Loans

2010-11 Direct PLUS Loans

 

For information on the new Direct PLUS Loan Process please click here:

1. How to Start PLUS Loan Paperwork

2. 2010-11 PLUS Request Form

3. How to complete PLUS MPN Paperwork

Federal Student Loan Changes for
2010-2011

Effective June 7, 2010

Why is Trine University changing its loan process?

On March 25, 2010, the U.S. House of Representatives and the U.S. Senate passed The Health Care and Education Affordability Reconciliation Act of 2010 ("HCEARA"-H.R. 4872) . This bill makes major changes in several federal student aid programs AND mandates that, effective July 1, 2010, all federal student loans (Stafford, PLUS, and Grad PLUS) will be originated through the Federal Direct Loan Program. The Family Federal Education Loan Program, which permitted private lenders to originate these loans, is eliminated effective June 30, 2010.

President Obama signed the bill into law on March 30, 2010.

What do I have to do to get my student loan funds for 2010-11?

As in prior years, you must:

• Complete the FAFSA (Free Application for Federal Student Aid), you can complete the FAFSA online at www.fafsa.gov .
• Provide any documents requested by our office, and accept your federal student loans on your Financial Aid Award Letter. This lets us know that you are interested in the Direct Student Loan Program.
• All Students who are borrowing will need to complete an “Entrance Counseling” Session. We are requiring all borrowers to go ahead and complete this short session (which is available online) to review your rights and responsibilities under the federal direct loan programs.
• ALL students will have to complete a new Master Promissory Note for the Direct Loan program before the Department of Education will electronically disburse your funds to Trine University.  This is for both PLUS and Stafford Loans.

“Will I have to complete a new MPN for the Direct Loans?”

Yes, the Department of Education has launched a new Web site that will serve as a portal for Direct Loan borrowers to manage their Direct Loans and to complete new loan applications. The new Web site is StudentLoans.gov

Effective June 7, 2010, borrowers will use the StudentLoans.gov web site to:

• Complete Stafford Entrance Counseling session.
• complete a Direct Loan Electronic Master Promissory Note ("MPN")
• view electronic loan correspondence such as disclosure statements, and
• link to other tools and resources

"What is involved in the Entrance Counseling Process?”

All Students who are borrowing will need to complete an Entrance Counseling Session. Returning students who currently are participating in the Stafford Loan Program will also have to complete a new Entrance Counseling session with the Direct Loan Program. You can complete Entrance Counseling in person at the Office of Financial Aid (Forman Hall) during the week OR effective June 7, 2010, students can go to StudentLoans.gov to complete this requirement. ALL students who plan to borrow through the Direct Loan program must complete an Entrance Counseling session.

“Are there differences to Direct Loans over my current Stafford Loan?

Yes, with Direct Loans you will Borrow directly from the federal government and have a single contact -the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.  You will have online access to your Direct Loan account information 24 hours a day, 7 days a week at: www.dl.ed.gov.  You can also choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change. 

“Can I complete the new MPN now to get a head start?”

No, after June 7, 2010 our office will send you specific details on how to complete the process.  We are asking that you wait until that notification arrives before you take any steps to complete the new applications. The Department of Education has launched a new Web site that will serve as a portal for Direct Loan borrowers to manage their Direct Loans. The new Web site is StudentLoans.gov. We are also working through this new process and our systems won’t be ready until after the June 7, 2010 date.

Effective June 7, 2010, borrowers will use the StudentLoans.gov web site to complete a Direct Loan Electronic Master Promissory Note ("MPN")

You will need the same PIN that you used for your FAFSA to electronically sign the note. If you do not have a PIN, you may obtain one via http://www.pin.ed.gov.

If you will borrow from BOTH the Stafford and PLUS programs, you will need to complete a separate new MPN for each loan program. Remember the PLUS loan is for Parents of Undergraduate Students and needs to be completed by the parent.  The Stafford Loan is for students and needs to be completed by the student along with a new entrance counseling form.

Our Hours are: (Monday–Friday) 8 a.m.–5 p.m.

Trine University
Office of Financial Aid
Forman Hall
1 University Avenue
Angola, IN 46703

260.665.4158
800.347.4878, option 2
260.665.4511 fax
finaid@trine.edu