Entire IU System Switches To Federal Direct Loans
(BLOOMINGTON) - Indiana University has announced that they will start using Federal Direct Loans at all IU campuses starting this coming fall semester.
The university made the announcement yesterday in response to the current credit crisis which is starting to affect student lending.
IU Chief Financial Officer Neil Theobald says officials at the other campuses, including IUPUI, IU Northwest, IU South Bend, IU Kokomo, IU East and IU Southeast all decided to follow Bloomington's lead on the matter.
IU says the main reason for the switch is that private lenders are charging twice the origination fees, and federally backed loans are not expected to be affected by the current lending problems.
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