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Attention: As of June 14, 2010
- All returning students
- All new students
- All new transfer students
If you expect to have subsidized or unsubsidized Stafford loan in the 2010–2011 academic year you must complete a new electronic Master Promissory Note (eMPN) for the Dept. of ED. (See posting from March 30 below.)
Please visit the following link for more information and to complete an eMPN for the Department of Education's Direct Lending (DL) program: https://studentloans.gov/myDirectLoan/index.action.
COA's school code is 011385.
Once you submit an eMPN, COA should receive a notification automatically. If you've returned your signed award notice to the school indicating whether you are accepting your loan(s) or not, you should be all set for now after completing the eMPN. You may receive further information from the Financial Aid Office near the beginning of the term regarding "entrance counseling" that will provide you with additional details about your loan rights and responsibilities.
Please contact the Financial Aid Office at 207-288-5015 if you have questions.
For a full disclosure statement that explains loan terms, limits, grace period, repayment options, consolidation, etc., see DL disclosure statement (pdf).
March 30, 2010: Important information about new legislation
President Obama signed new legislation that eliminates the Federal Family Education Loan Program (FFELP) that COA and a majority of other schools participated in to provide federal Stafford and PLUS loans (Parent Loan for Undergraduate Students). Rather than having these loans go through authorized lenders, banks and credit unions as in the past, they will now all be done through the U.S. Department of Education's Direct Lending (DL) program.
College of the Atlantic is in the process of transitioning to the new program and will keep this site updated when new information becomes available.
What does this change mean for student and parent borrowers?
Borrowers will see little if any differences in the terms of their loans. Service, however, will now be through DL and not private lenders. As always, COA will serve as the middleman while the student is in school and can assist with any questions.
New students will need to fill out a Master Promissary Note (MPN) one time in order to take advantage of Stafford loans. The MPN is generally good for up to 10 years.
Returning students that have had a private lender up through the 2009-2010 year will also have to switch over to DL for new loans issued after July 1, 2010 and hence will need to fill out a new MPN as well.
Once College of the Atlantic has completed the transition to DL, we will direct you towards a link for you to complete an MPN. This could be in June or even later, but should be in plenty of time before the new school year begins.