Counseling, Alternatives, and Consolidation
Loan Counseling & Promissory Notes | Alternative Loans | Consolidation
Loan Counseling & Promissory Notes
All students that receive a student loan after July 1, 2010, must complete a new Master Promissory Note and complete new Loan Entrance Counseling. Loan funds cannot be paid to a student until this occurs.
Can I fill out my Master Promissory Note and complete Loan Entrance Counseling now?
Yes. You can do both at www.studentloans.gov
What do I have to do to get my loan funds for next year?
- Complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov
- Provide documents requested by the Financial Aid Office.
- Complete a new Master Promissory Note for the Direct Loan Program at www.studentloans.gov
- Complete Loan Entrance Counseling for Direct Loans at www.studentloans.gov
Why is the University changing its loan process?
On March 25, 2010, the U. S. House of Representatives and the U. S. Senate passed The Health Care and Education Affordability Reconciliation Act of 2010. This bill makes major changes in several federal student aid programs and mandates that effective July 1, 2010, all federal student loans (Stafford and PLUS) will be originated through the Federal Direct Loan Program. The Family Federal Education Loan Program, which permitted private lenders to originate these loans, is eliminated effective June 30, 2010. President Obama signed the bill into law on March 30, 2010.
