Requirements for requesting loans:
Entrance Loan Counseling and Master Promissory Note (MPN) must be completed before loan funds are disbursed.
c. "Loan Application"
iii. Note - All loans will have two disbursements. For example: if you have a Fall/Spring loan, you will receive half in Fall and half in Spring. If you have a one term loan, you will receive half at the beginning of the term and half at the mid-point of the term.
d. "Application Summary"
Once your loan request has been submitted, you can check the status of your request at anytime by following steps 1, 2 and 3 above. Processing is complete once the loan status says “Certified.”
If you’ve done your loan request correctly, the funds will be disbursed and credited to your student account. If there are overage funds, the Business Office will release funds to Higher One and you will receive your money based on your refund preference. If you still owe a balance after the loan proceeds have been credited, check your Student Account online and pay the amount due.
You are responsible for the payment of tuition and/or fees for any amount not covered by financial aid.
Loan proceeds are released in two disbursements. If you have a Fall/Spring loan, you will receive half in Fall and half in Spring. If you have a one term loan, you will receive half at the beginning of the term and half at the mid-point of the term.
First year, first time borrowers will experience a 30 day delay in when they can receive their first loan disbursement. Loan disbursements for students who are not a first year or first time borrower are disbursed beginning the 11th day of the term.
An undergraduate Direct Loan borrower is subject to certain proration loan limits if s/he is enrolled in a program of study that is less than 24 credits. Loan limits must also be prorated if the program's duration is equal to or longer than 24 credits but the borrower is completing the remainder of the program in a period of enrollment that is shorter than an academic year, such as with a fall term graduation.
Maximum Eligibility Period
Beginning July 1, 2013, there will be a limit on the maximum period of time that a student can receive Direct Subsidized Loans. Essentially, the student will not be eligible to receive the Direct Subsidized Loan for more than 150% of the published length of program the student is enrolled in. Example: If a student is enrolled in a 2-year associate degree program, the maximum period for which the student is eligible to receive Direct Subsidized Loans is 3 years (150% of the equivalency of 2 years = 3 years).
If the student stays enrolled in the current program after the maximum eligibility period, the student will only be eligible to receive Direct Unsubsidized Loans. The student will also become responsible for paying the interest that accrues on his or her Direct Subsidized Loans.
If the student changes programs to a different 2-year associate degree program, the maximum eligibility rule still applies. Additionally, the Direct Subsidized Loans that were borrowed in the previous program will still generally count against the new maximum eligibility period.
For more information:
The Federal Parent Loan for Undergraduate Students (PLUS) program provides loans to parents of dependent students. See Types of Financial Aid for eligibility requirements.