Click here to complete a Master Promissory Note for Direct Loans

Notice to all Student and Parent Borrowers:

The Federal Family Education Loan (FFEL) Program was eliminated when President Obama signed into law the Health Care and Education Affordability Reconciliation Act of 2010 on March 23, 2010. Therefore, effective Fall 2010, Cleveland Chiropractic College will receive funding for federal student loans solely through the U.S. Department of Education, William D. Ford Federal Direct Loan Program instead of private lending institutions.

Students and parents who previously received loans through FFEL Program will now borrow through the Direct Loan Program. The Direct Loan Program offers the same types of loans as the FFEL Program, but instead of a bank lending the money, the U.S. Department of Education lends the money directly to students and parents through the student’s school.

There are also some differences in the names of the loans:

The FFEL Program’s Federal Stafford Loans (subsidized and unsubsidized) are now called:

• Direct Subsidized Loans
• Direct Unsubsidized Loans
• Federal PLUS Loans are called Direct PLUS Loans.

Direct Loans have the same interest rates, annual and aggregate loan limits, deferment and cancellation provisions, and most of the same repayment plans. Direct Loans also have some benefits that are available only in the Direct Loan Program:

• Lower interest rate on Direct PLUS Loans (7.9%)
• Up-Front Interest Rebate
• Income Contingent Repayment Plan
• Public Service Loan Forgiveness Program
• No interest charged during qualifying periods of active duty military service

First-Time Direct Loan Borrowers Must Complete a Direct Loan MPN!

The Master Promissory Note (MPN) is the legal document through which you promise to repay your Direct Loans and any accrued interest and fees to the Department. It also explains the terms and conditions of your loans.

You may complete a Direct Loan MPN electronically via https://studentloans.gov/

To complete a Direct Loan MPN electronically, you must have a Federal Student Aid PIN. The Federal Student Aid PIN is the same PIN used to complete the FAFSA. To apply for a PIN if you do not already have one, visit http://www.pin.ed.gov/.

Cleveland Chiropractic College looks forward to participating in the Direct Loan Program and offering the benefits of Direct Loans to our students. We are confident that the change to the Federal Direct Loan program will enhance our ability to better serve our students and parents. We are firmly committed to making the transition as seamless as possible.

For additional information about Direct Loans, visit www.direct.ed.gov/student.html or contact the Financial Aid Office for more information.