Important Changes to Loan Program

Due to the impact of recent federal legislative changes, Keystone College will convert from the Federal Family Education Loan Program to the Federal Direct Loan (DL) Program beginning with the 2010 – 2011 academic year.

These programs are virtually identical and with loan funding provided directly from the U.S. Treasury, the DL program provides certainty that access to student and parent loans in the future will not be a concern.

Complete a new Master Promissory Note

As a result of this change all federal loan borrowers will need to complete a new Master Promissory Note (MPN) before they can receive funds the Fall 2010. Below are the steps you must take to ensure your loans will be processed in time for the upcoming fall semesters. 

Direct Loan Borrowers:

• For 2010-2011: Complete the 2010-2011 FAFSA and indicate an interest in loans (question on the FAFSA)
  Note: If already submitted, you do NOT have to resubmit the FAFSA.
• ALL BORROWERS must sign a new Master Promissory Note.
• Students who are borrowing for the first time at Keystone College must complete on-line Entrance Loan Counseling.

Parent PLUS Loan Borrowers:

• Sign a Master Promissory Note (MPN) with the federal government.
• Complete a Parent Plus Loan Request Form.

For additional Direct Loan information and what you and your family will need to do in order to borrow for the next year, click on Direct Loan FAQs or visit www.studentloans.gov.