Health Care Education and Affordability Reconciliation Act of 2010
THE MONTEREY INSTITUTE HAS CHANGED ITS LOAN PROCESSES
On March 30, 2010, President Obama signed the Health Care Education and Affordability Reconciliation Act of 2010 ("HCEARA"-H.R. 4872) into law. This bill makes significant changes to the way every school in the country processes federal loans. HCEARA eliminates the Federal Family Education Loan Program (FFELP) and mandates that all Federal Student Loans will be processed under the Federal Direct Loan (DL) program.
In light of this new legislation, the Monterey Institute, which currently originates loans through the soon-to-be eliminated FFEL program, will begin processing all Federal Student loans under the Federal Direct Loan program.