Federal Stafford Loans

As a result of the strain on the U.S. financial market with banks and lenders leaving the FFEL Program or charging loan fees, Messiah College has decided to return to 100% participation in the Direct Loan program for the 2009-2010 academic year and beyond. This means that instead of going to a financial institution (bank/lender) to apply for a Federal Stafford loan, students will apply directly through Messiah College. Below is a chart detailing the borrower benefits from Direct Loans:

 

William D. Ford Federal Direct Loan Program

Direct Loan Serviced Guaranteed by the Federal Government

09-10 Academic Year - Loans first disbursed on or after 7/1/09 & before 7/1/10: Subsidized Stafford Loans: 5.6% fixed interest rate Unsubsidized Stafford Loans: 6.8% fixed interest rate 1.5% Origination Fee 1.0% upfront rebate (requires 12 on-time payments during repayment) 0.25% interest rate reduction for borrowers who elect automatic debit of monthly payments

Contact the Financial Aid Office at 1-717-691-6007, or email finaid@messiah.edu

 

Please don't hesitate to contact the Financial Aid office at (717) 691-6007, Monday through Friday, 8:00 a.m. to 5:00 p.m.

Steps to complete the Federal Stafford Loan process:
1) You must complete a FAFSA. On question #31 you must check either 2 or 3 (that you want
student loans).
2) Take Loan Entrance Counseling online at www.dl.ed.gov. At the top, click on "Entrance Counseling". The counseling session will take about 20 minutes.
3) Electronically sign a Master Promissory Note (MPN) at www.dlenote.ed.gov. Along the left side, click on "Complete New MPN for Student Loans". You will need your FAFSA PIN as your electronic signature. If you forgot your PIN, you can request a duplicate PIN at: www.pin.ed.gov.

Messiah College receives all of the above information electronically, so you do not need to notify the Financial Aid office.