Duke University to get a head start on participating in the Federal Direct Student Loan Program
Duke University recently announced that they will begin participating in the Federal Direct Student Loan Program next fall. One of the few private universities that practices a need-blind admissions policy, Duke has a history of continually striving to increase financial aid to its students. The Federal Direct Student Loan Program is funded by the US Department of Education. It provides loans for education after high school, including the well-known Stafford and PLUS loans. Currently, Duke participates in the FFEL (Federal Family Education Loan) program. Student Aid on the Web makes the following distinction between the two programs: "Under the Direct Loan Program, the funds for your loan come directly from the federal government. Funds for your FFEL will come from a bank, credit union, or other lender that participates in the program. Eligibility rules and loan amounts are identical under both programs, but repayment plans differ somewhat." Duke's motivation in sw...