Federal Direct Loans
Beacon College participates in the Federal Direct Loan Program. Direct Loans are low-interest educational loans administered through the U.S. Department of Education, which consists of the Federal Stafford, and PLUS.
- Under the Direct Loan Program, all funding comes directly from the U.S. Department of Education rather than a bank or financial institution. The U.S. Department of Education will be the one source for lending and repayment.
- The phone number for the U.S. Department of Education’s Student Loan helpline is 1-800-557-7394.
First-time borrowers for the Federal Direct Loan must complete an Entrance Counseling before their loan can be processed. The purpose of this session is to help students understand their rights and obligations as a student borrower. For your convenience we have provided the Entrance Counseling on line at http://www.studentloans.gov.
Master Promissory Note
The Master Promissory Note (MPN) is your promise to repay the lender and must be completed before any loan funds can be disbursed to you. For your convenience, you may electronically sign and submit the MPN online from the U.S. Department of Education’s Web site. During the E-signing process, you will be asked to provide the following information:
What You Will Need:
This is your U.S. Department of Education issued personal identification number (PIN). It is the same PIN that you used to sign the FAFSA. If you do not remember your PIN, you may request a duplicate from the official PIN site.
- Legal Name
Your full legal name, social security number, date of birth and address. Please note that your full legal name should match what you filed on the FAFSA and your record at Beacon College.
- Driver’s License
Your Driver’s License number and state.
- Two References
Name, address and telephone number of two references who have known you for at least three years. You cannot use two references with the same address.
- Begin the electronic MPN signing process.
Click the following link: http://www.studentloans.gov
The federal government requires that Federal Direct Loan recipients complete student loan exit counseling prior to graduating or whenever they cease to enroll at least half-time. The purpose of this session is to help students understand their rights and obligations as a student borrower.