On March 30, 2010, President Obama signed the Student Aid Fiscal Responsibility Act (SAFRA) into law. This landmark piece of reform legislation is intended to reboot the floundering student loan industry by redirecting all new federal loans through the Department of Education, bolstering several pro-financial aid initiatives, and ending the hotly-contested Federal Family Education Loan (FFEL) Program. I would like to walk you through these changes, explain how they will affect the average student, and attempt to answer any burning questions you may have about them.
FFEL, and Why It’s Going Away
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The best part of applying for a student loan online is that it saves you the time, effort, and stress of doing it the old conventional way. Sure you will have to seek out the company to get the loan from, but with the Internet and the search engines, it’s far easier nowadays than you can imagine.
Applying online for the loan removes the proximity problem because you don’t even have to go to the office of the lender, or meet with anyone from there. All you need to do is to fill out and submit the online application form on the lender’s website, and you can have a reply within a matter of minutes. From that point on, to the point where your student loan application is approved, you may not spend more than a couple of days.
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