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Stafford and PLUS Loans

Effective Spring 2010, Ferrum College will be moving to the William D. Ford Direct Loan Program. All new Stafford and/or PLUS Loan borrowers in spring semester 2010 will need to complete the following:

Stafford (Student) Loan Borrowers
You must complete the Direct Stafford Loan Master Promissory Note which is available online at www.dlenote.ed.gov. Caution: Click on the Subsidized/Unsubsidized selection as Ferrum College does not participate in Graduate PLUS Loans (for graduate students only). You will need your Personal Identification Number (PIN) to complete the MPN. This is the same PIN used to complete the Free Application for Federal Student Aid (FAFSA). To request a new or duplicate PIN students can go online to www.pin.ed.gov.

Then, complete the Direct Stafford Loan Entrance Counseling which is available online at https://www.dl.ed.gov/borrower/CounselingSessions.do?cmd=initializeContext
Note: Students will need to scroll down and click on “Go” to complete Entrance Counseling!

PLUS (Parent) Loan Borrowers
Parent must complete the PLUS Loan Application. These applications may be mailed, faxed, or scanned and emailed to the Financial Aid Office. Please click HERE for an application.

Parents must also complete the Direct PLUS Loan Master Promissory Note which is available online at www.dlenote.ed.gov. Parents will need their Personal Identification Number (PIN) to complete the MPN. This is the same PIN used to complete the Free Application for Federal Student Aid (FAFSA). To request a new or duplicate PIN parents can go online to www.pin.ed.gov.

No loans will be processed until all requested documents (taxes, worksheets, counseling, promissory Notes, etc) are completed in full.

ALL STUDENTS OR PARENTS WHO BORROWED FROM THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) WITH A PARTICULAR LENDER PARTNER SHOULD REMAIN WITH THAT LENDER AND PROGRAM THROUGH THE END OF THE 2009-2010 ACADEMIC YEAR. STUDENTS AND PARENTS WILL THEN BE DIRECTED ON COMPLETING THE NECESSARY NEW LOAN DOCUMENTS AFTER COMPLETING THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) FOR THE 2010-2011 ACADEMIC YEAR. THE NEW FAFSA FOR 2010-2011 WILL BE AVAILABLE AFTER JANUARY 1, 2010.