Procedures to use
- File the complimentary Application for Federal Student help (FAFSA) at https: //fafsa.gov/ (this is certainly a requirement) and submit all papers required because of the Division of Financial Aid (DFA); look for needed documents via the internet educational funding personal provider system at myPurdue.
- DFA will be sending the pupil an Award realize that the borrower may use to find out loan duration, the type of eligibility, together with level of eligibility.
- The debtor has to decide how much they would like to borrow and can have the choice to just accept the full quantity provided or lower the loan quantity at myPurdue.
- First-time borrowers have to complete a primary Loan Master Promissory Note (MPN) and Loan Entrance Counseling at studentaid.gov. Warning flag will show up in myPurdue, even when these needs have already been finished, until we start processing loans in April.
- All borrowers have to finish the Informed Borrower Tool (counseling) at studentaid.gov. Warning flags will be in myPurdue, no matter if this requirement happens to be finished, until we start processing loans in April.
- DFA certifies eligibility because of the loan servicer that is direct.
- Direct loan funds are processed electronically through the Purdue Bursar. The pupil shall be notified by the Bursar’s Office that funds have already been processed. Funds are used very very very first to charges, then to your housing expenses (in the event that Bursar bills for housing). Any remaining Direct Loan funds are look at this web-site provided for the pupil via paper check or direct deposit.
Master Promissory Note (MPN)
The Direct Loan Master Promissory Note is just a multi-year or loan that is serial regarding the Direct Loan system. It permits borrowers to get future Direct Loan funds without finishing and signing extra promissory records so long as the debtor stays eligible and completes appropriate loan request procedures. Continue reading “Loan Deadline”