FAU FEDERAL DIRECT LOAN PROCESS

Starting with the Fall 2010 term, FAU is participating in the Federal Direct Direct Loan Program. With this change, all Direct loans will be processed through the U.S. Department of Education. Students who have previously received their Direct loans through a bank will be required to sign a new Direct Loan Master Promissory Note (MPN) with the U.S. Department of Education (see below).


Starting in Fall 2010, the FAU Federal Direct Loan process consists of the following steps:

 

1. The student receives an OFFER of a Direct Loan from the
  FAU Office of Student Financial Aid as part of their financial aid package.
       
2. The student accepts their Direct Loan award through the
  “Accept Award” function on MyFAU . If the student wishes to accept only a partial amount of their loan offering, they may specify the partial amount of their loan offering they wish to accept during the on-line acceptance process
  

 

3.

Students who have not received a Federal Direct Loan

   through FAU since September 2002 must complete Direct Loan Entrance Counseling prior to receiving funds. This requirement is satisfied by completing the interactive Direct Loan Entrance Counseling session on-line at the U.S. Department of Education Direct Loan Web Site. After logging in, students should select Entrance Counseling from the Manage My Direct Loan menu box and follow the on screen instructions. Students who have previously received a Federal Direct Loan through FAU since September 2002 have already satisfied the Direct Loan Entrance Counseling requirement and do not need to re-satisfy this requirement.
     

4. Students receiving a Federal Direct Direct Loan for the first
 

time must complete a Direct Direct Loan Master Promissory Note (MPN) with the U.S. Department of Education prior to receiving their first loan disbursement. This requirement can be satisfied at the U.S. Department of Education Direct Loans web site. After logging in, students should select Sign Master Promissory Note from the Manage My Direct Loan menu box and follow the on screen instructions. The student will be required to use their U.S. Department of Education issued PIN (the FAFSA PIN) to complete an electronic MPN on line. For additional information about the PIN, visit the official PIN site or access the PIN customer service web page.

Students who have
previously received a Federal Direct Direct Loan disbursement are NOT REQUIRED to complete a new MPN each year . In most cases, additional Federal Direct Direct Loans can be made under the same MPN for a period of 10 years from the MPN signature date. NOTE: A Federal Direct Direct Loan is a Direct Loan directly from the U.S. Department of Education - NOT through a bank.

       

5. After the above steps have been satisfied, eligible students
 

will have their loan information transmitted to the U.S. Department of Education. Direct Loans begin to be disbursed during the third week of each semester to eligible students attending at least half time.

       

Last Modified - 06/22/10 16:58:20

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