Hampton University - Office of Financial Aid

Hampton University currently processes Federal Stafford, Federal PLUS and Grad PLUS loans through the Federal Family Education Loan Program (FFELP), in which students and parents borrow from private lenders and banks. Beginning Fall 2010, the University will participate exclusively in the William D. Ford Federal Direct Loan program, in which borrowers obtain loan funds directly from the US Department of Education.

Why is the University changing its loan process?

Volatility in the credit markets and reductions in lender subsidies have caused many lenders to stop offering borrower benefits and reduce their level of customer service. Several major lenders have made changes to their program that caused a delay in students receiving funds or other inconveniences. Some have dropped out of the FFEL program altogether, sometimes without notice. The Direct Loan program is not impacted by changes in the economy. We believe that this program will offer students and parents a more streamlined, stable, and predictable borrowing experience.

What do I have to do to get my loan funds for next year?

As in prior years, you must complete the FAFSA (Free Application for Federal Student Aid), provide any documents requested by our office, and accept or decline your federal student loans online through HUNet .

You will then have to complete a new MPN for the Direct Loan program before your funds will disburse. You can complete your Direct Loan MPN online at http://www.dlenote.ed.gov. You will need the same PIN that you used for your FAFSA to electronically sign the note. If you do not have a PIN, you may obtain one via http://www.pin.ed.gov.

Communications from the Office of Financial Aid and Scholarships