Financial Aid

Value = Quality + Affordability
 

Federal Direct Loan Program

Important federal updates on Entrance Counseling:
Entrance Counseling Materials in PDF Format

Entrance Counseling Materials in Microsoft Word Format

Direct Loan FAQ (Click here for Direct Loan Program Details)

Entrance Counseling and Electronic Master Promissory Note (eMPN) Procedures 

BW students planning to borrow a Federal Direct Loan must complete Entrance Counseling and submit an electronic Master Promissory Note (eMPN). These steps should be followed by students who 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.

Step One: Complete the Entrance Counseling requirement:
1.    Visit  studentloans.gov
2.    Click on the green "Sign In" button.
3.    Sign in with your social security number, first two letters of your last name, birth date and PIN.
4.    Click on "Complete Entrance Counseling" and follow the instructions. 

      Step Two: Complete the electronic Master Promissory Note (eMPN):
1.    Visit  studentloans.gov
2.    Click on the green "Sign In" button.
3.    Sign in with your social security number, first two letters of your last name, birth date and PIN.
4.    Click on "Sign Master Promissory Note" and follow the instructions.
 
Helpful Links:
Federal Direct Loan Change Form - To be completed by students who a) have already received a Financial Aid Award Letter that shows Federal Direct Loan eligibility, and b) who wish to decline or reduce the Direct Loan(s) that have been offered to them.
National Student Loan Data System (NSLDS)  -  This is best way to review all of your federal student loan debt, since this is where the federal government keeps track of your student loans.
Repayment Options - This is the Department of Education's information on repayment options.
Repayment Calculator - This handy tool will help calculate an estimated monthly payment.
Basic Information on Federal Direct Subsidized Student Loans
- Available for degree 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 half-time status. 
- Borrowers may choose from several repayment options 
- An origination fee will be deducted from each loan prior to disbursement. 
- The subsidized interest is paid by the federal government while the student is in school
The current Direct Subsidized Student Loan Interest rate is 3.86% for undergraduate students and the origination fee is 1.072%
 
Federal Direct Unsubsidized Loans
Meets all terms of Federal Direct Loan except: 
- This loan is not need-based
- The federal government does not pay the interest on your behalf 
The current Direct Unsubsidized Student Loan Interest rate is 3.86% for undergraduate students and 5.41% for graduate students. (Origination fees = 1.072%)

 

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