Loans and Power of Attorney

THE HOLY CROSS LOAN

The Holy Cross Loan will require paperwork to be completed every academic year.  This paperwork will include three disclosure statements, a self-certification form a promissory note, and entrance counseling.  Any student who has been awarded a Holy Cross Loan must complete all required paperwork BEFORE LEAVING for the study abroad program.  Refund checks will not be issued until all paperwork has been completed.

FEDERAL DIRECT STAFFORD LOANS

Any student who has been awarded a Federal Direct Stafford loan for the first time for a semester during which he/she is studying abroad must sign all required paperwork BEFORE LEAVING for the study abroad program. The funds are disbursed to your account at the College of the Holy Cross in two installments; one in the fall and one in the spring, less the applicable bank processing fees. The student borrower must complete two steps before the loans(s) can be disbursed to the college:

1.      Complete Entrance Counseling: Go to https://studentloans.gov and sign in using your Federal Student Aid PIN, then select Entrance Counseling and complete. Federal regulations require all first time Federal Stafford Loan borrowers to complete entrance counseling to review your rights and responsibilities as a loan borrower.

2.      Sign a Master Promissory Note: Go to https://studentloans.gov and sign in using your Federal Student Aid PIN, then select Master Promissory Note (MPN) and complete.

POWER OF ATTORNEY

We recommend that parents have a power of attorney for their student.  This will enable the parents to request documents, make banking, academic, and medical decisions on the students’ behalf.  Your family attorney can advise you further on this.