Beacon College participates in the Federal Direct Loan Program. Direct Loans are low-interest educational loans administered through the U.S. Department of Education, which consists of the Federal Stafford, and PLUS.
- Under the Direct Loan Program, all funding comes directly from the U.S. Department of Education rather than a bank or financial institution. The U.S. Department of Education will be the one source for lending and repayment.
- The phone number for the U.S. Department of Education’s Student Loan helpline is 1-800-557-7394.
Entrance Counseling
First-time borrowers for the Federal Direct Loan must complete an Entrance Counseling before their loan can be processed. The purpose of this session is to help students understand their rights and obligations as a student borrower. For your convenience we have provided the Entrance Counseling on line at www.studentloans.gov.
Master Promissory Note
The Master Promissory Note (MPN) is your promise to repay the lender and must be completed before any loan funds can be disbursed to you. For your convenience, you may electronically sign and submit the MPN online from the U.S. Department of Education’s Web site. During the E-signing process, you will be asked to provide the following information:
What You Will Need:
- PIN
This is your Department of Education issued personal identification number (PIN). It is the same PIN that you used to sign the FAFSA. If you do not remember your PIN, you may request a duplicate from the official PIN site.
- Legal Name
Your full legal name, social security number, date of birth and address. Please note that your full legal name should match what you filed on the FAFSA and your record at Beacon College.
- Driver’s License
Your Driver’s License number and state.
- Two References
Name, address and telephone number of two references who have known you for at least three years. You cannot use two references with the same address.
- Begin the electronic MPN signing process.
Click the following link: www.studentloans.gov
Exit Counseling
The federal government requires that Federal Direct loan recipients complete student loan exit counseling prior to graduating or whenever they cease to enroll at least half-time. The purpose of this session is to help students understand their rights and obligations as a student borrower.
PLUS Loans
Federal guaranteed PLUS loans are available to credit worthy borrowers who are the parents of an undergraduate student. The student must complete the FAFSA, be accepted by Beacon College as a degree-seeking student, and be registered for at least half time status. If the parent of an undergraduate student applies for a PLUS loan and is denied credit, the student becomes eligible for an additional amount in unsubsidized Stafford student loans.
There is also a dollar limit on the amount you may be eligible to borrow. Beacon must certify that each loan meets certain other conditions related to the student's estimated Cost of Attendance, other financial aid and the number of school terms the loan will cover. Consequently, you may want to discuss your situation with a Beacon College Financial Aid Counselor to determine the amount you would be able to borrow.
Log on to the Federal Department of Education website:
https://StudentLoans.gov and follow the steps below.
- Complete the online Credit Check
- Complete the Parent PLUS Direct Loan application
- Complete the Parent PLUS Entrance Interview (Counseling) session
- Complete the Parent PLUS Master Promissory Note (MPN)
