Loan Process
Applying for loans is as easy as 1 – 2 – 3!
Student Stafford Loans
- Accept loan(s) on WebAdvisor
- Sign into studentloans.gov* and complete Entrance Counseling.
- Complete a Master Promissory Note (MPN). Please select Subsidized/Unsubsidized.
Per new federal regulations California Lutheran University has changed from the FFELP (Federal Family Education Loan Program) to the William D. Ford Federal Direct Loan Program. Due to this change, all students who wish to acquire a Federal Stafford Loan will be required to complete Entrance Counseling for the Direct Loan Program. Per the Department of Education, a Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). You can utilize the same MPN for up to 10 years.
* To sign in under “Manage My Direct Loan”, you will need the Department of Education PIN that you used to log in to complete the FAFSA. To apply for or re-establish a PIN, go to www.pin.ed.gov.
Graduate Plus Loans
Students are advised to exhaust their Federal Stafford Loan eligibility before applying for a Federal Graduate PLUS Loan, as this loan has a higher interest rate (8.5% vs the 6.8% Federal Stafford Loan interest rate). Please contact the Graduate Financial Aid Counselor, Crystal Klipp, to determine your eligibility before applying.
- Accept loan on WebAdvisor
- Sign into studentloans.gov* and complete the following:
- Request a PLUS Loan
- Select Graduate PLUS
- Request an amount
- Authorize a credit check with the Department of Education.
- Complete a Master Promissory Note (MPN). Please select Graduate PLUS.
If denied, there are a couple of options. Graduate students can add a credit-worthy endorser or appeal the credit decision:
- To add an endorser follow these steps:
- Find a credit worthy endorser and supply them with the loan reference number
- The endorser must request a PIN with the Department of Education. They will then use that PIN to sign in to studentloans.gov.
- Have the endorser complete an endorser addendum
- Complete a new MPN including your endorser
- Appeal your credit decision with the Department Of Education.
Please note that the borrower has the right to cancel a portion of or the entirety of their loan within 14 days of either the first day of class or the disbursement of the funds to the student’s account, whichever is later. After which time, it is the borrower’s responsibility to return any unwanted funds to the lender.
