Financial Aid Office

FEDERAL DIRECT STUDENT LOAN ONLY
2014-2015 Procedures

The Financial Aid Office will review your processed Free Application for Federal Student Aid (FAFSA), 2013 Federal Income Tax Returns for both parents and student (including all schedules filed and copies of original W-2's) and a Federal Verification Worksheet. This information will be used to determine the maximum "subsidized" Federal Direct Student Loan eligibility. If the subsidized eligibility is not the full amount you are eligible to borrow based on your class standing, you may apply for the remaining amount as an "unsubsidized" Federal Direct Student Loan.

In order to process (certify) a Federal Direct Student Loan for the 2014-2015 school year steps 1 through 4 MUST be completed.

 

STEP 1: You must file a 2014-2015 FAFSA with Skidmore College's code (002814). You should file electronically, after January 1, 2014, by going to the FAFSA website. Skidmore College will receive the information electronically as long as our school code is listed.


STEP 2: First time Federal Direct Student Loan borrowers must complete the federally required Direct Loan Entrance Counseling, by following instructions for entrance counseling. You must use your
Federal PIN number to complete the entrance counseling session. If a student has borrowed a Federal Direct Student Loan at Skidmore College, and completed the Entrance Counseling in a prior year, they are not required to complete it again.

STEP 3: Complete a Direct Loan Master Promissory Note (MPN). This is required of all first time borrowers. If a student has borrowed a Federal Direct Loan in a previous year at Skidmore and completed the MPN they are not required to complete it again.


 STEP 4: Complete the Loan Only Form and return it to the Financial Aid Office. Once all the above steps are completed and the information is received, your loan will be certified.


PLEASE NOTE:

IF your FAFSA is selected for “verification” by the Federal processor, additional paperwork will be required.

   #1 - TAX TRANSCRIPTS will be required for the parent(S) who completed the FAFSA and the student if he/she filed a tax return.

Two options are available to provide this information to the Financial Aid office:

Option A - Please go to http://www.irs.gov/individuals/Get-Transcript to order a Tax RETURN Transcript which will then be displayed in a pdf. The pdf can be saved and then emailed directly to Skidmore College at finaid@skidmore.edu. Parents who filed a joint return must request the transcript using the social security number of the primary taxpayer.

Option B – Login to your FAFSA (or when completing the FAFSA) click the DRT (Data Retrieval Tool). If you are successful in transferring your IRS information onto the FAFSA, we will be made aware of that when your FAFSA is loaded on our system by a specific code.

#2 - W-2’s for both the parents and student (if appropriate) used to complete the FAFSA

#3 - VerificationWorksheet for current year.

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