UMW Students who have borrowed Direct Loans in previous years only need to complete Step 1 and Step 5
If you would like to apply for a Federal Direct Loan the steps are as follows:
Step 1-The student must complete the Free Application for Federal Student Aid.
Step 2-The student must log on to the Direct Loan website using their FSA User ID and password. This is the same ID and password used to complete your FAFSA.
Step 3-Click on the link “Complete Entrance Counseling” and follow the instructions. You will need approximately 30 minutes to complete the counseling.
Step 4-After completing Loan Entrance Counseling, continue on to complete the eMPN by clicking the “Complete Master Promissory Note” link and then select Subsidized/Unsubsidized. The MPN record will be sent electronically to the University and the student account updated within two weeks of competing it.
Step 5-Log into your MyUMW portal with your Net ID and password and navigate to the Financial Aid screen for the current academic year. From here you will need to click “Accept Award Offer” and use the drop box to accept the loan(s). You may also choose to only accept a portion of the offer by entering the desired amount of the loan in the boxes. Be sure to accept the Subsidized portion as they do not accrue interest while you are enrolled at least half-time.
The Direct Loan cannot be disbursed or the student account balance deferred until all the steps have been completed and recorded by the Office of Financial Aid.
Important Updates
1. All Federal Direct loans originated after October 1, 2015 will have an Origination Fee of
- 1.068% for Direct Subsidized Loans and Direct Unsubsidized Loans
- 4.272% for Direct PLUS Loans for parents and graduate and professional students
2. Loan Interest rates have not been set for loans disbursed after July 1, 2015. Current rates are noted below.
Loan Interest Rates by Disbursement Dates:
Loan Type First Disbursed between July 1, 2015, and June 30, 2016
Direct Subsidized Loans (Undergraduate Students) Fixed at 4.29%
Direct Unsubsidized Loans (Undergraduate Students) Fixed at 4.29%
Direct Unsubsidized Loans (Graduate or Professional Students) Fixed at 5.84%
Direct PLUS Loans (Parents and Graduate or Professional Students) Fixed at 6.84%
Perkins Loans (Undergraduate and Graduate or Professional Students) Fixed at 5%