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Office of FINANCIAL SERVICES

Principle Participants in the Federal Loan Program

The US Federal Government

The US Federal Government plays a key role in education lending through the Direct Loan Program (DLP), and act as the lender via its Department of Education (ED). ED manages and regulates the DL Program.

The Student

The Student is the person who borrows the money under the DL program guidelines.

The School / University

The School / University determines and verifies student eligibility as well as originate the loans for DLP. It may also provides loan counseling for student borrowers as well as delivering loan proceeds to students, reports enrolments and other information about DL program borrowers. It is required to comply with relevant US laws and regulations governing the DL program. The school / university act as a fiduciary in these matters and is accountable for its administration of the program.

The Financial Aid Director and Administrator

The Financial Aid Director and Administrator at Macquarie University works with you and with your parents (as required), to determine eligibility based on federal guidelines for different types of financial aid such as scholarships, loans and more. The administrator/Director also originates and/or approves your federal loan application and the amount you can borrow.

A Servicer

A Servicer is a company contracted by the lender (ED) to handle administrative aspects of the loan servicing such as collection of payments, correspondence with borrowers, address changes, loan status updates and more. The school may not designate a servicer. Each borrower’s loan is usually assigned to a particular servicer by ED. While ED tries to assign loans belonging to each borrower with the same servicer, it does not guarantee it will do so with all borrowers.

There are currently five servicers contracted by ED as the following:

Servicer Name NSLDS Servicer Code Lender Contact Information
ACS 700577

www.ed-servicing.com

Borrower contact : +1-800-508-1378

Great Lakes 700581

www.mygreatlakes.org

Borrower contact : +1-800-236-4300

Nelnet 700580

www.nelnet.com

Borrower contact : +1-888-486-4722

PHEAA 700579

www.myfedloan.org

Borrower contact : +1-800-699-2908

Sallie Mae 700578

www.salliemae.com

Borrower contact : +1-800-722-1300

A Lender

actually provides the funds. The lender is the US Federal Government through its Department of Education (ED). The lender through its online systems, sends the money to the university. This money is usually applied first to any balance due on your student account. Any excess funds are given to you.

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