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Financial Aid

Whatever your financial state, paying for college involves financial planning and strategies. Most students in the nation’s colleges and universities help to finance their education through some type of financial aid. WAU’s office of Student Financial Services is ready and willing to assist you with your financial plan to attend WAU.

Important Changes in Financial Aid Processing

08 June 2010

Many of you are aware that the Reconciliation Bill has passed both the House and the Senate and is now law. Included in the Reconciliation Bill is HR3221, a Student Loan Bill, which requires that all federal educational loans be processed through the Federal Government rather than through private lenders.

Due to this change in regulation, for the 2010-2011 academic year, we will be participating in the Direct Student Loan Program and transmitting all loans through the Department of Education. With Direct Loans, you borrow directly from the federal government and have a single contact – the Direct Loan Servicing Center – for everything related to your loans. For more information on Direct Student Loans, please feel free to visit www.direct.ed.gov.

IMPORTANT

Since this is your first loan through the federal government, you will need to sign a new Master Promissory Note (MPN) for the 2010-2011 academic year with the Direct Loan Program. To ensure a smooth transition for the 2010-11 disbursement of your loan funds we ask you to do this now!

To reiterate, it is critical that all students planning on borrowing a federal Direct Stafford Loan for the 2010-11 academic year (Fall 2010, Spring 2011, Summer 2011) complete a new Master Promissory Note (MPN).

Please go to https://studentloans.gov now to complete your new Direct Loan Master Promissory Note for the 2010-11 aid year. Use your Federal Aid PIN for the electronic signature; and read more about the Direct Loan Program. As usual, you must also be sure to complete the 2010-2011 FAFSA and e-sign it with your Federal PIN(s).

Student Financial Services is committed to assisting you in having a positive experience securing the student aid you need to attend school.

STUDENT FINANCIAL SERVICES

Have a Federal Family Education Loan? Please Note New Procedures.

29 June 2010

Your action is required to receive your direct loan: Complete your Master Promissory Note.

WAU will participate in the William D. Ford Federal Direct Loan (Direct Loan) Program beginning July 1, 2010. Students and parents who previously received loans through the Federal Family Education Loan (FFEL) Program will now borrow through the Direct Loan Program.

As a first-time recipient of a Direct Loan, you must complete a Direct Loan Master Promissory Note (MPN) before you can receive Direct Loan funds. Visit the StudentLoans.gov Web site at https://studentloans.gov immediately to complete a Direct Loan MPN electronically and avoid delays in receiving your loan funds! You must have a Federal Student Aid PIN to complete a Direct Loan MPN. If you do not already have a Federal Student Aid PIN, visit www.PIN.ed.gov to apply for one.