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Student Federal Loan Process

As part of your financial aid package, you were awarded a Federal Stafford Loan(s). As a new federal loan borrow, you are required to complete Enrance Counseling and complete a Master Promissory Note. To complete these requirements and secure your loan funding, please complete the folllowing steps:

  • Go to www.studentloans.gov and click on the green Log In button.
  • Sign in using your (student) FSA ID username or email address and FSA ID password
  • From the main menu, select “Complete Counseling”.
    • Choose Loan Counseling Type "Entrance Counseling".
    • Follow the instructions for the online tutorial and submit after completed.
  • Return to the main menu, select “Complete Master Promissory Note” and choose “Subsidized/Unsubsidized”.
    • Follow the instructions and submit after completed.
    • Make sure to provide complete address information for two references residing at separate addresses.
  • Click “Log Out” on the top right corner after all information has been successfully submitted.  You may print copies for your own records.  We will receive this information electronically.

Direct Stafford Loan terms and conditions for 2015-2016 include:

  • A fixed interest rate of 4.29% and
  • A loan origination fee of 1.073% and 1.068% on loans disbursed on or after October 1, 2015. This fee is deducted proportionately each time a loan disbursement is made.

Click on either step to begin.

DIRECT LOAN ENTRANCE COUNSELING

DIRECT LOAN MASTER PROMISSORY NOTE (MPN)

  • Click on the green button in the upper right hand side of the page which says "Sign In" to begin the process.
  • Please update your email address, check the "send me notices electronically" and a confirmation of completion will be emailed to you.

Deferment, Repayment, and Consolidation
Federal Direct Stafford Loan borrowers can visit the Department of Education’s Direct Loans Online site for general account information, repayment options, and monthly payment calculators, as well as downloadable deferment forms. This site also links to the Direct Loan Consolidation and National Student Loan Data System (NSLDS) websites.

To access most of the above features, you will need to use your Department of Education PIN (Personal Identification Number). PIN’s are distributed to students when they file the FAFSA. If you did not receive a PIN or can’t remember yours, you can obtain a new one at the same site.

Remember, it is the student’s responsibility to obtain all deferment information and file the required forms with the appropriate office or agency.


Exit Counseling for Stafford Borrowers
Federal regulations require that all federal student loan borrowers complete exit counseling if you:

  • withdraw from the college
  • take a leave of absence
  • graduate
  • fall below half time status (below 6 credits)

During exit counseling you will be provided information regarding your obligation to repay your federal loans, various repayment plans, as well as the conditions for deferment, forbearance, and cancellation. If you are leaving the college for any of the reasons listed above you can complete the required exit counseling at http://www.nslds.ed.gov.

Student Federal Loan Process | Assumption College

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