Important Information About the Direct Stafford Loan Program
As you are aware from recent correspondence from the Financial Aid Office, La Roche College will transition to the William D. Ford Federal Direct Loan Program effective July 1, 2010. This change will affect all student and parent borrowers who want to borrow a Stafford Student Loan, Parent PLUS Loan, or Graduate PLUS Loan.
Recent legislative changes included in the Health Care Reform Act will eliminate the FFELP borrowing option. Any student or parent wishing to borrow a Stafford or PLUS Loan will be required to utilize Direct Lending. All new and continuing borrowers will be required to complete an Entrance Interview and Master Promissory Note (MPN) for the Direct Lending program. Meeting these requirements can be done online.
NOTE: If you have already completed a new Entrance Interview and Master Promissory Note (MPN) through the William D. Ford Federal Direct Loan Program, you DO NOT need to complete another!
Entrance Interview & Master Promissory Note (MPN)
All Direct Loan borrowers at La Roche College must complete an Entrance Interview before loan funds can be disbursed.
All borrowers must also complete and sign a new Master Promissory Note (MPN) for a Direct Loan. Loan funds cannot be disbursed to you until the MPN has been completed. Generally, the MPN will be valid for 10 years and in most cases a new MPN will not be required for subsequent years.
Both of the above requirements can be completed online at www.studentloans.gov. You will need to sign in to this site using your Federal PIN. If you do not have a PIN, have forgotten your PIN, or wish to change your PIN, you may request this information at www.pin.ed.gov.
Parent or Graduate PLUS Loan Borrowers
Parents wishing to borrow a Parent PLUS loan or graduate students wishing to borrow a Graduate PLUS loan are advised to wait until they receive their financial aid award letters with further instructions!