With the recently enacted Health Care and Education Affordability Reconciliation Act of 2010 (H.R. 4872), the Federal Family Educational Loan (FFEL) Program has been eliminated. Private lenders, such as your Co-op Credit Union, no longer have a role in originating or funding federal Stafford, PLUS or Consolidation loans.
As a result, effective July 1, 2010, we are no longer accepting new applications for student loans through the Federal Family Educational Loan Program.
Although our credit union will no longer be funding federal student loans, we would like to continue assisting you in whatever way we can. Talk with one of our service reps about other financial aids available.
- Stafford and PLUS Loans:
- Visit the Department of Education website for information about Federal Direct Stafford and PLUS loans. It is suggested that you stay in close contact with your school’s Financial Aid Office to apply and monitor application status.
- Consolidation Loans:
- You may have the opportunity to consolidate your existing loans through the Federal Direct Loan Consolidation Program. To view consolidation loan detail, visit the Department of Education Consolidation Loan website.
- For questions or service related to an existing Federal Family Educational Loan secured through our credit union, contact Great Lakes (our chosen servicer) at 1-800-236-4300 or access your account information online at www.mygreatlakes.com.
- For questions regarding who holds or services your existing federal student loan(s), please access the National Student Loan Database, which is a Department of Education central database for student aid.
To learn more about the Foundation Scholarship Council, visit www.mnfsc.org.