Those applying for a Stafford Loan for the 2009-2010 (current) academic year, should apply here
New B-W Students (starting Summer 2010, Fall 2010, and/or Spring 2011)
Current B-W Students
Stafford Loan FAQ
Parent PLUS and Graduate PLUS Borrowers:
DO NOT apply for 2010-2011 PLUS Loans until the Federal Direct PLUS application is updated on the Parent PLUS and Graduate PLUS web pages.
Entrance Counseling and Electronic Master Promissory Note (eMPN) Procedures
New Students:
B-W students planning to borrow a Federal Stafford Loan for the 2010-11 academic year must complete Entrance Counseling and submit an electronic Master Promissory Note (eMPN). These steps should be followed by students that have received a financial aid award from the Baldwin-Wallace Office of Financial Aid.
You will need your FAFSA PIN number (Personal Identification Number) to complete this process. Visit www.pin.ed.gov to see your current PIN, to apply for a PIN, or to obtain a new PIN.
Each requirement will take approximately 15-20 minutes to complete. Make sure you have enough time to complete the process in a single session because you may not have the option to save the information.
To complete the Entrance Counseling requirement:
1. Visit the Department of Education Loan Counseling site https://www.dl.ed.gov/borrower .
2. Read and complete all items and list B-W as your school choice. Our school code is 003014.
To complete the electronic Master Promissory Note (eMPN):
1. Visit the Department of Education eMPN site https://dlenote.ed.gov/empn/index.jsp.
2. Read and complete all items for Subsidized/Unsubsidized loans.
3. Once you complete your eMPN, print a copy for your records and click “Done” to send your application.
Entrance Counseling and Electronic Master Promissory Note (eMPN) Procedures
Current B-W Students:
Recent changes affecting the guidelines of the Federal Family Education Loan (FFEL) Program, combined with the credit crunch, have resulted in the elimination of borrower benefits and limited services to students and schools participating in the FFEL Program. Following a long period of research and monitoring the student loan environment, B-W made the decision to switch to the Federal Direct Loan (DL) Program, effective May 2010, in order to provide a secure source of educational funding to our students.
B-W students planning to borrow a Federal Stafford Loan for the 2010-11 academic year must complete Entrance Counseling and submit a new electronic Master Promissory Note (eMPN).
You will need your FAFSA PIN number (Personal Identification Number) to complete this process. Visit www.pin.ed.gov to see your current PIN, to apply for a PIN, or to obtain a new PIN.
Each requirement will take approximately 15-20 minutes to complete. Make sure you have enough time to complete the process in a single session because you may not have the option to save the information.
To complete the Entrance Counseling requirement:
1. Visit the Department of Education Loan Counseling site https://www.dl.ed.gov/borrower.
2. Read and complete all items and list B-W as your school choice. Our school code is 003014.
To complete the electronic Master Promissory Note (eMPN):
1. Visit the Department of Education eMPN site https://dlenote.ed.gov/empn/index.jsp .
2. Read and complete all items for Subsidized/Unsubsidized loans.
3. Once you complete your eMPN, print a copy for your records and click “Done” to send your application.
Basic Information on Federal Direct Subsidized Stafford Loans
· Available for degree or certificate seeking students attending at least half-time and maintaining satisfactory academic progress (SAP)
· Student must be registered for classes and file necessary financial aid applications (including the FAFSA )
· Eligibility is based on financial need.
· Entrance Interviews are required of all first time loan borrowers.
· Repayment begins 6 months after a student graduates, withdraws, or drops below ½ time status.
· Borrowers may choose from several repayment options
· An origination fee of 0.5% will be deducted from each loan prior to disbursement.
· The subsidized interest is paid by the federal government while the student is in school and during the six month grace period
As of July 1, 2010, the Federal Direct Subsidized Stafford Loan interest rate for undergraduate students is 4.5% and the interest rate for graduate students is 6.8%.
Federal Direct Unsubsidized Stafford Loans
Meets all terms of Federal Direct Subsidized Stafford Loan except:
· This loan is not need-based
· The federal government does not pay the interest on your behalf
The current Unsubsidized Stafford Loan Interest rate is currently 6.8%
275 Eastland Rd.