my name is nancy hoover and i am the director of financial aid at denison university in grandville, ohio. a selective, independent, undergraduate liberal arts college with an enrollment of approximately 2,200 students. i have been the director of financial aid at denison since 1994 and the direct loan program in year two of the program. denison's endowment allows us to financial aid from ourversity fund to 97% of our student body. an average of 47% of our graduates borrow federal loans and 4% borrow private loans. the cumulative federal indebt indebtedness for the denison 2014 class was a little over $21,000. the federal direct loan program turns 20 years old this year. the direct loan delivery process for loan funds to students has continued to be efficient, reliable and easy for schools to administer. even after the 100% transition of all schools to the dl program. when the direct loan program was first implemented, all of the loans were serviced by a single contractor. all correspondents to borrowers was identified as the william d. federal direct loan program and the logo for the dep