Loan Applications For the Federal Direct Stafford Loan, if you are a first-time borrower at Einstein you must complete your Federal Direct Loan Master Promissory Note (MPN) and Entrance Counseling at www.studentaid.gov. Continuing students for whom the Einstein student finance office certified a Federal Direct Stafford loan in a prior year do not need to submit a new MPN. After completing the Entrance counseling and MPN, please complete the Direct Stafford Loan Request Form. Federal Grad Plus Loan- First-time borrowers at Einstein must complete a Federal Graduate PLUS Loan Master Promissory Note. We will certify your loan eligibility and forward the certification to Direct Loan. Continuing students for whom the Einstein student finance office certified a Federal Direct Graduate PLUS loan in a prior year do not need to submit a new MPN. However, since Graduate PLUS loans are credit-based, you must reapply with Direct Loan each year for this federal education loan. For private education loans, applying online or by telephone will allow you to learn as early as possible if your credit application has been accepted, and we strongly encourage students seeking credit-based loans to avail themselves of the quick approval process offered by many lenders. Once you have completed the loan application with your lender of choice, submit it to the office of student finance for certification. You must reapply each year for private education loans. Please be aware that the College Cost Reduction and Access Act of 2007 contains a section (401) pertaining to Federal Loan Forgiveness for Public Service Employees. The federal loan forgiveness provisions require borrowers to obtain direct loans or consolidate their federal loans through the Federal Direct Consolidation Program. As such, we advise that borrowers carefully consider the available education loan programs (private versus Graduate PLUS) to ensure their loan borrowing fits into their long-term financial planning. While borrowing through private education loan programs may provide better loan terms, it also may limit your options if you decide to use the Federal Loan Forgiveness for Public Service Employees program one day. While we encourage loan borrowers to refer to the detail of the actual legislation in determining all relevant issues, the office of student finance is available to address individual concerns.