Additional information about the Federal Direct Loan Program is available on the Federal Student Aid website.
If you accept Stafford Direct Loan, complete all the steps listed below:
- Complete the Principal Promissory Note † (MPN) online
- You will need your FSA ID. If you don’t have an FSA ID, create one. Please note that Pace’s address will only list the New York City campus and this is acceptable to all students. The Master Promissory Note (MPN) for the 2021-2022 academic year will be available in April 2021.
- You must also complete the Loan Entrance Counseling. This can be done at any time, follow the instructions for the Direct Entry Loan Guidelines.
To apply for a PLUS loan, follow these steps:
- You and your parent/adoptive mother must complete and submit Undergraduate Parent Loan Application (Plus) for Federal Direct Plus Loan and Credit Report Approval to the financial aid office. This form cannot be submitted through the Federal Student Aid website.
- The Center for Co-creation and Disbursement (COD) of the Department of Education will notify your adoptive father/mother/mother by mail/email if the credit is approved or denied.
- If approved, your adoptive parents must complete a loan agreement for a PLUS Loan (MPN). They will need an FSA ID to complete an online MPN. If they don’t have an FSA ID, create one. Please note that Pace’s address will only list the New York City campus and this is acceptable to all students. A Master Promissory Note (MPN) for the 2021-2022 school year will be available in April 2021. If your adoptive parent/parent has trouble signing the MPN, please call 1 (800) 557-7394.
To ensure that your Student Loans and PLUS are available at the beginning of the semester, you will need to complete all of the above steps at least two (2) weeks prior to the bill due date.
If a student is applying for a non-Pace housing finance PLUS loan, they must provide the Financial Aid Office with a copy of their signed lease agreement. (The signatures of all parties must be present and the applicant must be a charterer in accordance with the agreement) before submitting a loan application.
*If the PLUS loan is denied, your parent may seek a cosigner, or you may become eligible for an additional unsubsidized direct Stafford loan of $4,000 for students with 0-64 completed credits (freshman/student) or $5,000 for students who Over 65 years old (junior/senior) Completed loans.
† If you have received a Federal Direct Loan within the past several academic years at any college, you may not have to sign a new promissory note.
The promissory note you signed will most likely be a principal promissory note that covers all direct loans you receive for up to 10 years.