Ask UF » Loans

What is the Federal Direct Stafford Loan Program?

askuf — Wed, 28 Sep 2005 21:12:49 +0000

The federal Student Loan Reform Act of 1993 created the Ford Federal Direct Loan Program, which consists of Federal Direct Stafford/Ford Loans, Federal Direct Unsubsidized Stafford/Ford Loans, and Federal Direct PLUS Loans. With the Federal Direct program, rather than private banks or savings and loans, the U.S. Department of Education acts as the lender and delivers loan proceeds to students directly through the schools. The Federal Direct program has been highly efficient, saving time and work for both the student and the school.

More information:
- Federal Direct Stafford Loans
- Other Aid Programs

I’m a prospective transfer student. Currently I am reviewing my overall costs for several in-state institutions. I would like to know whether or not I can take out loans with private lenders (such as Sallie Mae, Bank of America, etc.)?

askuf — Wed, 28 Sep 2005 21:05:32 +0000

The University of Florida (UF) participates in the Federal Direct Loan Program, and we will normally process a Federal Direct Loan (subsidized or unsubsidized) up to the maximum amount for which you qualify. If you still have remaining “need,” you may then investigate the possibility of obtaining private loans. To initiate the Federal Direct Loan process, all you need to do is complete a paper or electronic 2003-2004 Free Application for Federal Student Aid (FAFSA) indicating that you want the results sent to UF, school code 001535, and send it to the federal processor. When we receive the results of your FAFSA from the federal processor, we will notify you of your aid eligibility.

For more information see SFA’s Applying for Aid page.

The Office for Student Financial Affairs (SFA) in S-107 Criser Hall, is UF’s financial aid office.

How do Federal Direct Loans and Federal Direct Unsubsidized Loans Differ?

askuf — Wed, 28 Sep 2005 20:46:49 +0000

The Federal Direct Loan Program, includes three types of loans:

- Federal Direct Stafford Loans
- Federal Direct Unsubsidized Stafford Loans
- Federal Direct PLUS

What is a Federal Direct Loan Confirmation?

askuf — Wed, 28 Sep 2005 20:32:56 +0000

Because borrowing is a serious financial obligation, the University of Florida must confirm that you want to accept loans awarded to you before disbursing your funds.

All Federal Direct Stafford Loan borrowers must formally confirm that they choose to accept loans awarded to them before their funds are disbursed.

Students must complete the confirmation requirement at the Direct Loan Confirmation site available through ISIS. To complete the confirmation process, go to ISIS; under “Services” choose “Financial Information;” then choose “Financial Aid Direct Loan Confirmation.”