Financial Aid - News
Important Information Regarding Financial Aid May 2010
Notice to Metro Technology Centers’ Federal Student Aid Applicants and/or Recipients:
As we embark on a new academic school year, I would like to take this time to make you aware of an important change that will affect your request for federal student loans at Metro Technology Centers.
Currently Metro Technology Centers awards and processes student loans under the Federal Family Education Loan (FFEL). In this program, funds are provided through private lenders.
Effective July 1, 2010, all new federal student loans will come directly from the U.S. Department of Education under the William D. Ford Federal Direct Loan Program. Metro Technology Centers will join thousands of other colleges, universities and technology centers who are transitioning to Direct Lending in an effort to ensure that students will continue to receive federal student loans. This change results from the passing of the Health Care and Education Act (HCERA) of 2010 that was signed into law March 30, 2010. Metro Technology Centers is committed to ensuring little to no disruption in the processing and/or receipt of your loan funds for the 2010-11 school year.
Participating in the William D. Ford Direct Loan program will allow loan proceeds to be provided directly from the federal government to Metro Technology Centers on behalf of the borrower. No third party will be involved. As a result of this transition, you will need to sign a new Master Promissory Note (MPN) with the Direct Loan Program. Specific information regarding your loan eligibility and the MPN process will be provided with your 2010-2011 award letter.
Additional FAQ’s and information regarding the completion of the Direct Loan Process will be available on our website at http://www.metrotech.edu/student_services/aid.html.
We thank you for choosing Metro Technology Centers as a part of your journey to successful employment and life. We look forward to serving you in the 2010-2011 school year. Sincerely,
Rosalind Martin Financial Aid Director