Federal Direct Stafford
Federal Direct Stafford Entrance Counseling and Master Promissory Note
Stafford Loans are funded by the Federal Government through the Direct Loan Program. For more information regarding Direct loans please visit www.ed.gov/directloan.
- Rate: 6.8% Fixed (Subsidized), 6.8% Fixed (Unsubsidized)
- Fees: 1.051% Origination (levied by the Department of Education) for both Subsidized and Unsubsidized
- Term: 10 years
As part of the law that extended the 3.4 percent interest rate for Direct Subsidized Loans until July 1, 2013, a new borrower on or after July 1, 2013 becomes ineligible to receive additional Direct Subsidized Loans if the period during which the borrower has received such loans exceeds 150 percent of the published length of the borrower’s educational program. The borrower also becomes responsible for accruing interest during all periods as of the date the borrower exceeds the 150 percent limit. For example, a student enrolled in a two-year program will have three years’ worth of subsidized loan eligibility and a student enrolled in a four-year program will have six years’ worth of subsidized loan eligibility.
- Rate: 6.8% (Unsubsidized)
- Fees: 1.051% Origination (levied by the Department of Education)
- Term: 10 years
Step 1: Complete Entrance Counseling (Concordia first time Stafford borrowers only)
** THIS IS NOT THE SAME AS “FINANCIAL AWARENESS COUNSELING"**
Entrance Counseling is taken online at www.StudentLoans.gov. To get started, click "Sign In" under "Manage My Direct Loan" (a Federal Student Aid PIN is required**). Choose the "Complete Counseling" option and then click START under ENTRANCE COUNSELING.
Step 2: Sign the Master Promissory Note (Concordia first time Stafford borrowers only)
The electronic Master Promissory Note is also located at www.StudentLoans.gov. As in step 1 above, click "Sign In" under "Manage My Direct Loan" and select "Complete Master Promissory Note." Please be sure to sign the note labeled "Subsidized / Unsubsidized."
NEED A NEW PIN? FORGOT PIN?
If you don't have a PIN or forgot your PIN, please go to the Federal Student Aid PIN site here.
To retrieve an existing PIN: Click "Request a Duplicate PIN" located on the left side of the page. Enter SS#, first 2 letters of your last name and your date of birth. Click "Submit Request". Answer the challenge question presented on the next page and click "Submit Request". Select "Display Now" and click "Submit Request". Your PIN will appear on the screen for you to use.