Loan Information
Loan Process
Applying for loans is as easy as 1 – 2 – 3!
Student Stafford Loans
- Accept loan(s) on WebAdvisor
- Sign into www.StudentLoans.gov* and complete Entrance Counseling.
- Complete a Master Promissory Note (MPN). Please select Subsidized/Unsubsidized.
* 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.
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.
Parent PLUS Loans
- Accept loan on WebAdvisor
- Sign intowww.StudentLoans.gov* and complete the following:
- Request a PLUS Loan
- Select Parent PLUS
- Request an amount (See note below)
- Authorize a credit check with the Department of Education.
- 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% 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 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 email your Financial Aid Counselor as soon as possible (no later than two weeks before the start of the term) detailing what amount you would like the loan adjusted to.
If denied, there are a couple of options. Parents can add a credit-worthy endorser, appeal the credit decision, or request the additional Stafford Unsubsidized Loan:
- 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 www.StudentLoans.gov.
- Have the endorser complete an endorser addendum
- Complete a new Master Promissory Note (MPN) including your endorser
- Appeal your credit decision with the Department Of Education.
- Request an additional Unsubsidized Loan
by following these steps:
- Inform the Financial Aid Counselor of the PLUS Loan denial
- A revised student award will be created and sent via CLU webmail to the student
- The student must accept the additional Federal Unsubsidized Stafford Loan on WebAdvisor
* 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.
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.
