The Student Loan Revolution: Current Students

WHAT DOES THIS MEAN FOR ME?

If you used a lender such as Bank of America, Nelnet, Sallie Mae etc. for your Federal Stafford Loans, you will need to complete a new Master Promissory Note with the Department of Education.

WHAT HAPPENS TO THE LOANS I HAD WITH MY PREVIOUS LENDER?

 In short, nothing. All of the terms, benefits, interest rates, and repayment time-tables you had under your old lender should remain the same. As long as you are enrolled in school at least half-time, your prior loans will continue to be deferred until 6 months after you graduate or withdraw. When your loan(s) enter repayment you will still pay the lender you borrowed from and you should not notice anything different.

You will only notice a change if your loan is sold. Previous lenders do have the option to sell your loan to the Department of Education. If that happens to your loans, you will notice some changes. Each lender will have their own methods of notifying you of the sale of your loan and what will happen next. At this time, we recommend contacting your lender to see what their plans are for your previous loans.

HOW DO I APPLY FOR MY NEW LOAN STEP-BY-STEP!

1. Accept your loan(s). Complete and return your Financial Aid Acceptance Form to accept your Federal Stafford Loans.
2. Retrieve your FAFSA PIN. You will need your PIN used to sign your FAFSA to begin the loan process. If you have forgotten or are having trouble with your PIN please refer to the PIN site.
3. Log onto the Direct Lending Site: Visit StudentLoans.gov . Under “Manage my Direct Loan” click the green “Sign In” button. MAC USERS NOTE: Students who tried using Safari to sign in could not see the green “sign in” button. If you experience this please try again using FireFox or another browser.
4. Complete the application: Once logged in, click on “Complete MPN” on the left hand side of the page. From there, choose “Subsidized/Unsubsidized.” Once you are redirected to the application page, it will ask for “Personal information.” Enter your information and click “Continue” at the bottom.
5. Complete Reference Information: Section 2 of the application asks for name, address, phone number, and relationship of 2 references. Complete both boxes of information and click “Continue.”
6. Read your Terms and Conditions: Section 3 is broken down into Sections D-H. Once you have read through each section a green checkmark will appear at the top right hand corner of the box indicating which sections you have read through. Section F outlines your Master Promissory Note. It is very important to read through all of this information and print a copy for your records. When you have read through all sections click the box that indicates you have reviewed the information and that you acknowledge it is true and correct.
7. Edit Incorrect Information: As a part of Section 3 (Terms and Conditions) you have the opportunity to correct any errors before “signing.” To edit simply click the “Edit” button at the top right hand corner of each section. If all information is correct proceed to Step 8 below!
8. Sign the Master Promissory Note (MPN). If all information is correct, put your Name, Middle Initial, and Last Name in the fields at the bottom of the page and click “Sign”.
9. Receive a confirmation email from the Department of Education: The email address you list in the application will receive confirmation if the application has been successfully submitted. If you do not receive this email please contact us at financialaid@nescom.edu .
10. Notify the Financial Aid office. Send an email to financialaid@nescom.edu with your name and “MPN and Entrance Counseling Completed” in the subject line.