Delaware Valley University is a participant of the William D. Ford Federal Direct Loan Program. The Federal Direct Loan is a loan in the student’s name that is borrowed directly through the Department of Education. The Federal Direct Loan is automatically applied to your financial aid offer provided you have filed your FAFSA and meet certain eligibility criteria. For undergraduate students, this loan can be either Subsidized or Unsubsidized. The Subsidized Direct Loan does not accrue interest as long as the student is enrolled at least half time. The Unsubsidized Direct Loan will accrue interest while the student is enrolled, unless the student pays this interest. Graduate students are only eligible for the Federal Direct Unsubsidized Loan.
Ìý
SECURING YOUR FEDERAL LOANS
It is mandatory that first-time borrowers of the Federal Direct Loan complete a Federal Direct Loan Entrance Interview. The Entrance Interview is an on-line session that can be completed onÌý. You will need your FSA ID to access this website. The session will take approximately 20 minutes and your rights and responsibilities of the Federal Direct Loan Program will be reviewed.
After completing your Entrance Interview, you will be directed to complete the electronic Loan Agreement (MPN) on the same website. The Federal Direct Agreement (MPN) is a legal document which you sign as a promise to pay back the money you have borrowed. You will only have to complete this form once. It will be valid for your entire school career, up to ten years. When you sign and date your Federal Direct Subsidized and Unsubsidized Loan Agreement, be sure to use your legal name and date of signing.
The Office of Financial Aid will receive notification when the Entrance Interview and Loan Agreement have been completed. Both processes must be completed for the Federal Direct Subsidized and Unsubsidized Loans to be certified and disbursed. The Department of Education will disburse your funds directly to Delaware Valley University after the first day of class.