MBA for Professionals   ::  Application Process for Federal Direct Stafford Loans & Graduate PLUS Loans

Federal Direct Stafford Loans and Federal Direct Graduate PLUS Loans are administered through the Willamette University Office of Financial Aid. If you have questions, email the Financial Aid Office at gradaid@willamette.edu, call toll free at 1-877-744-3736, or visit
http://www.willamette.edu/dept/finaid/graduate/loans.html

We are providing very detailed information on this page to help you with questions you might have.

-----

Application Process for Federal Direct Stafford and Federal Direct Graduate Plus Loans

Step 1: Complete the FAFSA online at http://www.fafsa.ed.gov/ and use the electronic signature option. Request information be sent to Willamette University at code number 003227. (Note: completing and signing the FAFSA online significantly increases the speed of processing)

Step 2: Complete the application process for admission and be selected for admission to the Willamette University Professional MBA program. (Note: steps 1 and 2 can be completed in either order)

Step 3: Applicants who have completed steps 1 and 2 will receive a Financial Aid Award from the Willamette University Office of Financial Aid.

• Award packets will be received within two to three weeks after admission to the Professional MBA program if the applicant submitted the FAFSA online (including electronic signature) before the admission decision. Processing will take six to eight weeks if a paper copy of the FAFSA was submitted.
• If the FAFSA was submitted online (including electronic signature) after being admitted to the Professional MBA program, the award packet should arrive within three to four weeks of submitting the FAFSA. Processing will take six to eight weeks if a paper copy of the FAFSA was submitted.

Step 4: Review the award packet and complete the Award Acceptance Form as follows: 1) identify which loans you plan to accept; 2) sign the Award Acceptance Form; and 4) mail the form to the Willamette University Office of Financial Aid.

If you are accepting a Federal Direct Graduate Plus Loan as part of your package, be sure to initial the authorization for Willamette University and the Department of Education to pull your credit report on your Award Acceptance Form.  Your Graduate PLUS loan can not be processed if you have not initialed the authorization.

Step 5:  Once your file is complete, the Willamette Office of Financial Aid will electronically process your loans.

Step 6: Complete your Master Promissory Note(s).  The MPN process can be completed online at http://www.studentloans.gov.  You will need your federal PIN to electronically sign your MPN.  This is the same PIN you used to sign your FAFSA.  More information on your PIN is available online at http://www.pin.ed.gov.

Step 7: Complete an Entrance Counseling Session.  This can be done online at http://www.studentloans.gov.  You will need to complete only one session for both the Stafford and Graduate PLUS loans.

Step 8: You will be notified once your loans has been disbursed. The earliest possible date, by law, funds can be applied to your Willamette University student account is 10 days before classes start.

Loan funds will be credited to your student account within a few days of Willamette receiving the funds.  Loan funds will first be applied to outstanding tuition and fees; if you have a credit remaining, a check will be issued to you just prior to the start of the semester.

Step 9: If you have completed steps 1 though 8, don't worry if the loan funds are not at Willamette University on tuition payment day. Your Willamette student account will show your loan funds are in progress The University generally does not charge interest or late fees on balances that will be paid in full by loan funds in progress.

---

Back to Finanical Aid