2011-2012_loan_information_insert

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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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