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IMPORTANT INFORMATION 2011-2012 Loan Processing Effective July 1, 2010, all federal loans (Stafford for students and PLUS for parents) are originated through the Federal Direct Loan Program. The Federal Family Education Loan Program (FFELP), which permitted private lenders to originate these loans, and was the program utilized by SUNY Adirondack for many years, was eliminated on June 30, 2010. Federal Loan Processing at SUNY Adirondack ______ Step 1: The student files the 2011-2012 Free Application for Federal Student Aid (FAFSA), is a matriculated student (has been accepted for admission to the College and is pursuing a SUNY Adirondack degree or certificate program), is enrolled in at least six required (for a SUNY Adirondack program) credits/semester and is in good academic standing. ______ Step 2: The SUNY Adirondack Financial Aid Office reviews the FAFSA, confirms eligibility and includes the student’s maximum loan eligibility on a financial aid award letter (can be viewed on Banner Self Service under Awards for 2011-2012, Award Overview tab). ______ Step 3: The student logs into his/her Banner Self Service account to accept, in whole or in part, the loan (from the Award Overview tab, select Accept Offered Awards). Note: If you are interested in a single semester loan or was not eligible in the fall, but regained eligibility in the spring, your loan needs to be manually accepted at the Financial Aid Office in Warren Hall. ______ Step 4: Student-borrowers who have not previously borrowed under the Direct Loan program, will need to complete a Master Promissory Note (MPN) before the Department of Education will electronically disburse your funds to SUNY Adirondack. You can complete your MPN at the federal website, www.StudentLoans.gov, using your federal PIN (same PIN used to electronically file the FAFSA). Directions are provided on the back of this sheet. ______ Step 5: Students who are borrowing a federal loan for the first time will need to complete loan entrance counseling prior to loan disbursement, however, we strongly recommend that all borrowers complete this process as a review and to gain familiarity with the Federal Direct Loan process. The loan entrance counseling is also completed on the www.StudentLoans.gov website using your PIN. Directions are provided on the back of this sheet. _______ Step 6: The SUNY Adirondack Student Accounts Office will notify the student in writing that the loan has been disbursed (paid) to the account, provide an opportunity to refuse all or part of the loan, and provide a date on which the student can collect any available refunds. Consolidating Prior Federal Student Loans Under provisions of the Ensuring Continued Access to Student Loans Act, lenders had the option to sell loans to the Department of Education. We have been notified by major lenders historically used by our families that they intend to sell or have already sold their loan portfolios to the Department of Education. Families with FFELP loans should pay particular attention to the option to consolidate their prior federal loans into a Federal Direct Consolidation Loan. A Federal Direct Consolidation Loan allows you to combine all federal loans you received to finance your college education into a single loan. If you have any questions, please stop by our office in Warren Hall or call us at (518) 743-2223. Directions for completing the Federal Direct Loan Master Promissory Note (MPN) Prior to completing your Federal Direct Loan MPN, you need to gather the following information: your social security number; your home address and telephone number; your driver’s license number; and reference information (name, home address, telephone number, and your relationship) for two references living at different addresses within the U.S. Once you start the MPN process, you cannot stop, so please allow yourself 15 to 30 minutes to complete. Also, it is important that you complete all steps – you will receive an e-mail confirmation that the MPN has been processed – or SUNY Adirondack will not be notified that you have satisfied this requirement. Log onto the Federal Direct Student Loan website: www.StudentLoans.gov Sign into the “Manage my Direct Loan” secure section (top left-hand corner) using your PIN. Click on the Master Promissory Note link. Then click on the Sub/Unsub Stafford loan or the Parent PLUS loan. You will be prompted to enter your personal information. Next, add the school in which you will be attending and the state in which the school is located to ensure that SUNY Adirondack receives your record. Click the “Continue” button. Your references’ information will be entered next. Again, you will need two references that live at different U.S. addresses. Your references should be people you have known for at least three years. References have no financial responsibility/liability for your student loans. You will then be prompted to read the Terms and Conditions tabs. The system will give you an opportunity to review and verify the data entered and make corrections, if applicable. Click the “Continue” button. Input your full legal name, and click the “Submit” button. The HTML link will appear at this point. Click on the link to review your information one more time. If it is correct, close out of it. Finally, print the confirmation page for your records. Directions for completing the Loan Entrance Counseling Keep in mind that, similar to the MPN process, you need to allow yourself approximately 30 minutes to complete the loan entrance counseling. Once you start the process you cannot stop and resume later. If you stop, you must start over from the beginning. Log onto the Federal Direct Student Loan website: www.StudentLoans.gov Sign into the “Manage my Direct Loan” secure section (top left-hand corner) using your PIN. Choose the “Undergraduate” icon. Read the following page and then click the "Continue" button. Enter the school in which you will be attending and the state in which the school is located to ensure that SUNY Adirondack receives your record. Click the “Continue” button. Read the information on the following 11 pages and answer the questions at the bottom of each page. Once you answer the questions, it will tell you whether you were right or wrong. Click the “OK” and “Continue” buttons when you have correctly answered all questions. The student must click on and read the Borrowers Rights and Responsibilities for Federal Direct Loan (sub/unsub)/Perkins loan type. Note: SUNY Adirondack does not participate in the Federal Perkins Loan program. Print confirmation page for your records.
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