of your loans, your lender will notify you of the changes.
Should I consolidate my loans?
For answers about consolidation, please visit the Website: www.loanconsolidation.ed.gov or you can call 1-800-557-7392.
Where can I go to see my previous loan history?
Visit the National Student Loan Data System (NSLDS), www.nslds.ed.gov, to view which company is currently servicing your loans and their contact information.