Federal Direct Loan Program
Once you have received your award letter from the Office of Financial Aid (after completing all necessary forms for review - see the Applications page), the following steps will be necessary to receive funding from the Direct Loan Program:
Federal Direct Stafford Loans:
All students must complete a Federal Direct Loan Request Form (included with your award letter) and return it to our office to begin loan processing. This form is due to our office by July 1, 2011 to ensure receipt of funds in our office by the start of the academic year.
1L students or first-time financial aid borrowers at New England Law must also complete an entrance interview and Master Promissory Note. Entrance interviews can be completed online at Mapping Your Future and confirmation of completion will be automatically sent to the school. An Entrance must be received before the Office of Financial Aid will initiate your loan request. An MPN for your Stafford Loans (sub/unsub) can be completed online at studentloans.gov and confirmation of completion will be automatically sent to the school. An MPN must be received before Direct Loans will disburse your fund request to the school.
Federal Direct Graduate PLUS Loans/Private Education Loans:
Students wishing to borrow a Grad PLUS loan must complete a Federal Direct Loan Request Form (included with your award letter) and return it to our office to begin loan processing. This form is due to our office by July 1, 2011 to ensure receipt of funds in our office by the start of the academic year.
1L students or first-time Grad PLUS Loan borrowers are also required to complete an entrance interview and Master Promissory Note. Entrance interviews can be completed online at Mapping Your Future and confirmation of completion will be automatically sent to the school. An Entrance must be received before the Office of Financial Aid will initiate your loan request. An MPN for your Grad PLUS Loan can be completed online at studentloans.gov and confirmation of completion will be automatically sent to the school. An MPN must be received before Direct Loans will disburse your fund request to the school.
Please note that Grad PLUS loans (as well as private loans) are credit-based; inclusion of this loan amount on your award letter does not mean the loan has yet been approved, certified or applied to your account. Credit review is done by Direct Loans; if you are not approved for the Grad PLUS loan based on your own credit, you will receive a notification from Direct Loans regarding obtaining an endorser for the loan.
Students should exhaust their full eligibility in federal loans before resorting to a private loan. Federal loans may have more beneficial terms (including consolidation, loan cancellation/forgiveness, a fixed interest rate) than the private loans available. Should you choose to borrow a private education loan instead of the Federal Graduate PLUS Loan, please be aware you must contact your lender directly to initiate the loan.
Federal Perkins Loans:
Perkins Loan recipients will be notified by the Office of Financial Aid. This federal loan is administrated by the school and we will provide you with the documents necessary to complete.