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IU To Switch To Federal Direct Loans

Last updated on Wednesday, April 16, 2008

(BLOOMINGTON) - Indiana University has announced that it will be switching back to Federal Direct Loans for the upcoming 2008-2009 academic year.

Roger Thompson, Vice Provost for Enrollment Management, announced the plan, saying the school is seeing signs of cutbacks by private lenders to students in the upcoming months, and they want to make sure Hoosier students don't get caught in an untenable situation.

Thompson went on to say the federal direct loan program shouldn't have the same issues since they shouldn't be affected by the current financing turmoil on Wall Street.

The Direct Loan Program funding comes straight from the Department of the Treasury.

The school reports the ultimate decision to change was made by Vice President and Chief Financial Officer Neil Theobald.

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