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Office of Financial Aid

Loan Application Procedures

For New Student Direct Stafford Loan Borrowers
Returning borrowers do not need to complete any of the steps for Stafford Loans. Your previous entrance counseling and Stafford Master Promissory Note will carry forward.

To apply for Direct Stafford Loans you must:

      1. Go to: www.studentloans.gov
      2. Sign in using your FAFSA PIN #
      3. Complete Entrance Counseling
      4. Complete Master Promissory Note (MPN) all the way through Submit


 
For all Graduate Student Direct Grad PLUS Loan borrowers
To apply for Direct Stafford Loans you must:

      1. Go to: www.studentloans.gov
      2. Sign in using your FAFSA PIN #
      3. Click Request a Direct PLUS loan, then choose Graduate PLUS
          and complete
      4. Complete Master Promissory Note (MPN)*
      5. Complete Entrance Counseling*

* Unless you borrowed last year.



For all Direct Parent PLUS Loan borrowers
To apply for Direct Parent PLUS Loans you must:

      1. Go to: www.studentloans.gov
      2. Sign in with the PIN # you used to sign in to your student's FAFSA
      3. Click Request a Direct PLUS loan, then choose Parent PLUS and complete
      4. Complete the Master Promissory Note (MPN) and Submit online**
         (You the parent must be the Borrower on the MPN)


** If you borrowed a PLUS loan last year you do not need to complete the new MPN unless you were required to use a co-signer. In that case, you must go online to complete and submit a new MPN.
Important Points
Consider this information as you look over the loan portions of your financial aid award. If you decide you wish to decline or lower the loans listed, please cross through them on the award letter and return it to our office.

Federal Direct Stafford Loans are the most common source of educational loan funds. There are two types:

  • Subsidized loans are need-based and are for undergraduates only. The federal government pays the interest on the Subsidized Stafford Loans while the student is in school. The interest rate for the Subsidized Stafford Loans is 3.4% through June 30, 2012.

  • Unsubsidized loans are not need-based and the student is responsible for the interest on the loan as soon as it is taken out. The interest rate for the Unsubsidized Stafford Loan is 6.8%.

Repayment on these loans begins 6 months after the student either graduates or drops below half-time. The school determines the amount of your eligibility and it is shown on your financial aid award letter.


Federal Parent PLUS loans and Grad PLUS loans are low interest education loans for either parents of undergraduate, dependent students or graduate students themselves. These loans can be used to help pay up to the entire cost of education including tuition, fees, room/board and books. The PLUS loan is not based on income or assets, however to qualify you must pass a credit check. The federal interest rate for both types of PLUS loans is 7.9%.

Repayment can be deferred until 6 months after student either graduates or drops below half-time. At Marymount, a FAFSA is required in order to apply for a PLUS loan.