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Six Steps to Complete the Student Direct Loan Application Process

 

Step 1:  Go to www.studentloans.gov
 
Step 2:  Log in using your Social Security Number, Date of Birth and FAFSA PIN#.
 
Step 3:  Click on Complete Entrance Counseling (first-time borrowers only).
 
Step 4:  Choose Entrance Counseling as an Undergraduate Student and complete all sections.
 
Step 5:   Once the Entrance Counseling section is finished, complete the Direct Loan Master Promissory Note.

Step 6:
  Sign, date and return one copy of your Financial Aid Award Letter to the Financial Aid Office. 
Your signed award letter gives us permission to process your loan on your behalf.
 
The Direct Loan Basics brochure will answer many questions you may have about the Direct Student Loan programs:  https://studentaid.ed.gov/sites/default/files/direct-loan-basics-students_0.pdf

Five Steps to Complete a Direct PLUS Loan

 
Step 1:   Go to www.studentloans.gov.
 
Step 2:   Parent logs in using their Social Security Number, Date of Birth and FAFSA PIN#.
 
Step 3:   Choose "Request A Direct PLUS loan."
 
Step 4:   Scroll down and choose "Parent PLUS" to initiate your credit check.  Complete all sections.
 
Step 5:    Your credit check remain active for 90 days only.  Another credit check will be performed if your loan application is certified by the college after 90 days has lapsed.  If approved, complete the Direct PLUS Master Promissory Note.
 
The Direct PLUS Loan Basics brochure will answer many of your questions you may have about the Direct PLUS loan:  https://studentaid.ed.gov/sites/default/files/direct-loan-basics-parents.pdf
 
 
 
 
 
 
Federal Direct PLUS Loans
Federal Direct PLUS Loan Brochure (.pdf, 2552K)
This brochure reviews the eligibility requirements and repayment options.
Adobe Acrobat Reader is required to view and print PDF files.
Student Loan Counseling Tools
Your Federal Student Loans (.pdf, 1355K)

This handbook offers in depth information on federal loan programs.

Direct Loan Entrance Counseling Guide (.pdf, 838K)
This guide will assist you with questions you may have during your entrance counseling session.
Direct Loan Exit Counseling Guide (.pdf, 775K)
This guide will assist you with any questions you may have with your Federal Direct Loan, including repayment options, deferments, forbearance and loan consolidation.
Direct Loan Frequently Asked Questions (.pdf, 413K)
Frequently Asked Questions Perkins Loans (.pdf, 344K)
Adobe Acrobat Reader is required to view and print PDF files.
To determine where your federal loans are being serviced, please visit the National Student Loan Data System (NSLDS) at www.nslds.ed.gov.  Servicers that are currently contracted with the Department of Education are:
 

Loan Servicer

Contact

Aspire Resources Inc.

1-855-475-3335

CornerStone

1-800-663-1662

ESA/Edfinancial

1-855-337-6884

FedLoan Servicing (PHEAA)

1-800-699-2908

Granite State – GSMR

1-888-556-0022

Great Lakes Educational Loan Services, Inc.

1-800-236-4300

MOHELA

1-888-866-4352

Navient

Note: Sallie Mae completed its transition into two companies—Sallie Mae and Navient—on Oct. 13, 2014. Navient services federal student loans for the U.S. Department of Education.

1-800-722-1300

Nelnet

1-888-486-4722

OSLA Servicing

1-866-264-9762

VSAC Federal Loans

1-888-932-5626

 

Loan Forgiveness/Cancellation

Ungrouped
Federal Perkins Loan
There are only (2) steps that must be completed in order to complete the Federal Perkins Loan application process.

Step 1: Review, sign/date, return one copy of your Federal Perkins Loan Master Promissory Note.

          Step 2:  Complete your Federal Perkins Loan entrance counseling   
          at http://mappingyourfuture.org .  Only first time borrowers Federal Perkins Loan    
          borrowers are required to complete entrance counseling.
 
Please contact the Financial Aid Office in writing if you choose to cancel or return your loan.
 
 
 
 
Adobe Acrobat Reader is required to view and print PDF files.

Wells College recommends that students exhaust their federal and/or state financial aid resources first before considering other financing options with the use of the Free Application for Student Aid (FAFSA).  The reasons we request students complete the FAFSA are:

 

·        to determine if your are eligible for grant (non-loan) funds
·        to offer the least expensive student financing options through the Federal Loan Programs  
 

After exhausting all federal, state and institutional funds, many students are still left with educational costs.  To assist students in paying for these expenses, banks and lenders provide private alternative educational loans. 

 

 

Alternative (Private) Loans are in the student’s name.  You have a right to use the lender of your choice.   If the alternative loan program you choose requires a school certification, the student can borrow up to the cost of enrollment .    

Private education loan programs:

  • Are not government-sponsored
  • Are not regulated on interest rates, deferment or payment options
  • Often require a co-signer
  • Interest rates are determined by the lender (typically depend on borrower and co-borrower’s credit worthiness)
  • Fees are determined by the lender (typically depend on borrower and co-borrower’s credit worthiness
 
We strongly recommend that you carefully read the terms of your Alternative Loan to know exactly what costs will be involved.  We also recommend that you contact the lenders directly for any questions you may have so that you fully understand what will be required and what total you will be repaying. 

 

To assist you with your search of Alternative Loan options, you may want to consider visiting the following 3rd party websites.  These sites will offer a variety of lender alternative loan products and comparisons.  

Alternative Loan Self-Certification Form
Alterantive Loan Self-Certification Form
If you are borrowing in an alternative loan program, the Private Education Loan Applicant Self-Certification form must be completed and returned to your lender before your loan funds can be disbursed.
Loan Resource Links
Direct Federal Stafford Loan
Direct Stafford Loan borrowers may visit this website to download deferment, cancellation and hardship forms.
Perkins Loan Servicing
Campus Partners is the servicer for the Perkins Loan program.  This site will allow you to download forms and check the status of your Perkins Loan account.
National Student Loan Data System
This site will allow you to check status of your loan and disburements made.  You will need to use your FAFSA Pin to access this site.
Adobe Acrobat Reader is required to view and print PDF files.
There are many different repayment options to consider when you are paying back your Federal Direct Loan(s).  Please visit the federal student loan repayment calculator website at http://www.direct.ed.gov/calc.html to estimate your repayment schedule based on the following repayment plans:
 standard repayment plan
 extended repayment plan
 graduated repayment plan
 income contingent repayment plan
 income based repayment plan
 pay as you earn repayment plan
 
Remember, your monthly payments and how long it takes to satisfy your loan depends on the repayment plan you choose.