NEW Student Loan Changes for 2010-2011
FEDERAL DIRECT LOANS
Beginning with the 2010-2011 academic year, Montana State University Billings will participate in the Federal Direct Student Loan Program. This means that if you borrow a federal Stafford or Plus loan, your funding will come directly from the U.S. Department of Education instead of from private lenders as in the past. By Participating in the Direct Loan Program, we ensure that our students will have access to a secure, dependable and affordable source of funds to finance their education.
LOANS FOR STUDENTS (Federal Direct Stafford Loans)
In this first year of our participation, there are steps that you will need to take to receive a Federal Stafford loan. All borrowers, regardless of whether they have borrowed a Federal Stafford loan from Montana State University Billings in a previous year, must take four steps to receive a Federal Direct Stafford Loan:
Apply for financial aid for 2010-11 by completing the Free Application for Federal Student Aid (FAFSA)
After receiving your Award Letter, accept your Federal Stafford Loan.
Complete the Online Entrance Counseling for Direct Loan Borrowers.
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LOANS FOR PARENTS(Federal Direct Parent PLUS Loans)
The Federal Direct Parent PLUS loan is available to credit-worthy parents of dependent, undergraduate students who are enrolled (or plan to enroll) at least half-time. A parent borrower can request to borrow up to the student's total cost of attendance minus all other financial aid. Dependent students whose parents have applied for but were unable to get a PLUS loan are eligible to receive additional Direct unsubsidized Stafford loan funds.
To apply for a Federal Direct Parent PLUS Loan for your MSU - Billings student, the following steps need to be taken:
the student must be admitted as a degree-seeking student at MSU - Billings
the student must complete a Free Application for Federal Student Aid (FAFSA)and be eligible to receive Federal student aid
the student must have accepted his or her financial aid award
the parent borrower must complete a Parent PLUS Loan Application each year and return it to the Office of Financial Aid
a Federal Direct Parent PLUS Loan Master Promissory Note (MPN) must be on file with the Department of Education. To complete a Direct PLUS MPN, go online and sign in using your Federal PIN, select "Complete MPN" and "Parent PLUS."
More information about the Federal Direct Parent PLUS Loan program can be found online.