Frequently Asked Questions

In the Direct Loan Program, the U.S. Department of Education acts as a lender, providing funds for Stafford loans and the Grad Plus loans. With FFELP, students chose a bank or lender.

  • Apply for financial aid via FAFSA.
  • Wait to receive your award letter from the financial aid office that will be viewable via Banner self-service system (an email will be sent to acknowledge completed awards).
  • Follow the steps and/or instructions on your award letter.

The interest rate is currently fixed at 7.9%.

Award's Earliest Disbursement Date:

On or after July 1, 2010 & before July 1, 2011

Origination Fee:

1%

Up-front Origination Rebate:

0%

Total Origination Fee:

1%

Award's Earliest Disbursement Date:

On or after July 1, 2010 & before July 1, 2011

Origination Fee:

1%

Up-front Origination Rebate:

0%

Total Origination Fee:

1%

Origination Fee:

4%

Up-front Origination Rebate:

0%

Total Origination Fee:

4%

Origination Fee:

4%

Up-front Origination Rebate:

0%

Total Origination Fee:

4%

Once the borrower completes the Master Promissory Note (MPN), which includes the applicants authorization for a credit check to be completed the borrower will receive written confirmation of the credit check result.

The school sends notification to the Direct Loan program within five (5) days after the student accepts their award in Banner.

A credit check is valid for 90 days.

No. A customized paper endorser addendum form would be mailed directly to the borrower.

Yes. Students need to be aware of the differences in the Direct Loan Program versus the FFELP program.

Yes. Graduate/professional students who have Federal Direct Loans and/or Grad PLUS are placed in an in-school deferment status based on the information reported by the school.

Yes. The Direct Loan program offers the same deferments that were available to borrowers in the Federal Family Education Loan Program (FFELP).

You will be directly notified by the Direct Loan Program as to whom your service provider will be.

Please contact the Office of Student Financial Aid at 615.327.6826 or by emailing us.