Receiving the Loan Funds You Were Awarded
Please be advised that you may only apply for a Stafford loan if you have been awarded a loan on your Financial Aid Award letter. If you complete the Master Promissory Note (MPN) but have not been awarded a loan, or are not currently eligible for a loan, your MPN will be cancelled.
- Loan disbursements for new borrowers will be held until the 31st calendar day of the quarter. This is a federal regulation for new borrowers only.
- If your loan is only for one quarter, the second half of your loan will be disbursed after the midpoint of the quarter. This requirement is for all borrowers who are only awarded a loan for a single quarter.
- If you will experience problems purchasing textbooks because of this delay, please contact the Financial Aid Office immediately to discuss your eligibility for a short-term loan.
Choosing a Lender:
The following list of participating lenders (in no particular order) have agreed to disburse Stafford loans to Peninsula College students. You may look at the lender's web site for information on borrower repayment benefits.
***IMPORTANT*** You have the right to select any lender you wish for your loan, regardless of the participating lender list; if you choose a lender that is not on this list, you must contact the Financial Aid Office with your chosen lender's ID code. The Financial Aid Office staff is prohibited from choosing your lender for you. Your loan will be processed promptly and accurately, regardless of which lender you choose.*
Start the MPN:
If you have a Financial Aid Notification letter that shows you were awarded either Subsidized or Unsubsidized loans, or both, please click here to complete the MPN to receive your loan funds.
If you do not have an award letter with a loan award listed on it, you may NOT apply for a Stafford loan at this time. Please contact the Financial Aid Office if you are interested in receiving a loan but have not been awarded a loan.
Please be advised that missing or incomplete information on the Master Promissory Note (MPN) will cause delays with your loan disbursement. Common missing or incomplete items are driver's license number, lender choice, and references' contact information. To avoid delays, please have all required information at hand before submitting your MPN.
*The college is required to adhere to a strict code of conduct when working with lenders and loan servicing agencies. If you would like to see a copy of the Financial Aid Office's College Loan Code of Conduct, please contact the Financial Aid Office.
Exit Counseling:
Once you have stopped attending at least 1/2 time, or if you have graduated from your program, you are required to complete Student Loan Exit Counseling immediately. Please click here to begin your Exit Counseling session.