As of July 1, 2010, the private lender-based student loan program under the Federal Family Educational Loan Program (FFELP) has been discontinued in favor of the Federal Direct Loan program where loans are now borrowed directly through the federal government. To borrow a Direct Loan, students must complete a Master Promissory Note (MPN) at the federal website: studentaid.gov/mpn. As a borrower of a loan students should be aware of their rights and responsibilities. These can be obtained by completing an entrance interview before they take out their first student loan, as well as completing an exit interview as they complete their education. These can also be done online at the same site. For your exit interview, you’ll be redirected to the National Student Loan Data System (NSLDS) which actually contains the exit counseling information. With respect to the NSLDS, please be advised that federal regulations require that all federal loan information for all borrowers will be maintained at this site, and that said information will be accessible by guaranty agencies, lenders, and institutions who are authorized users of the system.
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