Federal Direct Subsidized/Unsubsidized Stafford Loan
Once the student accepts the student loan on the award letter, information concerning signing the master promissory note (MPN) and loan entrance counseling is sent to new borrowers. (Previous borrowers do not have to sign a new MPN)
Once the loan award has been accepted by the student, the loan record is transmitting to the Department of Education via COD.
Federal Direct Parent Loan
Parents of new students are directed to the federal website to apply. When the FAO receives notice that a parent has been approved, a Parent Loan Authorization Letter is sent to the parent whereby they can indicate the amount they wish to borrow. For returning students who have used the parent loan before, their parent is sent the Parent Loan Authorization Letter at the time their student is awarded.
Once the loan award has been accepted by the parent and the credit has been approved, the loan record is transmitting to the Department of Education via COD.