Federal loans are a part of many financial aid awards. Federal regulations require colleges to confirm student eligibility for federal aid. To comply with these regulations, all students at CC must file the Free Application for Federal Student Aid (FAFSA) before the Federal Direct Stafford Loan or the Federal Direct PLUS Loans will be processed. If you do not have a PIN, you may request one from the official PIN website.
First-time Federal Direct Stafford Loan borrowers:
For entering students with a Federal Direct Stafford Loan, the financial aid office will initiate processing the loan when the student returns the signed award letter accepting the loan as part of the aid award. To complete the loan process, the student will complete an Entrance Counseling Session and a Master Promissory Note (MPN).
Entrance Counseling for the Federal Direct Stafford Loan:
In compliance with federal requirements, students who are borrowing for the first time at Colorado College must complete an online Entrance Counseling Session before funds could be credited to their account. This session helps students understand their rights and responsibilities when borrowing this loan.
Master Promissory Note (MPN) for the Federal Direct Stafford Loan:
The student will be required to complete a Master Promissory Note (MPN) online with an e-signature. The MPN is a promissory note that can be used to borrow multiple years while at CC. If the student is not able to complete this online, they should contact the financial aid office.
To receive a Federal Direct PLUS loan, a parent must be a biological or adoptive parent of the student for which the loan is being borrowed. The loan is based on the credit worthiness of the parent. The maximum a parent can borrow is the cost of education at Colorado College minus all financial aid the student receives. The interest on this loan begins to accrue when it is disbursed to the student's account, and continues to accrue until the loan is paid in full.
Application for the Federal Direct PLUS Loan
To borrow a Federal Direct PLUS Loan, first, the PLUS Loan application form must be completed and mailed or faxed (719/389-6173) to the Financial Aid Office. The Financial Aid Office will certify your eligibility for the loan and send it to the Department of Education for processing. The parent will be required to complete the Master Promissory Note (MPN) online. If there is any difficulty completing the MPN online, the parent should contact the Financial Aid Office.
Master Promissory Note (MPN) for the Federal Direct PLUS Loan
The MPN is a promissory note that can be used to borrow multiple loans for multiple academic years (up to 10 years). While attending Colorado College, parents will only need to complete one MPN and this requirement will be for all first-time borrowers of a Federal Direct PLUS Loan who do not have any adverse credit issues. The MPN can be completed on-line here* using your Department of Education issued PIN. If you do not have a PIN, you may request one from the official PIN website.
The student should always consider federal loans before considering an alternative student loan. Additional information about various lenders offering alternative loans can be reviewed at http://www.finaid.org.
