My college Financial Aid Office says they participate in the Direct Loan Program and Redstone cannot be my lender. Why?
The Direct Loan Program, officially known as the Federal Direct Loan Program (FDLP), is a student loan program that began on July 23, 1992 as part of the Higher Education Act. The Federal Direct Loan Program offers Stafford, PLUS and Consolidation loans. The difference is your college has chosen to participate in the Direct Loan Program instead of the FFEL Program that Redstone Federal participates in. The FDLP is similar to the FFEL Program, except that funding comes directly from the U.S. Treasury rather than from private lending institutions like the Credit Union.
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