Loans: Information and Application

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 who are US citizens and resident aliens is filing a FAFSA and other required aid application forms to establish eligibility. All student and parent borrowers will complete online Direct Loan Master Promissory Notes (even if they completed one last year as part of getting a Stafford or regular PLUS). New borrowers also complete online loan entrance counseling and the Student Loan Authorization Form. Direct PLUS Loan borrowers print and send the financial aid office an application.

• Federal Direct Student Loan (Entrance or Exit) Counseling
• Federal Direct Loan Promissory Note

Loan counseling and the online promissory note will require your federal (FAFSA) PIN (to act as your signature), and counseling will require contact information for two references as well.

• Student Loan Authorization Form
• Application for a 2009–2010 Direct Grad PLUS or Parent PLUS Loan
• Application for a 2010–2011 Direct Grad PLUS or Parent PLUS Loan (will not be processed until after May 2010)

International students at Bennington have a Bennington Loan included in the financial aid award each year; that loan requires no additional application.

Details about Education Loans

• Federal Direct Student Loan—either subsidized or unsubsidized.
• Federal Direct PLUS Loan—Direct Parent PLUS or Direct Grad PLUS.
• Other Student Loans—private alternative loans.
• Bennington Loan for International Students

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 elresources.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.

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.

Bennington's Code of Conduct in regard to its relationship with lenders.