Central Lakes College has changed over to the William D. Ford Direct Loan program for your Federal Subsidized and Unsubsidized loan(s) and Federal PLUS (Parent Loan for Undergraduate Student) loans.  The U.S. Department of Education will be your lender for Direct Loans.  All loans for the 2010-11 school year starting with Fall Semester 2010 will be processed as Federal Direct loans.   You must be enrolled at least half-time (6 credits) each term to be eligible for loans. 

Federal Direct Subsidized and Unsubsidized Loans: 
Below are the three easy steps to apply for a Federal Direct Loan.  Before you apply, be sure you have received your 2010-11 Official Award letter.  Your award letter is available via your E-Services access.  We are not able to process a loan application for you unless you have received an award letter.  Use the award information section to determine what your eligibility is for the whole academic year of 2010-11.  If you will be taking classes during Summer Semester 2011 you  might need to save some of your loan eligibility.  Only borrow what you need for fall and spring semester.  Remember, to be eligible for your Direct Loan you have to be enrolled at least half-time (6 credits).

You have to complete EACH of the following three steps.

A.  You must complete a Direct Loan request form.  This is a Dynamic Form.  You will need to login with your username and password.  If you are a new user to Dynamic Forms, be sure to begin with "Get Started" to                            create a username and password.

The next two steps will be completed via the Direct Student Loans website, (a.k.a StudentLoans.gov)  You will "Sign In"  using your social security number, the first two letters of your last name, date of birth and your four digit Federal Student Aid PIN. The same number used for your FAFSA.

B.  You must complete ENTRANCE COUNSELING. (unless already completed during summer 2010 at CLC)
C.  You must complete a MASTER PROMISSORY NOTE (MPN). (unless already completed during summer 2010 at CLC)
Note:  If you already have a prior year Direct Subsidized or Unsubsidized MPN on file with the Dept. of Education
DO NOT complete another one.  Contact the CLC Financial Aid Office if you have questions.

2010-11 Decline Work or Request additional loan funds: This form is to be used when a student wants to decline the work award on the 2010-11 Official Award letter or ask for additional loan funds when a previous request has been made. Please print the pdf document, complete and sign it. Then mail or bring the form into the Financial Aid Office. Click on this link for the form, "2010-11 Decline Work or Request additional loan funds".

Federal Direct PLUS (Parent Loan for Undergraduate Student)

A PLUS loan can be an option in two different situations: first, the parent would like to borrow money to help fund their child's education; second, a parent has a poor credit history.  If a parent with poor credit history applies for a PLUS loan and is denied the student may be awarded additional Unsubsidized Federal Direct loan.  Your child's Official Award letter at E-Services will show the maximum PLUS loan eligibility for the whole academic year.  You can borrow a lesser amount if you choose.

A parent of a dependent college student may be eligible to borrow a Federal Direct PLUS loan. It has a fixed interest rate of 7.90% for loans disbursed between July 1, 2010 and June 30, 2011.  The borrower is responsible for all interest. Parent may borrow up to full cost of students education less any other financial aid the student receives.  Repayment begins 60 days after the full amount of loan funds are disbursed and in most cases is expected to be repaid in 10 years. The Department of Education is the lender.  You can contact them with repayment questions.

** The CLC Financial Aid Office will be notified of your PLUS Master Promissory Noter(MPN) approval or denial.

** Your child will be able to see when the PLUS loan funds have applied to his or her account through E-Services under "Bills and Payments".

Would you like to proceed to the PLUS loan online process?  You will have the option to choose to complete the Federal Direct PLUS loan application or request that CLC just do a credit check for you.
  
Option 1:  Apply for the PLUS loan by completing the following steps.
A.  Complete the Federal Direct PLUS Loan Request form .  This form will need to be printed, completed, signed and mailed to the CLC Financial Aid Office.   

B.  Complete the Federal Direct PLUS Loan MPN (Master Promissory Note) at Studentloans.gov. 

You will need to
Sign in using your social security number, first two letters of your last name, date of birth and Federal Student Aid PIN. (The same four digit number you used to sign your child's FAFSA.  It is available at pin.ed.gov.) 
After signing in be sure to click on "Start PLUS Application Process".       

Option 2:  To request just a credit check to determine if your child may be eligible to borrow additional Unsubsidized Federal Direct loan just click on this link to the Federal Direct PLUS Loan Request form and complete the "Credit Check Only Confirmation Request" section. 

Loan Counseling

Do not use these links unless you have specifically been instructed by a member of the CLC Financial Aid Office or a letter you may have received directing you here.

Federal Stafford Loans
Stafford Loan Exit Counseling.org

Federal Perkins Loans
Perkins Loan Entrance Counseling.org
Perkins Loan Exit Counseling.org

STUDENT LOAN CONTACT INFORMATION

This information will assist students with phone numbers and web addresses in connection to their lenders and/or guarantee agencies.
Department of Education:

www.nslds.ed.gov  To view any financial aid you may have received including student loans.

www.mygreatlakes.org  To view some or all of your student loans.

https://mgslp.ibisonline.org/ibis/ibis_login.asp  To view some or all of your student loans. 

Student Loan Servicer

 

PUT loans are Federal Family Education Loan program (FFEL) loans that have been purchased by DOE.  The DOE has purchased many Stafford Student loans that were borrowed through the FFEL program.  These loans will now be serviced by the DOE or a loan servicing agency referred to as the servicer.  Use the information below to make contact and ask questions abour your loan(s).
Borrower information service - 1-800-508-1378
Borrower Collections service - 1-866-938-4749 

Student Loan Guarantors

NELNET
888-486-4722
www.nelnet.net/americanstudentloan

FirstMark Services (SELF Loan)
888-538-7378
www.firstmarkservices.com