Due to recent changes to federal student loan lifetime limits under the One Big Beautiful Bill Act, we must temporarily pause processing new federal student loans during the month of August.
What this means for you:
- We can still award your federal student loan.
- However, we will not be able to send your loan funds until loan processing resumes.
We plan to restart loan processing on September 1. At that time, Summer quarter loan funds will begin to be sent to eligible students.
This delay only affects federal student loans. Your other types of financial aid will continue to be processed as usual.
Fall quarter federal student loans are still expected to be sent on the first day of Fall quarter, September 21.
We understand that delays can be frustrating, and we appreciate your patience as we work to meet these new federal requirements. If you have questions about how this may affect your financial aid, please contact our office.
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An education loan is a form of financial aid that must be repaid, with interest. Many students rely on federal government loans to finance their educations.
Federal Direct Loan Program for students
Federal Direct Loans are low-interest loans for students to help pay for the cost of a student's higher education. The lender is the U.S. Department of Education rather than a bank or credit union.
Students need to complete all required application materials each academic year. Green River's academic year runs from Fall through Summer. Read more about Federal Direct Loan Program
Federal Direct Parent (PLUS) Loans
The Parent Loan for Undergraduate Students (PLUS) may be obtained by parents to cover costs not already covered by their student's financial aid package, up to the full cost of attendance.
The U.S. Department of Education is the lender for Federal Direct PLUS Loans. Read more about Federal Direct Parent (PLUS) Loans
Private Education Loans
Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of your education and the amount the government may allow you to borrow in its programs. Private loans are offered by private lenders and no federal forms are required. Terms may vary from lender to lender.
For private education loans students must meet the lender's credit criteria. Creditworthy cosigners may help you qualify for a lower interest rate. Private education loans may be less expensive than credit card debt, so it is important to check the rates of each before making a decision.
Though not required, it is strongly recommended students first seek financial aid which may include grants, work study, and Federal Direct Loans that carry low fixed rates, prior to considering private loans. This is done by completing a FAFSA and any additional required documents. Usually Federal Direct Loans offer better repayment options, deferments, forbearance and some forgiveness options. There are no credit requirements for Federal Direct Loans for students. You should exhaust your eligibility for Federal Direct Loans before resorting to private student loans. Read more about Private Education Loans