Direct Lending
Due to recent legislation starting with the 2010-2011 academic year and going forward, WPI as well as all other institutes of higher education will be switching from the Federal Family Education Loan (FFEL) Program to the William D. Ford Direct Loan (Direct Loan) Program.
Both the FFEL and Direct Loan programs consist of what are generally known as Stafford Loans (for students) and PLUS Loans for parents and graduate and professional degree students.
Under the Direct Loan Program, the funds for your loan come directly from the federal government. Funds for your FFEL came from a bank, credit union, or other lender that participated in the program. Eligibility rules and loan amounts are identical under both programs.
What does this mean for WPI students and parents?
If you are a current WPI student and you have borrowed a Stafford Loan or if you are a parent or graduate student that has borrowed a PLUS loan you previously signed a Master Promissory Note (MPN) with a lender participating in the FFEL program which would have been loans borrowed before 2010-2011. If you did not borrow after the 2009-2010 academic period but will plan to borrow in the future the next time you borrow a Stafford or a PLUS loan you will need to complete a new Master Promissory Note.
UNDERGRADUATE STUDENTS- For instructions on completing a Master Promissory Note (MPN) for an Undergraduate Stafford loan and entrance counseling Click Here
GRADUATE STUDENTS - For instructions on completing a Master Promissory Note (MPN) for a Graduate Stafford loan and entrance counseling Click here
PARENTS - For instructions on applying for a PLUS loan Click Here
GRADUATE PLUS LOANS - For instructions on applying for a Graduate Plus loan Click Here
Please note, if applying for a PLUS loan, the credit decision on PLUS loan applications is only valid for 90 days from the date of the application. If funds are not disbursed to the school within that 90 days, your credit will have to be pulled again. For this reason any PLUS loans for the fall/spring 2011-2012 academic period should not be applied for any earlier than early June, 2011.
Maintained by webmaster@wpi.edu
Last modified: June 17, 2011 16:21:13