Delaware Valley College is a participant of the William D. Ford Federal Direct Loan Program. The Federal Direct Loan is a loan in the student’s name that is borrowed directly through the Department of Education. The Federal Direct Loan is offered as a part of the financial aid package, and can be either Subsidized or Unsubsidized. The Subsidized Direct Loan does not accrue interest as long as the student is enrolled at least half time. The Unsubsidized Direct Loan will accrue interest while the student is enrolled, unless the student pays this interest. Please visit www.direct.ed.gov for Federal Direct Loan Information, including the Federal Direct Subsidized and Unsubsidized Loans.
Application Process for Federal Direct Subsidized and Unsubsidized Loans
- It is mandatory for First-time borrowers of the Federal Direct Subsidized and Unsubsidized Loan to complete a Federal Direct Subsidized and Unsubsidized Loan Entrance Interview. The Entrance Interview is an on-line session that can be completed on www.StudentLoans.gov. You will need your FAFSA PIN to Sign In on this website. The session will take approximately 20 minutes and your rights and responsibilities of the Federal Direct Loan Program will be reviewed.
- After completing your Entrance Interview, you will be directed to complete the electronic Master Promissory Note (MPN) on the same website. The Federal Direct Subsidized and Unsubsidized Loans MPN is a legal document which you sign as a promise to pay back the money you have borrowed. You will only have to complete this form once. It will be valid for your entire school career, up to ten years. When you sign and date your Federal Direct Subsidized and Unsubsidized Loan Master Promissory Note, be sure to use your legal name and date of signing.
- The Financial Aid Office will receive notification when the Entrance Interview and Master Promissory Note have been completed. Both processes must be completed for the Federal Direct Subsidized and Unsubsidized Loans to be certified and disbursed. The Department of Education will disburse your funds directly to Delaware Valley College after the first day of class.
Please contact the Financial Aid Office at 215-489-2272 or e-mail Finaid@delval.edu with any questions you have about the Federal Direct Subsidized or Unsubsidized Loans.
Federal Perkins Loan
The Perkins Loan is a need-based loan awarded to full-time undergraduates. More specifically, at DelVal, these funds are distributed primarily to freshmen and sophomores demonstrating the highest financial need.
Perkins loans are awarded from a limited source of funding, which is why the dollars are targeted to the students who are not eligible to borrow as much through the Federal Direct Subsidized and Unsubsidized Loan program (freshmen and sophomores). Here is some general information about the Perkins Loan:
- 5% fixed interest rate
- 9-month grace period prior to repayment
- Eligibility and award amounts can vary among institutions
At DelVal, if you are awarded both the Federal Direct Subsidized or Unsubsidized Loans and the Federal Perkins Loan and you decide that you only need to borrow through one loan program, please notify the Financial Aid office as soon as possible. This way, we are able to re-award Perkins to other students in need.
First-time Perkins borrowers are required to complete entrance counseling and sign the Master Promissory Note (MPN) for the Perkins Loan. The Financial Aid Office will contact you regarding this.
Current Perkins borrowers do not need to complete entrance counseling or sign another MPN