Offices Q&A: Federal Undergraduate Student Stafford Loans

Effective July 1, 2010 all federal Stafford loans must be borrowed through the Direct Student Loan Program (also known as William D. Ford Federal Direct Loan Program). These changes stem from the passage of the Health Care and Education bills signed into law in late March, 2010.

If you have been awarded federal student Stafford loans, and you will be accepting these loans, the following information will guide you through the loan application process and federally required entrance counseling.

Requirements:

1. Master Promissory Note (MPN)
2. Federal Stafford Loan Entrance Counseling

How do I complete my MPN?

• Log onto www.studentloans.gov. In the “Manage My Direct Loan” section click on “Sign In”. You will need your PIN from the FAFSA to sign in.
• To obtain information on browser compatibility, on this website refer to the “Learn More” section and click on “What you need for Direct Loans”
• Documents you (the student) will need to complete your MPN:
  • Your PIN from the FAFSA to electronically sign the MPN
  • Your personal information including social security number and your drivers’ license (if you have one)
  • Two personal references including name, complete address, telephone number, relationship to borrower
• Helpful hints:
  • You must complete your MPN in 30 minutes or less
  • You cannot use the back button
  • There is no save option

Why is a master promissory note (MPN) needed for my Stafford loan?

If you are borrowing a federal student Stafford loan you must complete a master promissory note. This note is your contract; by signing it you are agreeing to repay your loan and abide by the terms and conditions of the loan.

Who is required to complete federal Stafford loan entrance counseling?

• Any student borrowing for the first time at Marlboro College
• Returning students who have not borrowed a Stafford loan previously

How do I complete entrance counseling?

Return to the home page at www.studentloans.gov, in the “Manage My Direct Loan” section click on “Entrance Counseling”.

Why do I need entrance counseling?

Entrance counseling explains your rights and responsibilities when borrowing a federal student Stafford loan.

Do I have a deadline?

Marlboro College’s deadline is July 1, 2010 for both the MPN and entrance counseling.