Loan Process

Steps involving StudentLoans.gov will require a Department of Education PIN. (If you filled out the FAFSA, this will be the same one you used there.) If you need to, you can apply for or re-establish your PIN.

  1. Accept loan(s) on WebAdvisor
  2. Sign into StudentLoans.gov and complete Entrance Counseling.
  3. Complete a Master Promissory Note (MPN). Please select Subsidized/Unsubsidized.

Entrance Counseling is a tool to ensure you understand your obligation the repay loans you agree to borrow.

A Master Promissory Note (MPN) is a legal document in which you promise to repay your loans and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loans. You can utilize the same MPN for up to 10 years.

  1. Accept loan(s) on WebAdvisor
  2. Sign into StudentLoans.gov and complete the following:
    • Request a Direct PLUS Loan
    • Select Parent PLUS
    • Request an amount (See note below)
    • Authorize a credit check with the Department of Education.
  3. Complete a Master Promissory Note (MPN). Please select Parent PLUS.
    • Note: You have the option to either "specify a loan amount" or "borrow the maximum Direct PLUS Loan amount for which I am eligible, as determined by the school".
    • If you specify the amount that you would like, please take into consideration the 4.204% lending fee that is taken out by the Direct Lending Program prior to disbursement.
    • If you select the maximum amount for which you are eligible, please be advised that we will increase the loan amount beyond what is listed on the award letter (maximum amount allowable is the total cost of attendance minus any other aid the student is receiving).
    • If you applied for the maximum allowable amount but do not want the entire amount, please complete and submit a Loan Change Request Form before the start of the term.

If the parent received a denied credit decision on their PLUS Loan application, there are a few of options.  Parents can add a credit-worthy endorser, appeal the credit decision, or request the Additional Unsubsidized Direct Loan for the student.

  1. 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 into www.StudentLoans.gov.
    • Have the endorser complete an endorser addendum
    • Complete a new Master Promissory Note (MPN) including your endorser
  2. To appeal your credit decision you must:
    • Document to the satisfaction of the U.S. Department of Education that the information causing the adverse credit decision is incorrect or has been corrected OR there are extenuating circumstances relating to the adverse credit history
    • After you submit your request to document extenuating circumstances, Applicant Services will contact you. Once all documentation has been received, a determination will be made and provided to you within 7-10 bsiness days.
  3. Request an Additional Unsubsidized Direct Loan for the student by following these steps:
    • Inform the Financial Aid Counselor of the Direct Parent PLUS Loan denial
    • A revised student award will be created and sent via CLU webmail to the student
    • The student must accept the Additional Unsubsidized Direct Loan on WebAdvisor

Students are advised to exhaust their Direct Unsubsidized Loan eligibility before applying for a Direct Graduate PLUS Loan, as this loan has a higher interest rate (6.41% vs. the 5.41% Direct Unsubsidized Loan interest rate). Please input a specific amount, choose the “Maximum allowable by school”, or contact the Graduate Financial Aid Counselor, Crystal Klipp, to determine your eligibility.

  1. Sign into StudentLoans.gov and complete the following:
    • Request a Direct PLUS Loan
    • Select Graduate PLUS
    • Request an amount
    • Authorize a credit check with the Department of Education.
  2. Complete a Master Promissory Note (MPN). Please select Graduate PLUS.
  3. Once you receive an email (via your clu email) from the Office of Financial Aid showing that your Graduate Plus loan had been added to your financial aid package, Accept loan(s) on WebAdvisor

If you receive a denied credit decision, you have a couple of options. You may choose to add a credit-worthy endorser or appeal the credit decision:

  1. 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 into StudentLoans.gov.
    • Have the endorser complete an endorser addendum
    • Complete a new MPN including your endorser
  2. Appeal your credit decision with the Department Of Education.

Timeline
All application steps must be completed at least 10 business days prior to the end of a term the student wishes to receive aid for. This includes:  

- Filing a FAFSA
- Submitting a Grad or Professionals Financial Aid Application (if applicable)
- Submitting any Missing Information requests
- Completing Verification (if applicable)
- Accepting the loan(s) on WebAdvisor
- Completing the loan process: Entrance Counseling and Master Promissory Note
- Authorizing a PLUS Loan credit check with the Department of Education (if applicable)

All loans require processing time before the funds will be ready to disburse. Students may receive loan funds for a term only if they are currently enrolled in that term and loan funds disburse prior to end of that term. If completion of required steps occurs after the 10 business days prior to the end of the term, the Office of Financial Aid cannot guarantee that loan(s) will be processed before the end of the eligible timeframe.

Loan Disclosure
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. To request a cancellation, please complete and submit a Loan Change Request Form within the appropriate timeframe.

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