The Financial Aid Office has been notified by AES/PHEAA that, effective March 7, the organization will temporarily suspend approving new student loans with AES/PHEAA as the lender for the 2007-08 and 2008-09 academic years. This includes Stafford, PLUS, and GradPLUS loans.
Our records indicate that some IUP students have utilized AES/PHEAA as lender of choice. Please know that this suspension will not affect students' future ability to borrow through the Stafford, PLUS, and/or GradPLUS loan program if otherwise eligible; however, it will require that affected students select a new lender for subsequent loans. When the next Stafford, PLUS, and/or GradPLUS loan is processed by the Financial Aid Office, AES/PHEAA will send students a new Master Promissory Note (MPN) and a list of lenders from which to choose a new lender.
PHEAA will continue to guaranty, originate and service student loans and administer the State Grant Program and other student aid programs authorized by the General Assembly.
Affected students will receive notice directly from AES/PHEAA but we at IUP wanted to bring this situation to your attention as soon as possible. Please feel free to contact the Financial Aid Office at 724-357-2218 or AES/PHEAA at 1-800-692-7392 with any concerns.
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