Completing Your Direct Stafford Loan Application
Federal Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution.
Applying for aid
As with all federal student aid, you apply for Direct Loans by first filling out the Free Application for Federal Student Aid (FAFSA). Most students use FAFSA on the Web to complete their applications. The information on your FAFSA is transmitted to the schools that you list on the application, and those schools use the information to assess your financial need for student aid.
Your Financial Aid Award
Direct Stafford Loans are generally awarded as part of a larger "award package," which may contain other types of aid as well, to help you meet the costs of going to college or career school.
- Understanding Your Financial Aid Award (Undergraduate)
- Understanding Your Financial Aid Award (Graduate and Professional Students)
You must "accept" the Direct Loans offered before we can transmit your application data to the Department of Education's StudentLoans.gov website
StudentLoans.gov
To view www.studentloans.gov properly please make sure you have one of the supported browsers. For more information please visit: https://studentloans.gov/myDirectLoan/whatYouNeed.action?page=siteReq .
Use these instructions to complete all necessary documents to finalize your application for a Federal Direct Loan
Step 1:
Obtain a Federal Student Aid PIN: http://www.pin.ed.gov/
Your Federal Student Aid PIN is used each year to electronically sign your FAFSA form online. If you do not know your pin you can request a duplicate using the website above. Because this 4 digit number is needed to apply for your Federal Direct Stafford loan, you cannot proceed without it.
Remember this is the Student's PIN (for the Stafford Loan) not the Parents.
Step 2: Visit http://www.studentloans.gov/ to apply for your federal Direct Stafford loan.
On the left side of the page, use the green "Sign In" button to begin your application process.
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FIRST TIME BORROWERS should also complete the online "Entrance Counseling" module before completing their actual application.
Step 3: The next page will allow you to enter your identifying information and your (student's)Federal Student Aid Pin.
Step 4: After signing in, you will need to complete 2 steps to begin the Master Promissory Note.
1.Choose the "Complete a Master Promissory Note" link to begin the application process.
2. Confirm your email address for future correspondence. Please choose the email address you are most likely to use during and after your time at Loyola University New Orleans.
Step 5: Choose your loan type
Students choose Parents/ Grad Students choose
Step 6:
Fill in the requested information. All questions marked with a red asterisk are required for completion of the application.
Step 7:
Personal references are required to complete the application. The names listed here are in no way financially obligated to pay back the loan.
Step 8:
You must review the terms and conditions of this loan section by section. You must expand each section and review it before you can continue.
Step 9: Check the box and use the Continue button to finalized your application and submit on the next page.
Step 10: Review the information and view the "HTML Version" by clicking on the blue link at the bottom of your review page. Once opened you may print and save a copy for your records. Then choose continue.
Completed and submitted, you will receive an email confirmation and the final screen should look like this:
Once we receive notice that you completed your federal Direct Stafford Loan Master Promissory Note, we will originate (or certify) your loan. The U.S. Department of Education will send you a disclosure statement with the details of your loan. You will also receive a confirmation letter from the Financial Aid Office. Once your funds have been disbursed to your student account, you will receive notice from the Student Accounts Office.
Updated October 27, 2010