Financial Aid

Admission

 

LOAN APPLICATION INSTRUCTIONS

St. John's College has decided to begin participating in the Federal Direct Loan program for the 2010-2011 school year.  Any Stafford loans you have borrowed to date are through a bank.  With the Federal Direct Loan program, you will be borrowing directly from the Federal Government.  If you borrow from both loan programs, you will be eligible to consolidate all of your loans to one lender once you graduate.

Returning Students

All retuning students on the Annapolis Campus will need to complete a new Master Promissory Note and Entrance Loan Counseling.  Returning student loans on the Santa Fe campus will be processed through your current lender unless you instruct  differently.

Both of the documents for the Federal Direct loan programs are completed online.  The Master Promissory Note can be completed at www.dlnote.ed.gov and the Entrance Counseling can be completed at www.dl.ed.gov.

If you have already completed Perkins or Scofield Master Promissory Note and Entrance Counseling, you are not required to complete this again.

All First Time Student Loan Borrowers 

You are required to do the following for each loan you are taking:

1. Accept your loans on your Financial Aid Award notice
2. Complete an entrance interview for each loan program. This is done online (for Annapolis) and in-person at Santa Fe.
3.Complete a Master Promissory Note with for each loan program.

IMPORTANT!Please read below for detailed instructions regarding steps 2 to 4.

Stafford Loans

  • All Federal Direct Stafford loan borrowers must complete Stafford loan entrance counseling and complete a Stafford Master Promissory Note with the Department of Education. A Master Promissory Note (MPN) is a legally binding agreement that you will pay the loan according to the terms of the loan which are detailed in the MPN. The Stafford MPN is a multi-year promissory note that allows the student to complete one promissory note for the duration of the student's enrollment.

Perkins Loans

  • Repeat borrowers: no additional action necessary if you have returned your signed Financial Aid Award notice.
  • If you are a new borrower accepting the Perkins loan, you must complete a Perkins loan entrance counseling and sign a Perkins Master Promissory Note. The MPN can be downloaded in a PDF format.  Please complete this form and return a signed original copy to the Financial Aid office. We are unable to accept faxed or e-mailed MPNs.  The MPN is valid for the duration of the student's enrollment.

Private/Alternative Loans

Students planning on taking out private loans will need to contact the lender of your choice to complete an application and a Master Promissory Note (MPN) each year. We recommend that you use the same lender for all your loans. Students are not required to complete an entrance interview for a private loan.

Scofield Loans (Annapolis campus only)

  • Returning students with Scofield loans must sign a disbursement schedule in the Financial Aid Office at the start of each term.
  • New borrowers accepting the Scofield Loan will need to complete a Scofield entrance counseling statement and sign a Master Promissory Note (MPN). The MPN is valid for the duration of the student's enrollment. Please complete this form and return a signed original copy to the Financial Aid office. We are unable to accept faxed or e-mailed MPNs.

Grad PLUS loan (for graduate students)

  • All Grad PLUS borrowers will need to complete a PLUS loan application. If approved, a Master Promissory Note (MPN) will need to be completed with the Department of Education. Similar to the Federal Stafford Loan Master Promissory Note, the Federal Grad PLUS Loan MPN is also a multi-year promissory note that allows the student to complete one promissory note for the duration of the student's enrollment. A 2.5% fee is deducted from Grad PLUS loan proceeds by the Department of Education before funds are credited to the student’s account.

PLUS loans (for Parents)

  • PLUS loan information
  • All PLUS borrowers will need to complete a PLUS loan application If approved, a Master Promissory Note (MPN) will need to be completed with the Department of Education. Similar to the Federal Stafford Loan Master Promissory Note, the Federal PLUS Loan MPN is also a multi-year promissory note that allows the parent to complete one promissory note for the duration of the student's enrollment. A 2.5% fee is deducted from PLUS loan proceeds by the Department of Education before the funds are credited to the student’s account.

ENTRANCE COUNSELING

Annapolis students: Entrance counseling is done online. We will receive notification after you have done this. Follow these links.

Santa Fe students: Entrance counseling is done in person by Financial Aid Office staff. You will be notified regarding time and place for this session.

MASTER PROMISSORY NOTE (MPN)

All Master Promissory Notes are completed online or downloadable PDF.  We will be notified when an online MPN has been completed. 

EXIT COUNSELING

Annapolis students: You may do your exit counseling either online at Mapping Your Future or at an in person group session provided by Financial Aid Office staff.

Santa Fe students: Exit counseling is done in person by Financial Aid Office staff. You will be notified regarding time and place for this session.

OBTAINING YOUR LOAN HISTORY

National Student Loan Data System (NSLDS)

This site will detail all of your federal loans, broken down by academic year. You need your federal PIN to access this system.

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