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  • I am a new student, and my parents will be taking care of applying for financial aid. Is it OK if they complete the Direct Stafford Loan Master Promissory Note (MPN) and Entrance Counseling for me?

    No, because you are the borrower, you must complete the MPN and Entrance Counseling yourself. It is important to know your rights and responsibilities as a loan borrower, as this is a legally binding commitment between you and the federal government.

  • I am a current student, and I have previously completed a Master Promissory Note (MPN) and Entrance Counseling when I borrowed a Federal Direct Stafford Loan for my attendance at Endicott last year. Do I have to complete them again this year?

    No, if you have previously completed a Master Promissory Note (MPN) and Entrance Counseling for the Federal Direct Stafford Loan program, you will not be required to complete them again.

  • When do I have to start repaying my loan?

    Student Direct Stafford Loan borrowers must begin repaying their federal loans six months after they are no longer enrolled or drop below half-time, although interest on unsubsidized Stafford Loans begins accruing upon disbursement of the loan. We recommend that both student and parent borrowers consider paying the interest even when the principal payment is deferred.

  • As a parent, can I transfer a Federal Direct PLUS Loan to my child so that it becomes their responsibility to repay?

    No. A PLUS Loan made to the parent cannot be transferred to a student. You are responsible for repaying the PLUS loan.

  • Are there any repayment benefits available to student or parent borrowers?

    Yes, you will be eligible for a .25% interest rate reduction if you have your loan payments automatically taken out of your bank account through the Electronic Debit Account (EDA) program.

  • I am considering cancelling my Federal Stafford Loan or a part of the Federal PLUS Loan. What are the steps I need to take?

    You have a right to cancel all or a portion of any of the Federal Direct Loans within 14 days of the disbursement notice that is sent to you by Endicott College. Your written request specifying the loan type and amount to be cancelled must be received via email or mail within 14 days of the notice of disbursement.

  • Can I consolidate my loan repayment into one payment?

    You may be eligible to consolidate your Federal Stafford and Perkins Loans through the Federal Direct Consolidation Loan Program. For additional information, you should contact your current loan servicer. Information about who currently services your loans is answered in the following question.

  • How can I find out the status of my loan, including how much I owe?

    The United States Department of Education has created a secure central database of all federal educational loans and grants tracking them from the time that they are approved until the loan has been paid off. It is called the National Student Loan Data System or NSLDS. The NSLDS database allows student and parent borrowers to access information about their loan servicer and track and manage their federal student grants and loans online. It includes the amount borrowed, outstanding balances, and current statuses of their loans. To access loan information, borrowers should visit www.nslds.ed.gov, select Financial Aid Review, and then key in their FSA username and password. If borrowers have questions with this process, they should call the Federal Student Aid Information Center at (800) 4FED AID.

  • Who is my loan servicer, and how do I make payments on my Stafford loans?

    To learn who your loan servicer is, please visit www.nslds.ed.gov and login using your FSA user ID. You will need to make payments directly to your servicer. Each servicer has its own payment process and can work with you if you need help making payments.

  • Can the NSLDS provide information about my private educational loan?

    The NSLDS website only includes federal loan information including the Federal Perkins Loan, Federal Stafford Loans, and Federal PLUS Loans. It does not include any information on any private loans that may have been used to pay for education.

    All federal student loans obtained by a student or parent are reported to and tracked on the National Student Loan Data System (NSLDS). NSLDS loan records are accessible to all authorized NSLDS users, including schools, student loan guaranty agencies, lenders, federal agencies, and other authorized users.