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Regis College participates in Federal Direct Lending programJune 5, 2008
Regis College has announced its participation in the Federal Direct Loan Program in an effort to ease the minds of parents and students at this time of economic turmoil. The decision to participate reflects serious consideration of what would best benefit the Regis community.
The direct loan program, which means all loans are processed directly by Regis College through the federal government, was started as a way to make lending easier for students and parents. With direct lending, students have fewer forms, a lower interest rate and the ability to consolidate loans after graduation.
“We are pleased,” said college President Mary Jane England, MD, “to be able to offer Regis students and their parents a streamlined avenue of economic support. No one should be denied access to higher education, and these secured loans will offer a more direct route of financing to many families.”
Regis College has been approved by the Department of Education to participate in the William D. Ford Federal Direct Loan Program. According to Director of Financial Aid Dee J. Ludwick, this will also discontinue the use of the Federal Family Educational Loan Program (Stafford Loans) at Regis.
“Direct loans will guarantee students will receive funding to finance their education,” said Ludwick. “Regis College is doing everything possible to make loans available to the Regis families.”
Ludwick said the move will benefit those students and parents who call Regis College home.
“To get this up and running, it will take time and hard work, but it’s in the best interest of our students. With the current economic situation, at this time, we have decided this is the best move and it is a positive one,” said Ludwick. She indicated that more information will be forthcoming in the near future for students and parents.
Speaking on the situation in the student loan industry, Sen. Edward Kennedy, D-Mass., recognized how important it is for colleges to make the move to direct lending.
“The first line of defense for students and families is the federal Direct Loan program. It’s insulated from the turbulence of the credit markets, because the federal government provides the capital directly to students, without having to pay a bank or other middleman. I’ve urged colleges across the country to sign up to participate in this program, to protect them from any problems in the credit markets,” he said.
Regis College is a Catholic co-educational community that prepares undergraduate, graduate and continuing education students for engagement and service in a changing world. Approximately 1,600 students are enrolled in 24 undergraduate majors, graduate degree programs in education, communication, leadership and service, health product regulation, public administration and nursing, and a doctorate in nursing practice. U.S. News and World Report ranks Regis in the top tier of universities with master’s programs in the North. The National Survey of Student Engagement (NSSE) lists Regis among benchmarking colleges for the quality of educational experience.