Smcc

• Borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
• Have online access to your Direct Loan account information 24 hours a day, 7 days a week at Direct Loans on the Web at: www.dl.ed.gov.
• Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.

To receive a Direct Loan, you must be enrolled at least half-time (6 or more credits per semester) and meet other Federal eligibility requirements. For more information on Direct Loans, including current interest rates, visit the US Department of Education’s website (http://www2.ed.gov/offices/OSFAP/DirectLoan/index.html).

MASTER PROMISSORY NOTE
All Federal Direct Loan borrowers must complete a Master Promissory Note (MPN) in order to receive loan funds. Instructions for completing an electronic MPN will be provided with your SMCC financial aid award notice.

LOAN COUNSELING
Prior to receiving a Federal Direct Loan at SMCC for the first time, federal regulations require student borrowers to complete “Entrance Counseling”, an on-line explanation of your rights and responsibilities as a Federal Direct Loan borrower. Instructions for completing Entrance Counseling will be provided with your SMCC financial aid award notice.

Federal regulations also require students who have borrowed a Direct Loan and who stop attending SMCC on a half-time basis (6 or more credits per semester) to complete “Exit Counseling”. Graduating students will be contacted with instructions for completing on-line Exit Counseling. Students who stop attending SMCC on at least a half-time basis (6 credits in a semester) should contact the Financial Aid Office for instructions about the Exit Counseling requirement.