Multi-Year Loans Can Help You Manage Your Expenses

Federal loans include the Federal Stafford Loan and the Federal Parent Loan for Undergraduate Students (PLUS). There are separate applications for both, and you and your parents will be required to sign an MPN contract - a multi-year promissory note that allows you to receive multiple loans without having to complete additional promissory notes. Contact a financial aid officer at the school to learn more about these loans and to obtain help in applying for federal loans.

How do I apply for the Federal Stafford Loan?

You must use the Master Promissory Note (MPN) for Federal Stafford Loans (Subsidized/Unsubsidized). You may obtain a list of lenders and an MPN from the school. Our Student Financial Services Department will determine how large a loan you are eligible for after reviewing your completed FAFSA form.

You may also complete an MPN online. A link is available on the school’s Web site and through Online Services at MyAiCampus.com.

What is the MPN?

The MPN is a contract that you must sign when you receive a Subsidized or Unsubsidized Stafford Loan. This note may work as a multi-year promissory note, allowing you to receive multiple loans without requiring you to complete additional promissory notes.

What do I do next?

After you fill out the MPN, send it with your other forms to the Student Financial Services Department at the school. If you already have a valid MPN on file with a lender, notify us and we will verify that it can be used at our school.

How do I apply for the Federal Parent Loan for Undergraduate Students (FPLUS)?

To apply for an FPLUS Loan, your parent (only one need apply) must use the PLUS Loan Master Promissory Note. You may obtain a PLUS MPN and a list of lenders from the school. An eligible parent will qualify to apply for FPLUS Loans to assist their dependent son or daughter to attend school. Since PLUS Loans require a credit check, we have arranged with our preferred lenders for your parents to get an instant credit approval through a “preapproval” process. The Student Financial Services Department will recommend an amount based on eligibility and the amount needed to pay for school.

After you fill out the loan application, detach the copies of the application from the instructions and send them, along with your other forms, to the Student Financial Services Department at the school.

Tips for filling out these forms:

• Carefully read the instructions and general information before you complete any form.
• Print legibly and sign the form. Answer all questions.
• For references, list your parents first, and then list brothers, sisters, and relatives who are adults and live on their own. You may also include adult friends. The two references must have separate and complete addresses.
• If you don’t have a driver’s license, complete that section with “None.”

Read the Promissory Note before you sign and date it. It is a legal document requiring you to pay back the money you borrow.