<To view the “Direct Loans” podcast, click here.>
The average processing time once your web acceptance
through GoldLink or Federal Direct Stafford Loan Request Form has
been received and master promissory note and loan counseling have
been completed is about two weeks. The processing time varies
depending on when the request was submitted and the number of
requests in line to be processed.
Keep in mind that loans requested during peak
times can take several weeks to process. Loan applications are
processed in the order received.
Subsidized Direct loans are need-based loans with a 5.6%
fixed interest rate; whereas, unsubsidized Direct loans are not
need-based and have a 6.8% interest rate.
For more information click
here for PLUS loan procedures.
Please note that Parents who wish to apply for
a Parent PLUS loan must complete a MPN with Direct Lending each
Note:. Effective Fall 2010, after a student's account is paid in full, all Parent PLUS loan refunds will be mailed directly to the parent borrower from ETSU.