If you are a first-time borrower at SPC, you will be required to:
- Accept, reduce or decline the loans offered to you based on your eligibility. If you attend less than full-time during any term, your Cost of Attendance and financial aid award amounts will be adjusted. This could result in reduction or removal of loans or other financial aid. If your enrollment drops below half-time before loans are disbursed to your student account, you may not receive payment. After the funds are disbursed to your student account, the award will not change.
- Complete Federal Direct Stafford Loan Entrance Counseling, which explains your rights and responsibilities as a loan borrower and is required for all first time borrowers at SPC.
- Complete your Direct Loan Master Promissory Note (MPN) using your FSA ID. Note: You will only need to complete an MPN once while you attend SPC. The MPN is the legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculate and what deferment and cancellation provision are available to you.
These steps must be completed before you can receive your first loan disbursement.
First-time, first-year Stafford borrowers will not receive their first loan disbursement until 30 calendar days after the first day of classes, according to federal regulations.
Your loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
Find out more information about Federal Direct Stafford Loans.
Information for exiting Stafford borrowers
If you are graduating, withdrawing, or dropping below half-time, complete Federal Direct Stafford Loan Exit Counseling. SPC will receive the results the next business day. Your academic records will be on hold until this is completed.