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How to Apply for Federal Direct Loans

STEP 1: Federal Direct Stafford Loan (Student Borrowers)

First time Direct Stafford Loan borrowers must complete both on-line Entrance Counseling and electronically sign a Stafford Master Promissory Note (MPN). Locate or apply for your Federal PIN Number, this is the same number used to sign your Free Application for Federal student Aid (FAFSA).

KEEP THIS NUMBER SAFE; you will need it to complete your Master Promissory Note, for renewal applications and to review your loans in the future. If you do not have a PIN, go to http://www.pin.ed.gov and choose either "Apply for a PIN" if you have never had one or "Request for a Duplicate PIN" if you had one but do not know it.  

1. Go to StudentLoans.gov CLICK HERE
2. Click on Sign In (use Student Borrower PIN number)
3. Click on Complete Entrance Counseling
4. Click on Complete MPN (then choose Subsidized/Unsubsidized)

This application is hosted by the U.S. Department of Education. When you complete these steps, we will be able to process the student loans for which you are eligible.

Beginning December 1, 2013, the origination fees for subsidized and unsubsidized loans will be 1.072%.

STEP 2: Federal Direct PLUS Loan (Parent Borrowers)
Direct PLUS Loans are available to parents of undergraduate dependent students. As a parent, you may wish to take advantage of this low interest federal loan program to help pay education expenses. The Direct PLUS Loan has a fixed interest rate of 6.41% for the 2013-14 year.

  • Complete and submit the Federal Direct PLUS (Parent) Loan Application to the Averett Financial Aid Office. This can be faxed to 434-791-5647 or mailed to our office: Office of Financial Aid, 420 West Main Street, Danville, VA 24541
  • The parent-borrower of a Federal Direct PLUS Loan must pass a credit check as part of the application process. You will be notified in writing of the results of the credit check with respect to the loan application.
  • If your PLUS Loan is denied, then you may still be eligible to re-apply using an endorser (co-signer). If applicable, information about this option will be sent to you from the Federal Direct Loan program.
  • If you are unable to secure a PLUS loan, then your student may be eligible for an additional Federal Direct Unsubsidized Loan of $4,000 to $5,000. Our office will receive the notice of denial automatically from the Federal Direct Loan program, and an offer of this loan will be made to your student.

1. Go to StudentLoans.gov CLICK HERE
2. Click on Sign In (use Parent Borrower PIN number)
3. Click on Complete MPN (then choose Parent PLUS)

  • Once your Master Promissory Note and credit approval has been processed, the Federal Direct Loan program will notify the Averett Financial Aid office that your loan is approved for disbursement.

Beginning December 1, 2013, the origination fees for Parent Plus loans will be 4.288%.

NEED HELP? : Financial Aid staff is available to help you. CLICK HERE for contact information.

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