How to Apply for Loans   


 
 


First Time Direct Loan Borrowers Must Complete a Direct Loan MPN

The 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 for your loans. A Direct Loan MPN can be used to make loans for up to ten (10) years. You may complete a Direct Loan MPN electronically via the StudentLoans.gov Web site at https://studentloans.gov. You also have the option of completing a paper Direct Loan MPN.

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 Free Application for Federal Student Aid (FAFSA). To apply for a PIN if you do not already have one, or for customer service regarding a previously assigned PIN, visit www.PIN.ed.gov.

First-Time Student Loan Borrowers Must Complete Direct Loan Counseling

In some cases, you may need to complete a Direct Loan Entrance Counseling.
  • If you are an undergraduate student and have not previously received a FFEL or Direct Loan program loan, you must complete Direct Loan Entrance Counseling before you can receive a Direct Loan.

You may complete Direct Entrance Counseling electronically via the StudentLoans.gov Web site at www.https://studentloans.gov. A Federal Student Aid PIN is required to complete online Direct Loan Entrance Counseling.

The Direct PLUS Loan

To obtain a Direct PLUS loan you will need to complete the following steps:
  • Contact the Financial Aid Office at 1-800-776-0135 or 617-369-3646 to make an appointment (in-person or phone appointments are available) with the Loan Officer to discuss the amount you have decided to borrow.
  • Log into www.studentloans.gov
  • Request a Direct PLUS loan and initiate a credit check
    • The credit check is a required step of the Direct PLUS loan request process
    • The Borrower will receive the results of the credit check immediately.
    • If the borrower's credit is approved, the borrower will need to complete a Direct PLUS loan Master Promissory Note (MPN).
      • Borrowers will use the new www.studentloans.gov Web site to complete a Direct loan electronic MPN. The borrower must sign in with their Federal Student Aid PIN to complete the MPN.
    •  If the Borrower's credit is NOT approved, they will be asked how to proceed, such as not pursing a direct PLUS loan, obtaining an endorser, or appealing the credit decision. Regardless of the borrower's choice a paper endorser package will always be sent to the borrower. An endorser promises to repay the loan if your parents fail to do so. This is an important legal obligation so the endorser will need to be "credit worthy" AND the loan will become a part of their credit records.

If a parent is denied a Direct PLUS loan due to credit reasons, the student may borrow additional funds from the unsubsidized Direct Loan Program. The School must receive a copy of the Direct PLUS loan denial letter before processing an unsubsidized loan. The maximum amount available under this option is $4,000 for freshmen and sophomores, and $5,000 for juniors and seniors.

Supplemental Financing

In addition to direct financial aid support from the Museum School and the federal programs, many families use alternative loan programs to help meet their needs. The Museum School has four preferred lenders that offer premier service for our families; however families are free to choose any lender they wish. The Museum School's financial aid staff encourages you to compare the loan benefits offered by the different lenders and make an informed decision.

To obtain an alternative loan you will need to complete the following steps:
  • Contact the Financial Aid Office at 1-800-76-0135 or 617-369-3646 to make an appointment (in-person or phone appointments are available) with the Loan Officer to discuss the amount you have decided to borrow.
  • Complete the online process on www.elmselect.com, where you may compare lenders and apply for your loan.

Once you have completed the application, elmselect will process your application and notify The Museum School via an online process that you have applied for an Alternative loan, at which time we will certify your application and send you receive a revised award letter.