Steps to getting a Federal Direct Student Loan
1. Complete the Free Application for Federal Student Aid (FAFSA) and any other required documents.
Students are required to complete the Free Application for Federal Student Aid (FAFSA) prior to requesting a loan. Upon completion of the verification process, and award notification, students are informed on the award letter that they may be eligible for student loans and are instructed to contact the Financial Aid office.
2. Receive an award letter and have been packaged for eligible aid.
3. Complete the electronic Master Promissory Note.
The Master Promissory Note (MPN) is the legal document through which you promise to repay your Direct Loans and any accrued interest and fees to the US Department of Education. It also explains the terms and conditions of your loans, provide s consumer information and your rights and responsibilities as a student borrower. A Direct Loan MPN can be used to make loans for up to ten (10) consecutive years. You may complete a Direct Loan MPN electronically or complete a paper application via t he www.studentloans.gov website.
To complete a Direct Loan MPN electronically, you must have a Federal Student Aid (FSA) ID. The FSA ID is the same one used to complete the FAFSA. To apply for an FSA ID, if you do not already have one, or for customer service regarding a previously as- signed FSA ID, visit www,fsaid.ed.gov
4. Complete the Entrance Loan Counseling.
Loan Entrance Counseling is required for students who are first time borrowers of subsidized or unsubsidized Federal Direct Loans and must receive counseling at or before Southwestern College can release the first loan disbursement. Entrance counseling helps ensure that the borrower understands the terms and conditions of the loan as well as his or her rights and responsibilities,, before receiving the loan proceeds. Borrowers who do not complete an entrance counseling session will be unable to receive their federal education loan funding. Loan entrance counseling is available at www.studentloans.gov . Students will need their FAFSA ID number to access the website.
5. Submit a Direct Loan Request Form.
Carefully read the 2016-17 Federal Direct Student Loan Policy and download the Federal Direct Loan Request Form which must be submitted to the Financial Aid Office.
The Confirmation Process ensures that the borrower wants to apply for a Direct Loan. Southwestern College uses Active confirmation. Active confirmation is where students initiate the loan process by completing a loan application. Once students have been certified, Southwestern College uses the Passive confirmation for students who want to update their loan request either to increase or decrease their loan amount previously requested.
Deadlines to Apply
Fall November 10, 2016
Spring April 25, 2017
Summer June 26, 2017