Nebraska Wesleyan University is changing its process of obtaining Federal Stafford loans.

Nebraska Wesleyan currently processes the Federal Stafford Loan through the Federal Family Education Loan (FFEL) program, in which students and parents borrow from private lenders and banks. Beginning in fall 2010, NWU will participate in the Federal Direct Loan program, in which borrowers obtain their loans directly from the U.S. Department of Education.

We believe this program offers students and parents a more streamlined and stable process particularly during the volatile economic climate we’re experiencing nationwide. Some lenders, for example, have dropped out of the FFEL program.

To get your Federal Stafford Loan funds for next year, students must complete the FAFSA (Free Application for Federal Student Aid), provide all documents requested by NWU’s Office of Scholarships and Financial Aid, and accept or decline their federal loan via WebAdvisor. Students will then need to complete a new Master Promissory Note (MPN) for the Federal Direct Loan program before funds will disburse or show as anticipated aid on their semester bill.

Students can complete the Federal Direct Loan MPN online at http://www.dlenote.ed.gov . You will need the same PIN used for your FAFSA to electronically sign the note. If you do not have a PIN, you may obtain one at http://www.pin.ed.gov