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2011-12 Academic Year

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Direct Loan Authorization Form

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Fax #: (712) 388-6803
E-mail: financialaid@iwcc.edu

Direct Loans For Students

Direct Loans are low-interest loans for students, made by the U.S. Department of Education, that help pay for the cost of your education. Following the steps below will help you navigate the process of taking out a Direct Loan to finance your education at Iowa Western Community College. More information about Direct Loans can be found on the U.S. Department of Education’s Direct Loan web site at www.direct.ed.gov.

Step 1:  Complete the Direct Loan Authorization Form

All Iowa Western students are required to complete a Direct Loan Authorization Form each year. This form lets the College know how much loan money you wish to borrow. You can submit the Direct Loan Authorization Form online, or if you prefer, you can print a copy of the form, fill in the requested information, and then return the completed form to the Office of Financial Aid.

• Direct Loan Authorization Form Online

Step 2:  Complete Loan Entrance Counseling

All first-time student loan borrowers are required to complete Loan Entrance Counseling. This online counseling session provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you understand your student loan responsibilities. In order to complete Loan Entrance Counseling, you need to visit the Federal Student Aid web site at www.StudentLoans.gov.

NOTE: If you have previously received a student loan, which means you have already completed Loan Entrance Counseling, you do not need to complete this step again.

Step 3:  Complete The Master Promissory Note

All first-time Direct Loan borrowers are required to complete a Master Promissory Note (MPN). The MPN is a legal document in which you promise to repay your loan(s). It also explains the terms and conditions of your loan(s). In most cases, once you have submitted the MPN and it has been accepted, you won’t have to fill out a new MPN for any future student loans that you receive. In order to complete the MPN, you need to visit the Federal Student Aid web site at www.StudentLoans.gov.

Step 4:  Review Information on the Iowa Western Financial Aid Web Site

All students are expected to review the information provided on the Iowa Western Financial Aid web site, including eligibility requirements and satisfactory academic progress requirements, as well as policies regarding withdrawal, refunds, and return of Title IV funds, which include the following forms of federal financial aid: Pell Grant, Academic Competitiveness Grant, Supplemental Educational Opportunity Grant, and Direct Loans.