Bard College participates in the Federal Direct Loan Program.

First-time Direct Loan borrowers may begin the loan process online. You will also need to complete a Master Promissory Note (MPN) and entrance counseling for the loan online. Once the Financial Aid Office receives notification that you have completed these requirements, we will be able to certify the loan for this academic year. If you decide not to use the Federal Direct Loan this year, please notify our office by sending an e-mail to finaid@bard.edu.

Exit counseling is required for all student loan borrowers once they are no longer enrolled at Bard. You may complete exit counseling online. This website also contains the central database for all federal loan and grant history. Log on to check your loan balance for all federal loans you may have used at any institution.

Frequently Asked Questions

What is a Direct Loan?

The William D. Ford Federal Direct Loan Program offers low-interest loans for students and parents to help pay for the cost of education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.

What kinds of Direct Loans are available?

• Direct Subsidized Loans available for students with demonstrated financial need, as determined by federal regulations. No interest is charged while the student is enrolled at least half time, during grace periods, and during deferment periods.
• Direct Unsubsidized Loans available for students regardless of financial need; interest is charged during all periods.
• Direct PLUS Loans low-interest loans available to parents of dependent students. Interest is charged during all periods. PLUS loan borrowers cannot have an adverse credit history (a credit check will be done).
• Direct Graduate PLUS Loans low-interest loans available to graduate/professional students. Interest is charged during all periods. Grad PLUS loan borrowers cannot have an adverse credit history (a credit check will be done).

What are the interest rates and fees for Direct Loans?

For loan disbursements made after July 1, 2010 for the 2010–2011 academic year:

Loan Type	Interest Rate (%)	Origination Fee (%)	Up-Front Origination Rebate (%)	Net Origination Fee (%)
Direct Subsidized	4.5	1.0	0.5	0.5
Direct Unsubsidized	6.8	1.0	0.5	0.5
Direct PLUS	7.9	4.0	1.5	2.5
Direct Grad PLUS	7.9	4.0	1.5	2.5

For loan disbursements made after July 1, 2011 for the 2011–2012 academic year:

Loan Type	Interest Rate (%)	Origination Fee (%)	Up-Front Origination Rebate (%)	Net Origination Fee (%)
Direct Subsidized	3.4	1.0	0.5	0.5
Direct Unsubsidized	6.8	1.0	0.5	0.5
Direct PLUS	7.9	4.0	1.5	2.5
Direct Grad PLUS	7.9	4.0	1.5	2.5

How do I complete the Federal Direct Loan Master Promissory Note (MPN)?

The Master Promissory Note (MPN) explains the terms and conditions of your loan. By signing an MPN you promise to repay all loans and any accrued interest and fees to the U.S. Department of Education. You can borrow additional loan funds under a single MPN for up to 10 years. Before receiving your first Direct Loan, you must sign an MPN. Complete your MPN online. You will need your federal PIN to process the MPN.

How do I complete the Federal Direct Loan entrance counseling?

Entrance counseling will explain your rights and responsibilities as a borrower. All first-time borrowers must complete entrance loan counseling prior to disbursement of loan funds. Complete entrance counseling online. You will need your PIN to complete your entrance counseling.

Where can I find more information about the Direct Loan Program?

The United States Department of Education’s website has a lot of information about the Federal Direct Loan Program including loan limits, interest rates, repayment calculators, deferment, and Direct Loan consolidation. Visit their website go to the Direct Loan page for students.