Three of the nation’s major players in the student loan business are working on a project that will make applying for student loans easier.

The Student Loan Marketing Association (Sallie Mae), the College Board, and the Teachers Insurance and Annuity Association (TIAA) are trying to make it possible for students to apply for loans in the financial aid offices on college campuses.

The main goal of this project is “to integrate the (student) loans more efficiently” with the students’ financial aid, said College Board representative Jan Gams.

The trio has named the project “College Credit” and is still working out the details in Washington D.C.

The College Credit loans are “not a new method of funding,” said NIU Financial Aid Director Jerry D. Augsburger. They are Stafford Loans, not unlike the old Guaranteed Student Loans, said Augsburger.

Augsburger said he sees no real change in the student loans. The major difference is that College Credit loans will be available in the financial aid office, whereas other student loans are available only in banks or savings and loans.

TIAA wanted to make the student loan business an investment, so it will put up the money for the project, and Sallie Mae will deal with the origination and servicing of the loans, said Carl Dumoulin, Resource Bank of Malta Assistant Loan Officer. Dumoulin said he is not aware of what College Board’s role is in the project.

College Credit is a nationwide project; however, it will be targeted mostly in the East, said Dumoulin.

The loans are not available on campuses yet, and will not be available until they are approved by all of the necessary authorities. At that time the loans will be available on all college campuses, said Augsburger.