Adrian College is processing Stafford loans through the William D. Ford Direct Loan program. In order to complete your Stafford Master Promissory Note (MPN) and Entrance Counseling, please click on the following link: Studentloans.gov. Once there, sign in by clicking “Sign In” under the “Manage My Direct Loans” heading. You will need to enter your Social Security Number, the first two letters of your last name, your date of birth, and your FAFSA PIN number. Once signed in, please complete both the Stafford Loan Entrance Counseling and the Stafford Loan Master Promissory Note. Both items must be completed before your loans can be processed.
The maximum student loan is $3,500 per year for freshmen, $4,500 for sophomores and $5,500 per year for juniors and seniors. The actual loan amount depends on parental and student income and the amount of financial aid awarded. The Unsubsidized Stafford Loan begins to accrue interest as soon as the loan is disbursed.For the Subsidized Stafford Loan the Department of Education pays the interest while the student is in school. Repayment is deferred until six months after the student ceases to be enrolled in college at least half-time. The repayment period can be as long as 10 years.
Parent Loan for Undergraduate Students (PLUS) Loan
Adrian College is processing PLUS loans through the William D. Ford Direct Loan program. This federal loan enables parents to borrow directly from the Federal Government up to the cost of attendance minus any financial aid. Repayment begins 60 days after loan is fully disbursed and continues for up to 10 years.
To apply for the Parent Loan for Undergraduate Students (PLUS), please click on the following link: Studentloans.gov. Once there, sign in by clicking “Sign In” under the “Manage My Direct Loans” heading. You will need to enter the parent (borrower’s) Social Security Number, the first two letters of the parent (borrower’s) last name, the parent (borrower’s) date of birth, and the parent (borrower’s) FAFSA PIN number. Please complete the PLUS Loan Master Promissory Note and PLUS Application. In addition to the PLUS loan Master Promissory Note and Application, a PLUS loan Certification Page is required. To obtain these documents please visit the “Required Documents” tab. The PLUS Loan must be reapplied for each academic school year.
Please click on the PLUS loan Certification Page link below, print out the form, and return it to the Office of Financial Aid. In order for your PLUS loan to be disbursed, all items must be completed.
There are a number of lenders who provide alternative loans. Adrian College has a Recommended Lender List to provide you with a couple of different alternative loan options; however, we do not recommend any lender over another.
Be an Informed Borrower
Loan provisions and requirements vary greatly and change frequently. You should contact the lender for specific information regarding the most current interest rate, fees and eligibility requirements before taking a loan. You should carefully research the loan company you are considering doing business with. The Federal Trade Commission has a helpful web site that provides tips on items to look for when selecting a lender.
Important Information About Applying
Once you have decided to apply for an alternative loan allow 7-10 business days to have your application forwarded to our office. When you have completed your application online you should notify our office either via email email@example.com or by calling 1-888-876-0194.
Items to Consider When Comparing Loans
To ensure that you are fully informed, you should read the lender’s application and promissory note fully for specific information regarding the terms and conditions of your loan.