Undergraduate Financial Aid

Steps to Secure Your Federal Student Loans and How to Apply for and Secure the Federal Direct Parent Loan (PLUS)* Additional information on the Federal Direct Loan Program is available on page 8 in this booklet or at http://studentaid.ed.gov. If you accepted a Direct Stafford Loan, complete all steps listed below: • Complete your Master Promissory Note † (MPN) online at www.studentloans.gov. • You will need your FSA ID. If you do not have an FSA ID go to https://FSAID.ed.gov. Please note the address for Pace will list only the NYC Campus and that is acceptable for all students. The Master Promissory Note (MPN) for the 2020–2021 academic year will be available April 2020. • You must also complete Loan Entrance Counseling. This can be done any time at www.studentloans.gov. Follow the directions for the Direct Loan Entrance Counseling. To apply for the PLUS Loan, follow the steps below: 1. You and your parent/step-parent/adoptive parent must complete and return the "REQUEST FOR FEDERAL DIRECT PLUS LOAN AND CONSENT TO OBTAIN CREDIT REPORT" form to your home campus Financial Aid Office. The form is available on page 5 of this booklet or on the forms page of the financial aid website. This form CANNOT be completed online, and must be submitted to the Financial Aid Office. 2. The Department of Education's Common Origination and Disbursement Center (COD) will notify your parent/step-parent/adoptive parent via mail/email if they are credit approved or denied. 3. If approved, your parent/step-parent/adoptive parent must complete a Loan Agreement for a PLUS Loan (MPN) at www.studentloans.gov. They will need an FSA ID in order to complete the MPN online. If they do not have an FSA ID go to https://fsaid.ed.gov. Please note the address for Pace will list only the NYC Campus and that is acceptable for all students. The Master Promissory Note (MPN) for the 2020–2021 academic year will be available in April 2020. If your parent/step-parent/adoptive parent has trouble signing the MPN, please call 1(800) 557-7394. In order to ensure your Student and PLUS Loans will be available for the start of the semester, you will need to complete all of the above steps a minimum of two (2) weeks before the bill due date. If a student is applying for a PLUS loan to finance non-Pace housing, they must provide the Financial Aid Office with a copy of their signed lease agreement (all parties' signatures must be present and the student must be a lessee on the agreement) prior to submitting the loan application. *If the PLUS Loan is denied, your parent may seek a cosigner, or you may become eligible for an additional Direct Unsubsidized Stafford Loan of $4,000 for students with 0–64 (freshman/sophomore) completed credits or $5,000 for students with 65+ (junior/senior) completed credits. † If you received a Federal Direct Loan during the past several academic years at any college, you may not have to sign a new promissory note. The promissory note you signed was most likely a Master Promissory Note that will cover all the Direct Loans you receive for up to 10 years. 2

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