The William D. Ford Federal Direct Loan Program
The Free Application for Federal Student Aid (FAFSA) provides annual access to federal loans and federal work-study for students admitted to the Juris Doctor program. Graduate level students can be eligible for federal work-study and two federal non-need based loan programs. Your individual financial aid file is available for review through the Mitchell Hamline Financial Aid Portal.
- Federal Direct Lending website: loan information, promissory notes, entrance and exit counseling
- File the FAFSA: www.fafsa.ed.gov (Free Application for Federal Student Aid—FAFSA) using the Mitchell Hamline FAFSA school code G02391
- Federal Loan Repayment Information Resources
What is the lifetime limit for federal loans?Federal undergraduate and graduate level Unsubsidized and Subsidized loans are limited to a lifetime maximum of $138,500. There is no limit for federal Grad PLUS loans.
What are the current 2017-18 school year Direct Loan origination fees and interest rates?
Federal Unsubsidized Loan: Annual limit $20,500
- 1.066% origination fee deducted from each disbursement: a $10,250 disbursement is $10,141 after loan fees
- 6% interest accrues from disbursement
Federal Grad PLUS Loan: Annual limit is the total cost to attend
- 4.264% after 10/1/2017 origination fee deducted from each disbursement
- 7% interest accrues from disbursement
Both types of loans accrue interest on disbursed amounts.
How do I complete the promissory note for a Federal Direct Loan? Is there any other requirement?
Complete promissory notes for Direct Loans at studentloans.gov. An unsubsidized program loan and a Grad PLUS program loan each require program specific promissory notes. In addition, all students borrowing their first federal loan at Mitchell Hamline must complete a Direct Loan Program Entrance Interview Session also located at studentloans.gov.
Is my credit reviewed for loan eligibility?
Only the Grad PLUS loan requires credit approval. Your acceptance of a Grad PLUS loan authorizes the credit review process to be performed through the Direct Lending program. Mitchell Hamline receives only accept or decline results. You will be notified of the results by the Direct Lending program. Credit review results are referenced for all Grad PLUS loans processed within 180 days from the date of the review. Credit denial information and procedures for submitting an Extenuating Circumstances Appeals are provided on the studentloans.gov webpage.
- Direct Lending Borrower Assistance number: 1-800-557-7394
What are my options if my Grad PLUS loan application is denied?
Mitchell Hamline School of Law offers no private school based loans. The Federal Direct Loan Borrower Assistance number is 1-800-557-7394. Detailed information and procedures for working with a declined loan are available through the “Documenting Extenuating Circumstances” topic in the Graduate/Professional Students link on the studentloans.gov webpage.
A co-signer must have his/her own FSA ID and Password and sign an Endorser Addendum available on the www.studentloans.gov website. Once the promissory note is endorsed, you are required to re-sign the promissory note. Also, you are required to complete PLUS loan counseling on www.studentloans.gov before an endorsed PLUS loan can be disbursed. Each co-signed PLUS loan has an individual promissory note. It is your responsibility to complete all loan requirements.
- Direct Lending Borrower Assistance number: 1-800-557-7394
How do I apply for additional Grad PLUS loan funds?Contact the Financial Aid Office to make this request. The total amounts of a Graduate PLUS loan(s) may not exceed the cost of attendance minus all other financial aid. Please note that your credit history may be reviewed again to determine your eligibility.
I borrowed federal loans through a private lender and have been notified that the U.S. Dept. of Education has purchased these loans. Are they part of the Direct Loan Program now?No. Your old federal (sometimes called FFEL) and new Direct Lending loans are distinct types of loans, each owned by the U. S. Dept. of Education. Non-Direct Lending federal loans (FFEL and/or Perkins ) can be re-made as Direct Lending program loans by consolidation. Contact your loans’ servicer, or the Mitchell Hamline Financial Aid Office for help. Consolidation of non-Direct Lending federal loans into the Direct Loan Program is important in order to take advantage of the Public Service Loan Repayment option.
If I borrowed loans through the FFEL program and the Direct Loan Program, or the U.S. Dept of Education purchased some of my loans, how will I know who is servicing my loans?
Your entire federal loan history is available on the National Student Loan Data System (NSLDS) website. The site lists your federal loans, lender and servicer contact information, dates the loans were issued, loan amounts, accrued interest amounts, and the status of your loans: paid-in-full, deferred, in forbearance, or in default. A loan’s servicer is the company that manages repayment of your federal student loans and is your best source for setting up the various repayment options available to federal borrowers. Private, non-federal student loans are not included on this website: your best source for private loan information is a credit report.
National Student Loan Data System (NSLDS): www.nslds.ed.gov
Federal Student Aid loan servicer information is part of the www.studentaid.ed.gov website
Can I combine my federal loans if I have multiple servicers?
Yes, you can consolidate all of your federal loans through the Federal Direct Loan Consolidation Program. Please be sure to use the data provided in NSLDS (referenced above) to ensure all federal loans are included. To consolidate your loans, visit www.studentloans.gov. You will need your FSA ID and password to log in and apply for a consolidation.
- Information on federal Direct Lending from the Department of Education