Important Financial Aid Change

Article by: Financial Aid Office
Attention students: Beginning with the 15FA semester, your financial aid award will include a Direct Student Loan. As in the past you are not required to accept this loan if you don’t want it. If you do want the loan: YOU MUST RETURN YOUR SIGNED AWARD LETTER TO THE FINANCIAL AID OFFICE INDICATING WHETHER YOU WANT TO ACCEPT OR DECLINE YOUR LOAN. YOU CAN RETURN YOUR AWARD LETTER IN PERSON, BY FAX OR VIA US MAIL. IF YOU CHOOSE TO ACCEPT AN AMOUNT LESS THAN WHAT IS AWARDED, YOU MUST MAKE THAT CHANGE IN PERSON AT YOUR CAMPUS FINANCIAL AID OFFICE.

You will be required to complete a Master promissory Note (MPN) before the loan will be certified. You can sign your Federal Direct Stafford Loan MPN at using your Federal Student Aid ID by selecting the “Complete New MPN for Student Loans” option and then selecting “Subsidized/Unsubsidized.” You will also need to complete Entrance Counseling at using your FSA ID and selecting “Complete Entrance Counseling” option.

You will not need to sign another MPN unless your first MPN is older than ten years, initially signed prior to 2010 or this is your first loan under the William D. Ford Direct Stafford Loan Program. ALL BORROWERS: • Student loan funds will be credited directly to your student account in (2) two installments per semester. These credits will occur on the 60th and 90th calendar days of the semester. Each credit will represent 50 percent of the student’s approved loan funds for the semester. In the unlikely event you are found to be ineligible for the loan funds, the loans funds will be returned to the Department of Education and you will be fully responsible for all tuition and fees for the term in question.

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