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2017-2018 Federal Direct <strong>Stafford</strong> <strong>Loan</strong> <strong>Check</strong> <strong>List</strong><br />
Federal Direct <strong>Stafford</strong> loans are loans in the student’s name. They are included on your<br />
award letter as either subsidized and/or unsubsidized based on information from your<br />
FAFSA. The <strong>Stafford</strong> loan has a fixed interest rate 1 , an origination fee 2 , and the payments<br />
are deferred while the student is enrolled in at least six credits.<br />
Direct Subsidized <strong>Stafford</strong> – The government pays the interest on this loan while<br />
the student is enrolled in at least six credits.<br />
Direct Unsubsidized <strong>Stafford</strong> – The interest will begin to accrue on the loan once<br />
the funds are released to the school.<br />
All Federal Direct <strong>Stafford</strong> <strong>Loan</strong>s are subject to a 1.069% origination fee. The fee is<br />
deducted at the time of disbursement; therefore the student’s account will receive 1.069%<br />
less than the awarded loan amount. Repayment begins six months after graduation,<br />
enrolling for fewer than six credits, or leaving school.<br />
1 The interest rate for 2017-2018 undergraduate <strong>Stafford</strong> loans is 4.45%<br />
2 The origination fee is 1.069% for any <strong>Stafford</strong> loan with a first disbursement prior to October 1, 2017.The<br />
fee for loans originated on or after October 1, 2017, is 1.066%.<br />
STUDENTS MUST DO THE FOLLOWING TO ENSURE YOUR FEDERAL DIRECT<br />
STAFFORD LOANS PAY INTO YOUR ACCOUNT:<br />
□ Accept/Decline Direct <strong>Stafford</strong> <strong>Loan</strong>s Online. To accept/decline the <strong>Stafford</strong> loans<br />
you were awarded, go to the myRider portal at myrider.rider.edu and click on the<br />
“Accept My Financial Aid” link. You will need to accept the terms and conditions of<br />
your award before you can accept/decline your <strong>Stafford</strong> loans.<br />
□ Complete <strong>Student</strong> <strong>Loan</strong> Entrance Counseling. This explains your rights and<br />
responsibilities as a <strong>Stafford</strong> loan borrower. Please complete counseling online at<br />
www.studentloans.gov. You will need your FAFSA ID and password to log in and<br />
complete this process.<br />
□ Complete Federal Direct <strong>Stafford</strong> <strong>Loan</strong> Master Promissory Note (MPN). This is a<br />
legal document indicating that you promise to repay the loan(s). Please complete the<br />
MPN online at www.studentloans.gov. You will need your FAFSA ID and password<br />
to log in and complete the MPN. In addition, you will be asked to provide your<br />
Driver’s License number (if applicable) and two different references at two different<br />
addresses.<br />
If you need assistance completing the Federal Direct <strong>Stafford</strong> <strong>Loan</strong> requirements, please<br />
call Rider’s One Stop Services at 609-896-5360 or the <strong>Student</strong> <strong>Loan</strong> Support Center at<br />
1-800-557-7394.<br />
Rev. 7/2017
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