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FEDERAL DIRECT LOAN PROGRAM
The Collins
Career Center utilizes the processing of subsidized, unsubsidized,
and PLUS
(parent) loans through the Federal Direct Loan Program.
What is a student
loan?
A student loan is a federally funded LOAN that must be repaid with
interest.
What are the
eligibility requirements of the student loan?
·
FIRST you must complete and submit the FAFSA (Pell Grant
application);
·
The information from the FAFSA will help determine your eligibility
and what type loan you qualify for;
·
The Financial Aid Office will review the rules and regulations of
the student loan program at program orientation.
How do I apply
for a Federal Direct Loan?
FEDERAL DIRECT LOAN APPLICATION INSTRUCTIONS
please file the FAFSA first at
www.fafsa.ed.gov
www.studentloans.gov
You will need your PIN number
you used to file the FAFSA
sign in using your SSN, first two
letters of last name, DOB and PIN#
click on complete entrance
counseling
read through all of the entrance
counseling pages (be sure to choose Lawrence County
Vocational School – Collins Career Center as your school),
answer the questions, then print the entrance counseling
confirmation page when you have finished
after you have completed entrance
counseling, you can now complete the MPN (Master Promissory
Note / Loan Application)
complete all sections of the MPN
(you will need contact information (mailing addresses, phone
numbers, etc.) for your next of kin
and two personal references (addresses must be separate from
each other))
*note: if it will not let you submit the application (keeps
giving you an error message), try making sure ALL of your next of
kin and two personal references have separate addresses from you and
each other (if it still will not let you submit, call the Financial
Aid Office)
print your MPN completion
confirmation page
the school will receive electronic
notification that you have
completed Entrance Counseling and
the Master Promissory Note
keep the confirmation pages you
printed in case the Financial Aid Office needs a copy
Note: if you are a dependent
student and your parent is borrowing loans, they must complete a
PLUS
Application using their own PIN number
How do I know
how much loan I can borrow?
The Financial Aid
Office will send you a Federal Student Loan Request Form in the mail
along with your Financial Aid package. You will review, sign, and
return the request form to the Financial Aid office.
When are the
Student Loan funds disbursed?
Student Loan funds are NOT disbursed prior to the student starting
his/her program of training. Refer to the “Financial Aid
Handbook” section of the website for additional information. |
