Frequently Asked Questions
federal student loans
What do I have to do to receive my Federal student loans?
The process of determining your eligibility for your Federal student loans has not changed. You must complete all application requirements and you will be notified of your eligibility by the Office of Student Services.
What will I have to do to receive my disbursements?
All borrowers, prior and new, will have to sign a new Master Promissory Note (MPN). This can be done at StudentLoans.gov.
Can I sign a new MPN now, or do I have to wait until my 2012–2013 loans have been awarded?
You can sign an MPN at any time by visiting StudentLoans.gov. Once your loan(s) have been originated, they will be linked to your existing MPN.
I want to apply for a PLUS loan for 2012–2013. Can I start this process now?
Yes. To apply for a PLUS loan, visit the U.S. Department of Education website at StudentLoans.gov.
How will this affect my prior-year Federal Direct, PLUS, and Grad PLUS loans?
This change will NOT affect any prior-year Federal loans.
What are the benefits of the Federal Direct Loan Program?
The Federal Direct Loan Program offers:
- A guaranteed source of funding for Federal Student Loans
- A lower interest rate on PLUS and Grad PLUS loans
- A single point of service for students in repayment
- Additional repayment options for students
- Interest rate reductions for on-time payments
- The Public Service Loan Forgiveness Program (PSLF)
Will I be able to continue borrowing through the same lender that I have used in prior years?
No. As of Fall 2010, all Federal Student Loans will be processed through the Federal Direct Loan Program.
What happens to the Direct loans I borrowed in previous years? Will they still be deferred, now that Boston College has changed its loan process?
Your Direct loans from previous years should remain in deferment status as long as you continue to be enrolled at least half-time for your program. You are responsible for notifying your lender if your enrollment status changes.
How will repayment work if I have FFEL and Direct loans?
Many FFEL lenders have been selling their loan portfolios to the Department for Education for servicing during the past few years. You will have the option of making separate payments to each lender/servicer OR consolidating all Federal loans into one Federal Direct Consolidation Loan.
Where can I find information about who services my other Federal loans?
Will I still be able to borrow private loans through an outside lender?
Yes. If you meet the qualifications, you will still be able to borrow private loans through an outside lender.