| Loans are borrowed money that must be repaid with interest. |
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Repayment
begins six months after the student stops attending
school at least half-time. Loans are low interest; fixed so the interest does not fluctuate. |
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Federal
Stafford Subsidized Loans are based on need. The government
pays the interest while the student is enrolled in school at
least half-time and during the six-month grace period. |
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Federal
Stafford Unsubsidized Loans are not based on need.
The interest accrues from the time the money is disbursed to
the student. The student can either make interest payments or
let the interest accrue and capitalize it when he/she begins
repayment. |
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Potential Lenders and Benefits |
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Student
Loan Electronic (MPN) Master Promissory Note Process - You can
greatly speed up the processing of your student loan by completing
your MPN online. To use this option, you must have your Dept.
of Education "PIN" number to electronically sign your
MPN. Click
here to complete your MPN online. |
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Federal
regulations require all first-time Stafford loan borrowers
complete one of the following loan entrance counseling options
before receiving student loan funds. Loan checks will not
be credited to your account until this requirement is met. |
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NOTE: First-time Stafford loan borrowers can complete the
entrance loan counseling as part of the Student
Loan Electronic MPN process or at
http://www.mappingyourfuture.org.
MSTC's Title IV School Code is 005380 |
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Parent
Loan to Undergraduate Students (PLUS) is a loan that
parents of "dependent" students may apply for to assist
their son or daughter with eduational expenses. To determine
eligibility, complete the FASTPlus
Pre-Approval process.
No loan will actually be processed unless the parent completes
the FASTPlus
Online MPN as the legal agreement to pay. |
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