Tufts University Moves to Federal Direct Student Loans
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MEDFORD/SOMERVILLE, Mass.--Tufts University has announced that it will help ensure student and parent access to competitive loan funds by participating in the Federal Direct Student Loan Program beginning with the 2009-2010 academic year.
Funding for these loans comes directly from the federal government instead of through private lenders. In addition to ensuring consistent access to federal loan funds with competitive rates and repayment options, Direct Student Loans cannot be sold to other financial institutions.
"This change will ensure that undergraduate, graduate and professional students will continue to be able to access low-cost federal education loans," said Patricia Reilly, director of financial aid for the schools of Arts & Sciences and Engineering. "Last year, a number of private lenders stopped making loans to students while others changed their terms so they were not as attractive to borrowers. We believe moving to this program will minimize the impact of the current student loan credit crunch on our students and their families and simplify the application process."
The move does not affect loans currently in place for 2008-2009 or prior years.
Maintaining access and affordability to a Tufts education is the university's number one priority during the current economic downturn. In a recent letter to the Tufts community, President Lawrence S. Bacow noted, "We must put our students first. We have a moral obligation to help them complete their Tufts education. For our undergraduates, this means meeting their full demonstrated financial need. For our graduate and professional students, this means helping to ensure that they have the access to loans and other resources so they can complete their studies."
About Tufts University
Tufts University, located on three Massachusetts campuses in Boston, Medford/Somerville, and Grafton, and in Talloires, France, is recognized among the premier research universities in the United States. Tufts enjoys a global reputation for academic excellence and for the preparation of students as leaders in a wide range of professions. A growing number of innovative teaching and research initiatives span all Tufts campuses, and collaboration among the faculty and students in the undergraduate, graduate and professional programs across the university's schools is widely encouraged.