William D. Ford Federal Direct Loan Program
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution. To receive a Direct Student Loan the student must complete the FAFSA.
Stafford Loans (Subsidized and Unsubsidized)
Direct Stafford Entrance Counseling - All new Stafford borrowers must complete entrance counseling before the school can make the first disbursement of your loan. This helps you to understand your responsibilities regarding your loan. The entrance counseling is online and takes only a few minutes.
Direct Stafford Master Promissory Note (select MPN for Student Loans) - To take out a Direct Stafford Loan for the first time, you must complete a Master Promissory Note (MPN). The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s). We ask that you complete the MPN online using the MPN Link above. To complete an MPN online, you will be required to use your Department of Education-issued PIN. If you do not have a PIN, you may request one from the official PIN site.
Processing Stafford Loans
- New student borrowers must complete entrance counseling at: www.studentloans.gov. Sign in under "Manage My Direct Loans".
- Students must complete Direct Stafford Master Promissory Note at: www.studentloans.gov. Sign in under "Manage My Direct Loans".
- Stafford Loans will be removed from student awards by October 1, 2014 if Entrance Counseling and MPN are not completed.
- If you do not intend to utilize the Stafford loan for the 2014-2015 academic year, you must notify the Office of Financial Aid in writing.
Direct PLUS Master Promissory Note (select MPN for Parent PLUS Loans) -First time PLUS borrowers must complete a PLUS Loan Master Promissory Note (MPN). The MPN is a legal document. By completing the MPN you promise to repay your loan(s) and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of your loan(s). You must complete the MPN online using the MPN Link above. To complete an MPN online, you will be required to use your Department of Education-issued PIN. If you do not have a PIN, you may request one from the official PIN site. Please be aware that the Department of Education will perform a credit check on the borrower.
In addition to the PLUS Master Promissory Note, parent borrowers must complete a PLUS Loan Application each year. The application can be found by logging into the www.studentloans.gov website and selecting "Request PLUS Loan." This application will allow parent borrowers to indicate the amount of the PLUS loan. This application must be completed each year. Please keep in mind that the amount requested will be divided evenly between the two semesters.
Processing PLUS Loans
- Student and parent must complete and sign the FAFSA. This is a new federal requirement this year.
- Parent borrowers must complete the Direct PLUS Master Promissory Note at: www.studentloans.gov. Sign in under "Manage My Direct Loans".
- Parent borrowers must complete the Direct PLUS application by selecting "Request a PLUS Loan". This will provide the school with information about the amount that you are requesting as well as complete the required credit check. The Office of Financial Aid will certify the loan to the requested amount or the maximum amount allowed based on eligibility.
- If the parent borrower is denied the loan and wishes to appeal or challenge the decision, the borrower must notify the Office of Financial Aid immediately.
- If denied the PLUS and the borrower wishes to discuss the denial or appeal the decision the borrower may contact the Department of Education at 800-557-7394.
- To pursue the loan with an endorser (cosigner):
- Notify the Office of Financial Aid that you will pursue an endorser for your loan.
- The endorser must apply for a PIN number at www.studentloans.gov
- The endorser will need to complete the "Endorse a PLUS loan" section on the student loan website.
Perkins Loan Program
Saint Anselm administers a limited number of Perkins Loans to students with exceptional financial need in order to supplement a student’s Stafford Loan eligibility.
Students awarded a Perkins Loan must complete the Entrance Interview prior to receiving the loan and the Exit Interview when leaving the college at either graduation or withdrawal.Students will be contacted by the Office of Financial Aid to complete entrance counseling.