Financial Aid - Direct Loans

 

First-time Direct Student Loan Borrowers:

 

1. Complete a Master Promissory Note at   www.studentloans.gov

 

• Sign In using the same four digit pin# used for the FAFSA Application
• Complete Entrance Counseling if you are a first time student loan borrower
• Complete the Master Promissory Note: It takes approximately 30 minutes and must be completed in one session.
• Select Subsidized/Unsubsidized Loans
• SUBMIT

 

2.  Complete a Student Loan Request Form and return it to the Financial Aid Office

• Before requesting an amount, consider your cost of tuition, books, and
  other financial aid you are receiving so that you do not over-borrow.
• The Department of Education requires the Financial Aid Office to delay your first disbursement until 30 days into the semester.
  

• Plese allow 4-6 weeks for processing.

 

 

Prior Direct Student Loan Borrowers:

 

• Complete a Student Loan Request Form and return it to the Financial Aid Office

  • Before requesting an amount, consider your cost of tuition, books, and
    other financial aid you are receiving so that you do not over-borrow.
  • Please allow 4-6 weeks for processing.

 

 

 

Parent PLUS Loan Borrowers:

 

Complete the Application at  www.studentloans.gov

• Sign In using the same four digit pin# used for the FAFSA Application

• Click on Request  Direct PLUS Loan
• Click Parent PLUS
• Complete the application
  • Be careful to list the parent as the borrower and the student as the student.

   

• SUBMIT

 

Additional Borrowing Options

 

Private Alternative Education Loans

 

Bridge the gap when a student’s financial aid award is not enough to cover the COA.

• The loans are offered by private lenders.
• Eligibility may be driven by the applicant’s and co-applicant’s credit score.
• Private education loans tend to cost more than federal education loans  - variable interest rates
• Parents who are considering a private alternative education loan often consider a HOME EQUITY LOAN or a Federal Direct PLUS Loan. There are several tradeoffs between these options.

 

To select a private alternative education loan, it’s best to do your own research:

• Ask lenders for comparison charts
• Go online. Entering “private student loans” or “alternative student loans” on any search engine will yield quite a few sites.
• You may also want to read the information on “Private Education Loans” on www.finaid.org.

 

Students applying for a private alternative loan must complete the Private Loan Self Certification Form and submit it to the Financial Aid Office on main campus.

 

 

 

 

Please carefully consider the amount you are borrowing.  The repercussions from "over-borrowing" while you are in school can carry with you for over 20 years after you finish your education.  For more information on budget planning and debt management, please go to http://studentaid.ed.gov

 

 

Student Loan Code of Conduct: