Student Loan Repayment
The Financial Aid Office awards the the Federal Family Education Loan (FFEL). Once the school has certified eligibility for a Stafford Student Loan under FFEL, the student must sign a Master Promissory Note, also referred to as an MPN.
What is a MPN?
An MPN is a promise to repay the loan. By signing the prom note, you are agreeing to the rules and regulations set forth by the U.S. Department of Education. The MPN may be signed online at StudentLoans.gov.
What is the grace period?
The grace period is six consecutive months beginning after you cease to be at least a half-time student. Interest does not accrue during this period for Subsidized Stafford Loans. Interest continues to accrue during this period for Unsubsidized Stafford Loans.
How do I repay the loan?
You must complete an exit interview when you have completed your studies. Exit interviews may be completed online at (link to exit interviews @ Nelnet.net). You have many options available for repayment of the loan. These options are discussed in detail in the exit interview and in the GMC brochure.