Financial Aid at White Mountains Community College

IMPORTANT PROCESSES FOR 2010-2011 STUDENTS

If you borrowed a Federal Stafford loan in the 2009/2010 academic year please carefully read this notice. White Mountains Community College is changing its process for Federal Stafford loans for the upcoming 2010/2011 academic year. If you plan to borrow for the upcoming school year, you are required to complete a new Master Promissory Note (MPN).

What is changing for next year 2010/2011?

In prior years, White Mountains Community College processed Federal Stafford loans through the Federal Family Education Loan program, in which students and parents borrowed from private lenders and banks. WMCC nows participates exclusively in the William D. Ford Federal Direct Loan program, in which borrowers obtain loan funds directly from the US Department of Education.

Why is WMCC changing its loan process?

Volatility in the credit markets and reductions in lender subsidies have caused many lenders to stop offering borrower benefits and reduce their level of customer service. Several major lenders have made changes to their program that caused a delay in students receiving funds or other inconveniences. Some have dropped out of the FFEL program altogether, sometimes without notice. The Direct Loan program is not impacted by changes in the economy. We believe that this program will offer students and parents a more streamlined, stable, and predictable borrowing experience.

What do I have to do to get my loan funds for next year?

As in prior years, you must complete the FAFSA (Free Application for Federal Student Aid), provide any documents requested by our office, and accept or decline your Federal Student loans. You will then have to complete a new MPN for the Direct Loan program before your funds will disburse.

Can I complete the new MPN now to get a head start?

Yes! You can complete your Direct Loan MPN online at http://www.studentloans.gov. You will need the same PIN that you used for your FAFSA to electronically sign the note. If you do not have a PIN, you may obtain one via http://www.pin.ed.gov.

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