NEW STUDENT LOAN INFORMATION
Effective July 1, 2009
Beginning Fall 2009 Semester, West Virginia Northern Community College will offer Federal Stafford (Student) Loans directly from the Department of Education through the Federal Direct Loan Program. Students no longer need to apply for a Stafford loan through a third-party servicer such as a bank, credit union, or other lender.
All students who borrow a Stafford Loan are required to complete a new Direct Loan Master Promissory Note (MPN), a Direct Loan Entrance Counseling Quiz, and a WVNCC Direct Loan Application. The MPN and Entrance Quiz must be completed on-line - web links are provided below. The loan application can be printed below and submitted to the Financial Aid Office or is available in print form at your Campus Service Center or the Financial Aid Office.
2013-2014 Federal Direct Loan Information
- Complete your Federal Direct Loan MPN
- Complete your Federal Direct Loan Entrance Counseling
- Print your WVNCC Federal Direct Loan Application *
- Learn more about the Direct Loan Program
- Direct Loan Basics for Students (PDF Brochure)
* EFFECTIVE MARCH 1, 2013: Student Loan Changes in effect due to Sequestration
For Direct Subsidized and Direct Unsubsidized Loans where the first disbursement of the loan is after the sequester takes effect, the current loan fee of 1 percent of the principal amount of a loan will increase. The Department of Education presently anticipates that the rate will increase to approximately 1.05 percent. With such an increase, for example, the fee on a loan for $5,500 would increase from $55.00 to $57.75, an increase of $2.75. The Department of Education will provide the actual increased percentage when it becomes available.
How this affects you?
TODAY - All New students, students that have never borrowed a Direct Loan before, or if it has been 10 years since signing a Direct Loan Promissory Note have to complete a new Direct Loan Master Promissory Note (MPN) and a new Direct Loan Entrance Quiz. Once you complete the new MPN and Entrance Quiz you will not have to complete it again while you are at WVNCC.
AFTER GRADUATION - Students who have loans through American Education Services (AES) or Great Lakes Higher Education and the Direct Loan Program will have to make separate payments when you enter repayment unless you consolidate your loans. You can consolidate all your Stafford Loans together with Federal Direct Consolidation Loans. For more information on consolidation go to www.loanconsolidation.ed.gov. To monitor all your Student Loans (from any institution or program), access your loan history with the National Student Loan Database System at www.nslds.ed.gov.
*Graduates must also complete Exit Counseling online at www.studentloans.gov. The Federal Direct Loan Exit Brochure is available by clicking here for additional information about loan repayment.
