First time student loan borrowers must complete entrance counseling before the C of I can finalize your loan and make the first disbursement. The loan counseling session helps you to understand your responsibilities regarding your loan and will require 20-30 minutes to complete. Entrance Counseling can be completed at this web site: https://www.studentloans.gov.
The Direct Loan servicer will notify the C of I once you have completed the counseling session.
Completing a Direct Loan electronic Master Promissory Note (MPN)—after you have completed your loan entrance counseling, you will need to complete an electronic master promissory note. You will be required to use your U S Department of Education issued PIN to complete the MPN. (The same PIN you used to file your FAFSA form). If you need to ask questions about your pin you can visit the official PIN site at www.pin.ed.gov The web site for the Master Promissory Note is: https://www.studentloans.gov.
Parents will use the same web site to apply for the PLUS loan. Entrance counseling is not required for the Parent PLUS loan.
Disbursement of Loan Funds: Loans are disbursed directly to the school and the funds are then credited to your student account to pay for tuition, fees, room and board. The loan comes in two disbursements, one for the fall term and one for the winter/spring term. If the disbursement amount exceeds your school costs, the C of I will issue you a refund check. The C of I will notify you when the funds are disbursed to your student account and we will provide you with information about how to cancel all or part of your disbursement if you find you do not need the funds. Read and keep all correspondence concerning your loan. PLUS loan refunds are returned to the parent unless the parent has given permission to have the funds sent to the student.
If you have additional questions regarding the Direct Loan Program, please contact our office at 208-459-5328.