What do I need to do to complete applying for federal direct or Stafford loans?

    Published: 06-16-2009
    Views: 10,113
    Financial advisor Brad Barnett discusses what you need to do to complete applying for federal direct or Stafford loans.

    Brad Barnett

    Brad received his Bachelor of Science degree from Southern Arkansas University, with a major in Psychology and a minor in Business.  He furthered his education by graduating from the Medical College of Virginia at Virginia Commonwealth University with a Master of Science degree in Rehabilitation Counseling, specializing in Mental Health.  He has been involved in the financial aid and/or rehabilitation professions for the past 15 years. Brad, a Past President of the Virginia Association of Student Financial Aid Administrators (VASFAA), currently serves as the Senior Associate Director of Financial Aid & Scholarships for James Madison University.  Immediately prior to JMU, he served as an Assistant Director of the Financial Aid Office at Virginia Commonwealth University.  Brad has presented numerous sessions at state, regional, and national conferences, and has served on a variety of association committees.  In addition to speaking at professional conferences, Brad has conducted an abundance of workshops and presentations in non-conference environments, including teaching a credit based financial literacy course at JMU entitled “Dollars and Sense.”  Many of the topics Brad’s speaks on include communication, leadership, values, financial aid policies and procedures, financial literacy, and saving for college.  He has also facilitated strategic planning and value development retreats.

    Host: What do I need to do to complete applying for federal direct or Stafford loan?

    Brad Barnett: If you are in your first year of applying for applying for federal direct or Stafford loan program, then you are going to need to do the master loan promissory note and at most schools, you are going to need to do entrance alone counseling. Now unless you change lenders or move schools you are only going to have to do the promissory note once and entrance alone counseling should be a one time issue as well.

    Depending on the school you are attending though, you may also have an institutional form or online response or something needed from you to the school, letting them know that you want to accept that loan. Every school is very different and how it handles those. So, pay attention to your award notice, pay attention to the loan process at your school and just make sure you follow the steps.