At Delaware State University education is an investment in your future. The lifelong benefits of a quality education far exceed the initial expenses involved. However, you may need assistance and guidance in meeting those expenses. The Delaware State University Financial Aid Office is committed to providing the best possible service and programs to assist you in achieving your educational goals.
The financial aid process at DSU primarily consists of federal funds. The definition of financial aid is “assistance given to help meet the student’s cost of attendance.” Grants, scholarships, loans and work-study programs are all considered financial aid. With the exception of some scholarships, most financial aid is awarded on the basis of demonstrated need.
ATTENTION: CHANGES TO YOUR FEDERAL LOANS
Dear Parents and Student Borrowers:
In February 2009, President Obama announced a proposal to secure the future of the Federal Student Aid program. This proposal was signed into law March 25, 2010 and includes a transition from Federal Family Educational Loan Program (FFELP) to the William D. Ford Federal Direct Loan Program for thousands of colleges and universities. The FFELP program is commonly referred to as the Stafford Loan Program.
Delaware State University does not currently participate in the Direct Lending program. However, we will participate in the program for the upcoming 2010 -2011 school year. This change will impact ALL students and parents who currently receive federal loans. These loans include all Stafford, Grad PLUS and Parent PLUS loans.
Even though these are major changes, it is expected that this transition will have little to no effect on our students. Under the Direct Loan Program, there is only one lender and all students receiving federal loans will have to complete another Master Promissory Note.
What this means for you:
- Students will have to have a completed Free Application for Federal Aid (FAFSA)
- All Borrowers will have to complete another Master Promissory Note
- Terms and Conditions for all Federal Loans will remain the same as FFELP
- Federal Direct Loans offer more flexible repayment plans
- Greater possibility of loan forgiveness for students who work in public service fields after graduation.
For updated information on what to do next, please continue to monitor our website or contact us at (302) 857-6250.
