admissions

Loans

Due to legislation passed and signed into law in March 2010, students and parents are required to utilize Federal Direct Loans when needing additional funds for educational costs. Independent banks are no longer able to offer Stafford and PLUS loans. Students and parents who have utilized Stafford loans through a banking institution will be required to complete a new Master Promissory Note (MPN) with the Department of Education using the processes below.

If you are a new STUDENT borrower planning to utilize Federal Direct Stafford loans, complete the following:

  • Visit www.studentloans.gov and sign in using your FAFSA PIN
  • "Complete Entrance Counseling" by selecting the appropriate link
  • "Complete Master Promissory Note" by selecting the appropriate link

Visit the Federal Direct Stafford Loans page for more information.

* NOTE: You must use Internet Explorer 7 or Firefox 3.5x. The green "sign in" button will not appear when using Chrome, Safari or earlier versions of IE. Multnomah's computer labs and most public libraries are equipped with the necessary internet browsers.

If you are a PARENT borrower planning to utilize Federal Direct PLUS loans, complete the following:

  • Visit www.studentloans.gov and sign in using your FAFSA PIN
  • "Complete Master Promissory Note" by selecting the appropriate link

PLUS Loan Information:

  • Interest rate is fixed at 7.9%
  • Payments begin 60 days after funds have been disbursed to the student's account. If the parent would like to defer payments, a request must be made directly to the Department of Education. For more information, visit the Parent - Plus Loan page.
  • A 2.5% origination fee (4% minus 1.5% rebate fee) will be deducted from the gross loan amount. The 1.5% rebate fee will be added back to the loan if the first 12 payments are not made on time.