Steps for the Stafford Loan for Borrower
When you are a first time borrower in the William D. Ford Federal Direct
Stafford Loan program, you have additional steps to complete as a borrower.
You must complete the following steps when you are a first-time Federal Direct
Student Loan borrower at Salisbury University:
- Properly complete an Electronic Master Promissory Note (E-MPN.) The
E-MPN is a promissory note that you can use to make one or more loans for
one or more academic years while enrolled at Salisbury University.
- Complete an entrance loan counseling session so that you will know your
rights and responsibilities as a borrower.
Our office will notify you when the E-MPN’s and
Entrance Interview session are available for you to
complete. This should occur in mid May.
Steps for the PLUS loan Borrower
When your parent is a first time PLUS loan borrower he/she has additional
steps to complete.
- Be a U.S. Citizen, National, Permanent Resident or Eligible Non-citizen.
- Have a credit history check approval. The earliest this can be
determined is May.
- Properly complete an Electronic Master Promissory Note (E-MPN.) You can
use the E-MPN to make one or more loans for one or more academic years while
the student for whom you are borrowing is enrolled at Salisbury University.
Note: The E-MPN must be completed by the parent who completed the Federal
Direct PLUS Loan Information Form.
Our office will notify you when the PLUS E-MPN’s are
available for your parent to complete.
Additional Information on Borrowing
You can estimate your monthly payments with various repayment plans by using
the Repayment Calculators available on-line from the
U.S. Department of Education
For more information on the cost of borrowing
or repayment, call the Federal Student Aid Information Center at 1-800-4FEDAID