Welcome to the Student Loan website. We are responsible for processing all Federal Student Loans which includes the Federal Direct Subsidized and/or Unsubsidized Loan (also known as a Stafford Loan), the Federal Direct Parent Plus Loan and the Federal Perkins Loan.
Federal Direct Parent Plus Loans
The Federal Direct Parent Plus Loan is a loan in which the parent is the borrower. The maximum a parent of a dependent undergraduate student can borrow in this program is up to the cost of attendance (which is comprised of both direct expenses and indirect expenses) minus all other financial aid received.
For the 2009-2010 academic year, the Parent Plus loan has a fixed interest rate of 7.9%. Interest is charged on the loan from the date the first disbursement is made until the loan is paid in full. Also, a 2.5% net origination fee (4% gross origination fee - 1.5% upfront interest rebate) is deducted from each disbursement.
The Parent Plus loan is for the entire year and is divided into equal disbursements for the fall and spring semesters. Please note repayment for the Parent PLUS Loan begins sixty days after the spring loan disbursement. Effective for PLUS loans with a first disbursement date on or after July 1, 2008, you may request to defer repayment of this loan as long as the student attends school at least half time. Interest will accrue on the loan when it is in deferment. To request deferment the parent would need to contact Direct Loans at 1-800-848-0979.
To apply for a Parent Plus loan. you can download the Parent Plus application from the link below. Completed applications can be mailed to:
Providence College
Student Loan Office
1 Cunningham Square
Providence, RI 02918
2009-10 Parent Plus Loan Application
If you have been informed by the Student Loan Office that you have been approved for a Parent Plus Loan and need to complete a Master Promissory Note (MPN) online you can go to www.dlenote.ed.gov .
Once on this site, click on the link ‘Complete New MPN for Parent Plus Loans’. Next click on the bar labeled ‘Proceed to eMPN Login’. You will need your FASFA pin number to sign the MPN. See Obtaining your FAFSA pin number below if you do not know your pin number or need to apply for a pin number for instructions.
After you have successfully logged in with your FAFSA pin, please follow the instructions on the website to complete the MPN. Once complete, the US Department of Education will send the MPN to Providence College electronically.
Federal Direct Student Loans:
The Federal Direct Subsidized and/or Unsubsidized loan is a student loan, commonly referred to as a Stafford loan, where the US Department of Education Direct Loans acts as the lender. The interest rate for subsidized loans disbursed on or after July 1, 2009 is 5.6%. The interest rate for unsubsidized loans disbursed on or after July 1, 2009 is 6.8%. The origination fee is 1.5% with an upfront rebate of 1.0%.
The type of Federal Direct Loan a student receives is determined by the Office of Financial Aid based on information provided in your FAFSA.
Subsidized loans do not accrue interest while the student is enrolled in school. Unsubsidized loans do accrue interest while the student is in school. A student can either make payments for the accruing interest while they are in school or they may capitalize the interest to repay when they begin repayment for their loans. Upon origination of the unsubsidized loan, Direct Loans will contact the borrower about selecting an interest repayment option.
Repayment for this loan begins 6 months after graduation or 6 months after a borrower ceases to attend Providence College at least half time. For more information about this loan, please visit www.dl.ed.gov .
If you have been awarded a Federal Direct Subsidized and/or Unsubsidized Student Loan by the Office of Financial Aid there are two requirements that you must complete. They are signing a Master Promissory Note (MPN) and completing Entrance Counseling, both of which are done online. Both requirements only need to be completed once and are good for all of your years at Providence College.
To complete your Master Promissory Note visit www.dlenote.ed.gov .
Once on the site, select ‘Complete New MPN for Student Loans’. This will bring you to the ‘MPN Type Selection’ screen. Select ‘Subsidized/Unsubsidized’, then continue. The next screen is ‘Complete New MPN For Student Loans’. Within the first paragraph on this screen select the link titled ‘What to Expect’. This is a detailed outline of the steps necessary to complete the MPN.
Step 1 explains the pin registration site. If you do not know your FAFSA pin number, please see the instructions below for obtaining your FAFSA pin number. You will not be able to complete your MPN without this pin number.
After you have read the 9 steps to complete the MPN, use your browser’s back button to return to the ‘Complete New MPN For Student Loans’ screen. Scroll down to the bottom of this page and select the blue box titled ‘Proceed to eMPN Login’. On the login screen, enter the required information. This will give you the access to complete the remainder of the steps and sign your master promissory note. Once complete, the US Department of Education will send the MPN to Providence College electronically.
To complete Entrance Counseling visit https://www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp . You do not need a pin number to complete this requirement.
Once on this site, click the link titled ‘Entrance & Exit Counseling, Get the information you need as a Direct Loan Borrower’ in the middle right of this screen. Then click on the ‘GO’ icon in the box titled ‘Entrance Counseling’. Next Select the box on the left titled ‘Stafford Loan’. Click on the blue block titled ‘Tutorial and Quiz (New Session).
Once in the site, the system will navigate you through your rights and responsibilities as a borrower. You will then be asked to answer a total of 15 questions and provide the U.S. Department of Education with your personal information, acceptance of your rights and responsibilities and school information. Once complete, the US Department of Education will send the entrance counseling to Providence College electronically.
Federal Perkins Loans
The Federal Perkins loan is a student loan where Providence College acts as the lender using a limited pool of funds provided by the Federal government. This loan is need based and is determined by the Office of Financial Aid based on the information provided on the FAFSA. The interest rate is fixed at 5%. Repayment of this loan begins 9 months after graduation or 9 months after a borrower ceases to attend Providence College at least half time.
If you have been awarded a Federal Perkins Loan by the Office of Financial Aid you are required to complete a Master Promissory Note (MPN) and Entrance Requirements. To complete both requirements visit https://signmyloan.com .
This website is through University Accounting Service (UAS), whom is partnered with Providence College for their administration services of the Federal Perkins loan.
Select ’Review and Sign Your Loan’ under the For Students section on the left side of the web page. After you have read the outline, select continue. Providence College requires the use of the FAFSA pin number in this process. If you do not know your FAFSA pin number, please see the instructions below for obtaining your FAFSA pin number. After you have obtained your pin number, select ‘click here if you have obtained your pin from FAFSA’. This will bring you to the Student Authentication Network. Enter the required information. After this is complete, you will be directed back to the UAS website. This website is very user friendly and will lead you through this process.
The entrance counseling requirements are federal requirements that every new loan recipient must complete. This process is designed to make sure the borrower understands the terms and conditions of the loan. Please read this information carefully.
This website allows you to complete and sign a MPN over the internet. This note will be used for all of your Federal Perkins Loans for your four years at Providence College . In future years you will not be required to sign another master promissory note. However, you will need to log into this system at the beginning of every school year to accept your loan.
Obtaining your FASFA pin number
You will need your FASFA pin number to complete some if not all of your loan requirements. If you do not know your FASFA pin number, you may obtain your pin at www.pin.ed.gov. Once on this website, select the option for a duplicate pin number from the list on the left of the screen. The US Department of Education will display your pin number on the screen after you successfully complete the security question.
If you do not have a FAFSA pin number and need to apply for a new pin, you may obtain one at www.pin.ed.gov . Once on this website, select the option for a new pin number from the list on the left of the screen.
For more information and important links, please visit the following Financial Aid information pages:
Helpful Resources
Federal Student Loans