What should I do if my lender withdraws from the Federal Family Education Loan Program (FFELP)?

If you discover your lender has withdrawn from FFELP, you must complete a new Master Promissory Note (MPN) with a participating lender. If you need assistance choosing a new lender, you should contact your school’s financial aid office.

Depending on your school’s process, you can complete a paper MPN or complete an electronic MPN using ASA Direct^®. Please contact your school or ASA for assistance on how to proceed.

Can ASA help me select a lender?

ASA will not recommend one lender over another. However, if your school has a Preferred Lender List with ASA, we will let you know which lenders are on that list. If you need assistance choosing a new lender, you should contact your school’s financial aid office.

What will I see on ASA Direct^® if my lender has withdrawn from FFELP?

The lender will not be listed on ASA Direct^® during the lender selection step and if you are a repeat borrower, you will be prompted to select a new lender.