Federal Direct Education Loans
Bennington now participates in the Federal Direct student and parent loan programs. In prior years, Bennington borrowers (US citizens or resident aliens) used the Federal Stafford and PLUS loan programs.
What is the difference? Loan limits and loan terms are the same in the Direct Loan program and the coordinate Stafford or PLUS program, except that Federal Direct PLUS loans have a 7.9% rather than the 8.5% interest rate of regular Federal PLUS loans. Direct Loans also have an upfront rebate which reduces loan fees.
Direct Loan application and processing is handled entirely by the borrower and the financial aid office, and loans are disbursed with funds directly from the US Treasury. Some loan repayment or forgiveness programs are available only to Federal Direct Loan holders.
Loan Application Links
The first step for borrowers is filing a
FAFSA and other required aid application forms to establish eligibility. Student borrowers and parent borrowers complete nearly all required loan forms online at
https://studentloans.gov, including
Completing these online will require a federal (FAFSA) PIN as a signature. Be sure to use Internet Explorer or Firefox as your internet browser.
Other required loan forms:
International students at Bennington have a Bennington Loan included in the financial aid award each year; that loan requires no additional application.
Checking Loan Status and Loan History
Federal loan borrowers use the National Student Loan Data System (NSLDS) website to track loans, from origination through repayment. This Department of Education site displays information on federal loan and grant amounts, outstanding balances, loan statuses, and dusbursements. For access, provide a social security number (SSN), the first two digits of the last name, date of birth, and federal (FAFSA) PIN.
To see the status of a private alternative loan, you may check its status online at elmresources.com. Click on "Student and Parents," then "Check My Loans On ELMNet." Create an ID and password and enter.
If you have questions about you loan history or your rights as a borrower, contact the Financial Aid Office.
Exit Counseling
Loan exit counseling is required for students graduating, withdrawing, going on leave, or whose enrollment is dropping below half-time, and who have borrowed:
- a subsidized or unsubsidized Federal Direct or Federal Stafford Loan;
- a Federal GradPLUS loan;
- a Federal TEACH grant
Loan exit counseling is done at nslds.ed.gov; a FAFSA PIN will be needed for sign-in.
Repaying and Loan Forgiveness
Students graduating, withdrawing, dropping below half-time enrollments, or taking a leave of absence may want to refer to these web resources on loan repayment and forgiveness. Some repayment plans and loan forgiveness plans are available only to borrowers who hold Federal Direct Loans.