Education Loans
Beginning with the 2010-2011 Academic Year, Middlebury College will participate in the William D. Ford Federal Direct Loan Program. All federal student and parent loans will be disbursed by the U.S. Government. We will no longer use private lenders (Federal Family Education Loans) for Stafford or PLUS loans. A new Direct Loan website has been developed by the Department of Education to streamline the borrower process. You can visit the site at the following link - StudentLoans.gov
Frequently Asked Questions - Loans
1. Why do I have to complete another Master Promissory Note?
You must sign a new Master Promissory Note because you will now be borrowing from a new lender. Each lender requires you to complete a promissory note for their loans. This will be the last promissory note you will have to sign as long as you continue to attend Middlebury College.
2. How and when do I complete a Direct Loan Master Promissory Note?
We would like for you to complete a promissory note as soon as possible even if you have not been awarded your financial aid for 2010-2011. You may do so at - studentloans.gov
3. If I have already completed a Direct Loan Master Promissory Note for another school, do I have to complete another one for Middlebury?
As long as you have been continuously enrolled at least half time you will not have to complete a new note. However, if you had a break in your enrollment for more than one term, please contact our office to determine if you will need to complete a new note.
4. What will happen to the existing loans that I have borrowed from other lenders?
After graduation you have a choice. You may either make individual payments to your previous lenders and to the Department of Education for your Direct Loans, or you can consolidate. You may either consolidate all your loans with your previous lender, or with the Department of Education. We recommend that you examine all benefits from all programs before making this decision.
5. Where can I go to consolidate?
You visit the Federal Direct Loan Consolidation website at - loanconsolidation.ed.gov.
6. If I change loan programs will my other loans go into repayment?
No, your other loans will not go into repayment as long as you remain enrolled at least half time.
7. Contacts for the Direct Loan program: 1-800-848-0979
PARENTS
Do I, the parent, have to complete another Master Promissory Note for a Parent PLUS Loan?
You must sign a new Master Promissory Note because you will now be borrowing from a new lender. Each lender requires you complete a promissory note for your loans. This will be the last promissory note you will have to sign as long as your student continues to attend Middlebury. You may complete your new MPN at - studentloans.gov.