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Federal Direct Stafford Loan For Students & Federal Direct PLUS Loan For Parents

  • Federal Direct Stafford Loan for Students

    Any student applying for a Federal Direct Stafford Loan must return the Federal Direct Loan Eligibility Notice.  These notices are sent from the Financial Aid Office once a student’s loan eligibility has been determined, often with the Financial Aid Decision.

    To apply for the Federal Direct Stafford Loan:

    1. Go to the student loan website operated by the U.S. Department of Education.
    2. You need a FSA ID to apply for your loan. This is the same FSA ID you used to complete the FAFSA.  If you do not have a FSA ID, a link on the student loan website will help you create one.  Keep this ID.  You will need it for many financial aid purposes, both for this school year and subsequent years.
    3. Follow all steps on the student loan website:
      1. Click “Complete Entrance Counseling” and answer the questions about your loan.  This is a federal requirement.
      2. Click the "Direct Loan Master Promissory Note" link.  Complete the MPN, signing it with your FSA ID.  You will receive confirmation from the Dept. of Education when you have successfully submitted it.

    (If you have previously completed a Direct Loan Master Promissory Note for Haverford College and borrowed during the last academic year, you do not need to complete the Entrance Counseling or a new MPN again)

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  • Federal Direct PLUS Loan For Parents

    To apply for the Federal Direct PLUS Loan:

    1. The U.S. Department of Education requires completion of the FAFSA for any parent applying for a Federal Direct PLUS Loan.
    2. Go to the student loan website operated by the U.S. Department of Education.
    3. Your parent will need a FSA ID to apply for the PLUS loan. This is the same FSA ID your parent used to complete and sign the FAFSA.  If your parent doesn’t have a FSA ID, a link on the student loan website will help them to create one.  They must keep this ID, for it will be used this year and in subsequent years as you continue to apply for financial aid.
    4. Click on “Parent Borrowers” then click the link to apply for a PLUS loan.  Your parent completes the PLUS application including entering the dollar amount they wish to request. Submitting the on-line application will permit a check of the parent’s credit.
    5. If the parent borrower completed a Parent PLUS MPN for Haverford College in the previous academic year and received a PLUS Loan, they do not have to complete a new MPN, however, they are still required to complete a new credit check each year. If borrowing with an endorser, a new Parent PLUS MPN must be completed including the endorser's signature each year. Per federal regulations, a PLUS loan cannot be approved unless the application is completed including the actual dollar amount being requested.
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  • Federal Consolidation Loan

    Educational loan consolidation allows a borrower to take out one new loan to pay off one or more existing loans. A Federal Consolidation Loan allows student and parent borrowers to consolidate Federal Stafford Student Loan and Federal Parent PLUS Loans.

    Go to the student loan website for information on repaying federal student loans including reviewing data on your specific loan through the National Student Loan Data System (NSLDS), various repayment plans, and loan consolidation.

    Depending on the loans you want to consolidate and your future educational and employment plans, this process can be complicated. Once you do decide to apply for consolidation, it is important to monitor the progress of the process your application to approval.

    The consolidation process will require information on the remaining principle balance of your federal loans. Information on Stafford and PLUS Loan principle balances is available from your lender or guarantor. If you received a Federal Perkins Loan while attending Haverford, you may contact the Controller's Office at (610) 896-1246 to confirm the principle balance of your Perkins Loans. (Note that Perkins Loans already have a fixed rate that may be lower than the consolidation rate.)

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  • Repaying Federal Student Loans

    The most important source of information regarding the repayment of your student loan is your lender or the servicer of your loan. Federal regulations require your lender to inform you how and where to send your loan payments. Go to the student loan website for information on repaying federal student loans including reviewing data on your specific loan through the National Student Loan Data System (NSLDS), various repayment plans, and loan consolidation.

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Questions?

If you have any questions about the processing of your loan, please contact the Haverford College Financial Aid Office at (610) 896-1350 or finaid@haverford.edu.