Federal Direct Stafford Loan Entrance Counseling
Student eligibility for other financial aid is not affected by the acceptance of offered student loans. However, loan amounts could be adjusted any new aid added to the student’s package, i.e. outside/private scholarships
The electronic Master Promissory Note (eMPN) is an online process at the Federal Direct Loans website (http://www.dlenote.ed.gov). After the loans are accepted by students online through Checkmarq and the loans have originated, students are sent a letter letting them know that the eMPN is ready for their signature.
The online eMPN process has eleven steps and requires the student borrower’s federal Personal Identification Number (pin) to complete. The signed eMPN is valid for ten years. Borrower’s need only sign it once during this time period. A PLUS borrower may be required to sign subsequent promissory notes if they were required to provide an endorser previously.
Subsidized Stafford loan interest is paid by the federal government while the student is enrolled in school at least half-time, during the grace period and during approved loan deferment periods.
The Unsubsidized Stafford loan and PLUS loan interest is charged to the borrower for the life of the loan. Borrowers have the option to pay the interest while they are in school or have it accrue. The interest will build up and be added to the principle once at the time of repayment (capitalized).
Students must be enrolled at least half-time to be eligible for federal loans. If the student is enrolled less than half-time, the student loan will not pay and previously borrowed loans go into the grace period. Students must maintain at least half-time enrollment for in-school deferments.
The definition of half-time can vary from school to school. The following outlines Marquette’s half-time enrollment per semester, including summer:
- Undergraduate: 6 credits
- Law/Dental/PA/PT: 6 credits
- Graduate: 4 credits
Students wishing to withdraw from the Marquette must initiate the official withdrawal process through their college. The withdrawal form given to the student must be signed by an Office of Student Financial Aid representative. This provides an opportunity for the student to receive exit counseling information including repayment and loan consolidation information.
A Borrower is obligated to repay the full amount of the loan regardless of whether the borrower completes the program of study in which he or she is enrolled within the regular time of completion.
The following is a list of consequences if a borrower defaults on a federal loan:
- Adverse credit report
- Delinquent debt collection procedures
- Litigation
The National Student Loan Database (NSLDS) is the U.S. Department of Education’s central database of student aid. By visiting the NSLDS website (http://www.nslds.ed.gov), students can access information about their federal student loans and Pell Grants. Students need their federal pin to access their records.
For questions regarding the borrower’s rights and responsibilities for the terms and conditions of federal loans, please contact:
Margaret Zitzer
Assistant Director – New Student Services
Marquette University – Office of Student Financial Aid
707 North 11th Street, P.O. Box 1881
Milwaukee, WI 53201-1881
414-288-7390
