Financial Aid: Undergraduate Students - Student Loans
Student loans are long-term, low-interest loans, which come due
only after graduation, withdrawal from the college, or upon less
than half-time enrollment. Student eligibility for these loans is
based on financial need and availability of funds. To apply for
the loans indicated below the FAFSA is required. Once students are awarded a loan or
loans, additional paperwork is needed.
Along with accepting your Subsidized and/or Unsubsidized Loan on
your award letter and submitting a signed award letter you will
also be required to complete a MPN (Master Promissory Note).
Before entering the website be sure to print the instructions
below on completing your MPN. Click here for instructions
on completing the MPN (Master Promissory Note).
Click here for completing entrance
counseling online. Just click on Entrance Counseling Tutorial
on the left and follow the instructions.
Massachusetts No-Interest Loan
The Massachusetts No-Interest Loan is a loan from the Massachusetts
State Government to residents of Massachusetts. No interest is charged
on this loan. Repayment does not begin until the student graduates,
withdraws or drops below half-time status. Available to Massachusetts
residents enrolled full-time in an undergraduate program. Awards
range from $1000 to $4000 per year. The link
to the NIL electronic exit website is
https://secure.osfa.mass.edu/nilx/login.asp.
Federal Perkins Loan/Nursing Student Loan
These loans are a low interest (5%) loan from the federal government
and Fitchburg State. Interest charges and repayment begins nine
months after the student graduates, withdraws or drops below half-time
status. Repayment can be extended for as long as ten years. Available
to both undergraduate and graduate students enrolled at least half
time. Awards range from $400 to $4000 per year for undergraduate
students and $500 to $6000 per year for graduate students.
Federal Direct Stafford Loan
Federally guaranteed student loan administered by the college.
Subsidized Direct Loans are need-based loans whose interest is paid
by the government while the student is enrolled at least half-time.
Students are responsible for the interest on an Unsubsidized Direct
Loan for the life of the loan. Repayment of principal begins six
months after the student graduates, withdraws or drops below half-time
status.
Annual
Direct Stafford Loan Limits |
| Grade Level |
Dependent |
Independent |
| Freshman |
$3500 |
$7500 |
| Sophomore |
$4500 |
$8500 |
| Juniors/Seniors |
$5500 |
$10500 |
| Graduate Students |
|
$20500 |
These loan limits include both subsidized and unsubsidized amounts
and cannot exceed your cost of attendance minus other financial
aid.
Completing the MPN (Master
Promissory Note) online
We are pleased that Fitchburg State College is able to offer you
this service. The promissory note is called a Master Promissory
Note because it is designed to cover all Federal Direct Loans that
you borrow while attending Fitchburg State College. In other
words, you will complete the Master Promissory Note only once during
your four years at Fitchburg State College.
Requirements:
1. Log onto the Website: Direct
Loans Master Promissory Note
After logging onto the website, click on What You Need in
order to confirm that you have an appropriate browser, as well as
Adobe Acrobat Reader. Both browser and reader are available
for downloading at this site.
Instructions:
- PIN REGISTRATION - As a security measure, you
will be asked to confirm your Department of Education PIN.
If you do not have a PIN, log into the PIN Registration site to
obtain one.
- DISCLOSURE AND CONSENT - Here you will receive
information regarding the use of an electronic MPN.
- PROVIDE NAME AND SCHOOL - Provide your full
legal name and select Fitchburg State College as your school.
- READ BORROWER'S RIGHTS AND RESPONSIBILITIES
- Carefully read the Borrower's Rights and Responsibilities
section. Important information regarding your loan
is provided here.
- COMPLETE THE MPN - Provide any remaining information,
including your permanent address, driver's license number and
state, e-mail address, and telephone number. This
information may already be filled in for you. If so, please
make sure that all information is correct, and make changes if
necessary. You will also be required to provide the names,
addresses and relationship of two references.
- REVIEW DRAFT - Review a draft version of your
MPN and confirm that the information is correct.
- SIGN YOUR MPN - Review the Promise to Pay
section of the MPN and then sign the MPN by typing
in your full name.
- REVIEW SIGNED MPN - Review the Adobe PDF version
of your completed MPN and confirm that the information is correct.
Do not print the MPN.
- CONFIRM ACCEPTANCE OF MPN TERMS AND SUBMIT MPN
- Confirm that you agree to the terms and conditions of your MPN.
At this point, you may still modify or cancel your MPN.
If you agree to the terms and conditions of the MPN, electronically
submit your MPN to the Department of Education. You may
now print a copy of your MPN.
Direct Loan Deferments for Volunteer Services
If you have volunteered in either the Peace Corps or Action Programs,
you may be eligible for a deferment of your federal direct student
loan(s). For more information or to download a deferment request
form go to www.dlssonline.com.
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