Anoka Technical College participates in the William D Ford Federal Direct Loan Program. Under the Federal Direct Loan Program, students will apply for and receive their loan funds from the US Department of Education.
Loans are financial aid that require repayment. Federal Direct Student Loans require a FAFSA to be completed by the student. Eligibility for federal student loans cannot be determined until FAFSA results are received by the Anoka Technical College Financial Aid Office.
You must be enrolled and attending a minimum of six (6) credits.
You must be in Satisfactory Academic Standing or have successfully filed an appeal (2.0 GPA/66.67 completion rate for all courses)
You must be accepted into a degree program/major
The Federal Direct Loan Master Promissory Note (MPN) is the application for both the Subsidized and Unsubsidized portions of your Loan.
1. If you have not previously borrowed a Federal Direct student loan, you are required to complete loan entrance counseling. Sign in using your federal PIN (the same one you used for your FAFSA) and click on Entrance Counseling. This process will take approximately 25 minutes to complete. Loan requests will not be processed until Entrance Counseling has been completed.
2. If you have not completed a Federal Direct Loan MPN (Master Promissory Note), click here to do so. Sign in using your federal PIN (the same one you used for your FAFSA) and click on Sign Master Promissory Note. You will only need to do this one time; your MPN is good for 10 years.
* your award letter
* Your Federal PIN (to sign your MPN)
* Your Driver's License Number
* Addresses and phone numbers for two references not residing at the same address
3. Complete the Loan Request Form by going to the Anoka Technical College Web site, click on current students, then financial aid, then Loans, then Loan Request Form.
Subsidized Stafford Loan = 4.5% fixed rate effective July 1, 2009
Unsubsidized Stafford Loan = 6.8% fixed rate effective July 1, 2010
First year dependent students - up to $5,500 per year
Second year dependent students - up to $6,500 per year
First year independent students - up to $9,500 per year
Second year independent students - up to $10,500 per year
Student is classified as a first year student until he/she has completed 30 credits toward the program of study.
Dependent Student - $31,000 - total of all Federal Direct and Federal Stafford subsidized and unsubsidized loans. No more than $23,000 can be subsidized.
Independent Student - $57,500 - total of all Federal Direct and Federal Stafford subsidized and unsubsidzed loans. No more than $23,000 can be subsidized.
After you complete your Federal Direct Loan request, Anoka Technical College will certify your loan and you will receive a Notice of Guarantee from the US Department of Education when the loan has been approved and guaranteed. Your Notice of Loan Guarantee will project the date of disbursement.
If it has been more than two weeks since you submitted your MPN and your loan is still not certified, please contact the Financial Aid Office at finaid@anokatech.edu or (763) 576-4760.
If you graduate, withdraw, or enroll less than half-time (fewer than 6 credits), you must complete Loan Exit Counseling. This takes approximately 25 minutes and helps you understand your loan repayment terms and options.
If you are a Dependent Student for financial aid purposes, the PLUS loan enables your parent(s) to borrow funds to assist you with education-related expenses.
The PLUS loan is not listed on the financial aid award letter. The maximum loan amount a Parent may borrow is the Cost of Attendance less any other financial aid the student receives. The PLUS has a fixed interest rate of 7.90% and an origination fee of 2.5% (4.0% less a 1.5% rebate). Repayment begins 60 days after the final loan disbursement. For PLUS loan that are first disbursed after July 1, 2008, PLUS loan borrowers have the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or not until six (6) months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis.
PLUS loan borrowers can call Direct Loan Borrower Services at 1-800-848-0979 to request an in-school deferment. Parents should wait until the first disbursement of this loan occurs before making this call.
1. Complete a PLUS loan MPN (Master Promissory Note) here. Click on Complete PLUS Loan Request. Sign MPN using PIN (same PIN as used when signing the FAFSA)
2. Complete the PLUS Loan Request Form found on the college Web site
More information on Direct Loans