Each student’s Federal Direct Stafford Loans will be awarded when we receive his/her FAFSA, and students will be notified to accept those Stafford loans online (http://my.tcu.edu).Students who have not borrowed a Stafford Loan at TCU before will then need to complete a Master Promissory Note (MPN). We strongly encourage students to use an electronic signature for the MPN.
Federal Stafford Loan process
- Accept your Stafford Loan awards at http://my.tcu.edu. After logging in, click on Financial Aid, Financial Aid Home, and Accept/Decline Financial Aid. If you have borrowed a Direct Stafford loan before at TCU, this is your only required step to receive a new Stafford Loan.
- Within 2 business days, TCU will notify you via email that it is time to complete the Master Promissory Note (MPN). Go to www.studentloans.gov and log in using your federal PIN number (the same PIN you use to e-sign the FAFSA). Click on Complete MPN on the left menu. Choose the loan type Subsidized/ Unsubsidized, and follow the on-screen instructions from there. TCU will receive electronic confirmation that you have completed the MPN process.
- This step is required if you have not had a Federal Stafford Loan before. At the www.studentloans.gov site, click on Complete Entrance Counseling on the left menu. Make sure you select the loan type Subsidized/ Unsubsidized. Follow the on-screen instructions, and TCU will be notified electronically when you have completed this step.
Watch your TCU email account for important financial aid notifications!!!
For more information about the Direct Loan Program, visit http://www.ed.gov/offices/OSFAP/DirectLoan/student.html.
The maximum amount of the Stafford loan is determined by the student's grade level. Subsidized Stafford Loans do not accrue interest until repayment begins (six months after student stops attending/graduates). Undergraduate Subsidized Stafford loans have a 3.4% fixed simple interest rate for 2011-2012. All other Stafford loans have a fixed interest rate of 6.8%. Repayment can be deferred until the student stops attending/ graduates, or student can choose to make interest payments on Unsubsidized loans while attending school.
TCU Loan Team Contact:
817-257-7858
