LOans For Graduate Programs

Our goal at Marlboro College is to make the financial aid process as simple and painless for you as possible. In order to find out if you are eligible for for federal student loans, you have to start by filling out the Free Application for Federal Student Aid (FAFSA). 

Getting Started

Here are the main steps involved to get you started:

  1. Begin the financial aid process by completing a Free Application for Federal Student Aid (FAFSA) online. Marlboro College's school code is 003690.
  2. Log onto www.studentloans.gov to apply for your federal Stafford loan(s). You will need your user ID and password to sign in. Students who do not have a user ID and password can apply for them on the FAFSA website, look for the padlock icon near the top of the screen with the words ‘FSA ID’ underneath.
  3. Complete entrance counseling while logged in at www.studentloans.gov. This is a federal requirement when borrowing federal Stafford and/or graduate PLUS loan(s).
  4. Register for your courses as soon as online registration opens. We must know how many credits you will be taking in order to determine how much aid you may be eligible for.

FAFSA Deadlines:

  • For students enrolling for the first time in the fall trimester: August 1
  • For students enrolling for the first time in the winter trimester: December 15
  • For students enrolling for the first time in the spring trimester: April 15
  • For returning students, complete and submit your FAFSA each year by August 1. Your financial aid award year begins with the fall trimester and includes the winter and spring trimesters of the following calendar year.

Once your course registration has been approved by the Marlboro College registrar, and the financial aid office has received your FAFSA, we will calculate a financial aid award package. Letters will be mailed to first-time students, all subsequent letters will be e-mailed to your graduate school email address. Your award package will provide guidance for next students and will include inserts with important information.

Income-Based Repayment and Loan Forgiveness

Marlboro College recognizes that, depending on your employment circumstances, repaying loans can be difficult. There are two programs that may be helpful to you.

Income-based Repayment

Income-Based Repayment (IBR) is a repayment plan for federal student loans. The plan caps your required monthly payment at an amount intended to be affordable, based on your income and family size. You may qualify for IBR if your federal student loan debt is high relative to your income and family size. While your lender will perform the calculation to determine your eligibility, you can use the Department of Education's IBR calculator to estimate if you would likely benefit from the IBR plan.

Any Stafford, Grad PLUS, or Consolidation loan made under either the Direct Loan or FFEL program is eligible for repayment under IBR, EXCEPT loans that are currently in default, parent PLUS Loans, or consolidation loans that repaid a parent PLUS Loan. The loans can be new or old, and for any type of education (undergraduate, graduate, professional, job training).

Public Service Loan Forgiveness

Many Marlboro College graduates go on to work at nonprofits or other form of public service. If you work in public service (including nonprofits) and have reduced loan payments through IBR, your remaining balance after 10 years in a public service job could be cancelled if you made loan payments for each month of those ten years. Work with 501(c)(3)s, government agencies, and other not-for-profit enterprises may qualify. For more information about this program, review the Department of Education’s Public Service Loan Forgiveness Program Fact Sheet.

 

Stafford Loans

If you have been offered a federal student Stafford loan in your financial aid award, and you will be accepting this loan, the following information will guide you through the loan application process and federally required entrance counseling. All federal Stafford loans must be borrowed through the Direct Student Loan Program (also known as William D. Ford Federal Direct Loan Program).

Requirements:

  1. Master Promissory Note (MPN)

  2. Federal Stafford Loan Entrance Counseling

Master Promissory Note (MPN) 

In order to 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. To complete your MSN:

  • Log onto www.studentloans.gov. In the “Manage My Direct Loan” section click on “Sign In”. You will need your user ID and password 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 will need to complete your MPN :

    • Your user ID and password 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.

You must complete your MPN in 30 minutes or less, so it is best to be prepared with all the information above before you start. You cannot use the back button to navigate back, and there is no "save" option.

Federal Stafford Loan Entrance Counseling 

Entrance counseling explains your rights and responsibilities when borrowing a federal student Stafford loan. This step is required for any student borrowing for the first time at Marlboro College, as well as any returning student who has not borrowed a Stafford loan previously. In order to receive the counseling, return to the homepage at www.studentloans.gov. In the “Manage My Direct Loan” section, click on “Entrance Counseling”.

Federal Grad Plus Loans

If you will be applying for a federal Grad PLUS loan, the following information will guide you through the loan application process. All federal Grad PLUS loans must be borrowed through the Direct Student Loan Program (also known as William D. Ford Federal Direct Loan Program).

Requirements

  1. Application/Master Promissory Note (MPN)

  2. Marlboro College’s Grad PLUS processing form

  3. Entrance Counseling

Master Promissory Note (MPN) 

In order to borrow a federal Grad PLUS loan you must first 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. To complete the MPN:

  • Log onto www.studentloans.gov. In the “Manage My Direct Loan” section click on “Sign In”. You will need your user ID and password 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 will need to complete your MPN :

    • Your user ID and password from the FAFSA to electronically sign the MPN

    • Your personal information including social security number and your driver's license

    • Your employer information

You must complete your MPN in 30 minutes or less, so it would be best if you have all of the information above prepared in advance. You cannot use the back button to navigate back, and there is no save option.