Direct Loans are low-interest loans for students to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution. The interest rate for the Federal Direct Subsidized Loan is fixed at 4.5% for the 2010-2011 academic year. The Federal Direct Unsubsidized Loan has a fixed interest rate of 6.8%. Annual borrowing limits vary based on the student's year in school.
Complete the Direct Loan Request Form and submit it to the campus Financial Aid Office.
LOAN ENTRANCE COUNSELING
Before receiving a Federal Direct Stafford Loan, students must complete loan entrance counseling. This online session helps you understand your rights and responsibilities as a student loan borrower. The online session should take approximately 15 to 20 minutes to complete. You will need to sign in using your Federal PIN and then select the entrance counseling link located on the left margin of the page.
Note-All students, including current students, who plan to borrow Federal Direct Stafford loans MUST complete new loan entrance counseling.
MASTER PROMISSORY NOTE
In order to borrow a Federal Direct Loan you must complete a Master Promissory Note (MPN). The MPN is a legally binding agreement to repay your loan to the U.S. Department of Education. It will take you approximately 15 to 20 minutes to complete this requirement. You will need to sign in using your Federal PIN, and then click on the " Complete MPN" link listed on the left margin of the page.
Note - All students, including current students, who plan to borrow Federal Direct Stafford Loans MUST complete a new Federal Direct Loan Master Promissory Note (MPN).
