Important Changes to Student Lending

As of July 1, 2010, FAA Credit Union will no longer be originating student loans for the purpose of education. With the recently enacted Health Care and Education Affordability Reconciliation Act of 2010 (HR 4872), the Federal Family Education Loan (FFEL) Program has been eliminated. Private lenders, such as FAA Credit Union, no longer have a role in originating or funding federal Stafford, PLUS or Consolidation loans.

Beginning July 1, 2010 all new federal student loans will be issued through the Direct Loan Program, which is operated by the U.S. Government. Visit www.studentloans.gov or contact your school’s financial aid office for more information.

If you currently have student loans with FAA Credit Union, you will continue to make regular payments for the life of the loan. For questions related to existing Educational Loans secured through FAA Credit Union, contact Great Lakes at 800-236-4300, or at www.mygreatlakes.org.

Additional Resource:

• National Student Loan Database – Locate your loans by accessing this Department of Education central database for student aid.