UNLV has helped its students receive more than $142 million in loans through the federal Direct Loan Program since 1995.
Figures supplied by the U.S. Department of Education, which oversees the program, show that a total of nearly $142.6 million in loan money has been distributed to UNLV students since the new, simplified loan program began five years ago.
"We're pleased to be part of this successful program," said UNLV President Carol C. Harter. "The Direct Loan Program provides an uncomplicated way for qualifying students to receive loans to help fund their educations. We look forward to helping thousands more students use the program to assist them in achieving their dream of obtaining a college degree."
Judy Belanger, director of student financial services at UNLV, said that when the Direct Loan Program was introduced, it was a major improvement over the previous program because it reduced the paperwork and made it much easier for students to apply for and receive loans.
"Under the old program students had to deal not only with their university and the federal government, but also with a third-party lender. Over the years, a student's loan might be sold repeatedly from lender to lender, sometimes leaving the student uncertain about the current holder of their loan.
"The Direct Loan Program eliminated the outsider lender, leaving the student, the university, and the federal government as the only participants," she explained. "Now students apply and, if they qualify, the loan proceeds are sent from the federal government to the student through our office. It's a very straight-forward process and easy for everyone involved to understand."
Another major benefit of the program is its on-line capabilities, according to Belanger.
"Students now can use the Internet to apply for aid, select a repayment plan, check on the status of their repayments, and find the answers to a variety of other questions concerning their loans," she said.
"The fact that the U.S. Department of Education approved UNLV as a program participant speaks well of the university's electronic capabilities, as universities and colleges applying to be involved in the program had to show that they had the necessary electronic infrastructure," Belanger said.
For additional information, call Belanger at 895-3697.
