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New Borrowers: Complete the
Federal Stafford Loan Process
All first time MSOE Stafford
loan recipients who have
received a Financial Aid Award Offer and have accepted the Stafford Loans are
required to complete the online Stafford Loan Entrance Counseling and to sign a
Stafford Loan Master Promissory Note prior to the
school receiving the funds. Please click here for more information on Federal Stafford
Loans.
To fully process your Stafford
Loan, there are three steps that need to be completed:
Step 1: Review and select a Stafford
Loan Lender
MSOE has compiled a list of lenders that offer Stafford Loans to our
students. Students are not required to
select a lender from our list and are encouraged to consider all options. We will process Stafford Loans from any lender
that is capable of working with our school.
Carefully review the borrower benefits when choosing a lender. (If you wish to review MSOE's list of lenders
prior to starting this process please click here)
Step 2: Stafford
Loan Entrance Counseling
Students are asked to review the terms and conditions of the Stafford Loan
program and then are required to complete an exam which asks a series of
questions related to the loan program, repayment, the student's responsibilities
as a loan borrower, etc. It is important
for the student to complete this process to ensure the understanding of
borrowing federal funds.
Step 3: Complete Stafford
Loan Master Promissory Note online
Students are required to sign a Stafford Loan Master Promissory Note
(MPN). The MPN is a signed* contract
between the lender and the student stating that the student understands the
terms and responsibilities of borrowing from the Stafford Loan program and
agrees to the repayment terms and conditions.
* In
order to sign the Stafford Loan Master Promissory Note (MPN) electronically you
must use your federal pin
number from the U.S. Department of Education.
These three steps can be
completed online. Apply
Now! The entire process can also be completed in
the MSOE Financial Aid Office but; you are encouraged to complete the steps
online to ensure accuracy and a timely delivery.
NOTE: These steps are to be completed by the student. We understand that this process can be
technical and complicated and it is encouraged for parents to assist their
students however, it is against federal law to complete these steps on a
student's behalf.
Students Leaving MSOE: Complete the Exit Counseling
- All borrowers leaving MSOE or graduating from MSOE are required to complete the Stafford Exit Counseling.
MSOE's Lender Selection Policy Disclosure
The
lenders selected above were rated on various aspects of their Stafford,
Parent PLUS, and alternative loan products. Each lender that submitted
information to MSOE went through detailed scoring of each loan product
including but not limited to benefits offered, approval rates, loan servicing,
and other services offered to MSOE students. Lender selection will be reviewed
annually to ensure that the benefits that lenders offer continue to adhere to
our student's needs. Any lender that no longer adheres to our needs will be
removed, and new lenders that meet our criteria are added. At least three
lenders will be presented to you at all times. You are free to select any
lender, including those not presented. Application processing will not be delayed
if you choose a lender not presented. MSOE maintains a professional
relationship with all lenders. Our officials are prohibited from accepting
financial or other benefits in exchange for displaying lenders. These include:
receiving compensation to serve on any lender's board of directors or advisory
boards; accepting gifts including trips and entertainment; allowing lenders to
staff our institution's financial aid office; allowing lenders to place our
institution's logo on any of their products; and owning lenders' stock (only
pertaining to those college officials who make
loan decisions for our institution).
OE Number 003868