Loan Processes
Steps involving StudentAid.gov will require a Department of Education FSA ID.
Find out more about the FSA ID log-in process and create an FSA ID
- Accept loan(s) in Financial Aid Self-Service
- Sign into StudentAid.gov and complete Entrance Counseling.
- 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.
Students are advised to exhaust their Direct Unsubsidized Loan eligibility before applying for a Direct Graduate PLUS Loan, as this loan requires a credit check and has a higher interest rate than the Direct Unsubsidized Loan interest rate. Please input a specific amount, if you need assistance determining the amount to borrow please feel free to contact Student Accounts.
- Go to StudentAid.gov/plus-app/grad and complete the following:
- Select Log In To Start
- Request an amount and loan period
- Authorize a credit check with the Department of Education.
- Complete a Master Promissory Note (MPN). Please select Graduate PLUS.
- Complete Graduate Plus Entrance Counseling, please select Graduate Plus.
- Once completed, you will receive an email (via your clu email) from the Office of Financial Aid showing that your Graduate Plus loan has been added to your financial aid package, Accept loan(s) in Financial Aid Self-Service
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. For more information on these options and steps please see this link.
- To add an endorser follow these steps:
- Find a credit worthy endorser and supply them with the loan reference number
- The endorser must request an FSA ID with the Department of Education. They will then use that FSA ID to sign into www.Studentaid.gov.
- Have the endorser complete an endorser addendum
- Complete a new MPN including your endorser
- Appeal your credit decision with the Department Of Education.
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Applicants who have adverse credit decisions and are subsequently approved through the process of appeals or receive approved endorsed Plus Loans decisions are now required to complete Plus Counseling which will need to be completed prior to loan origination and disbursement. To complete Plus Counseling please log into www.studentloans.gov and select the ‘Complete Plus Counseling’ option on the left hand side of the screen. Please note this counseling must be completed in one sitting as there is no ‘save progress’ function. For questions about whether you need to complete this counseling or not please contact the Student Loan Support Center at 800-557-7394.
- Accept loan(s) in Financial Aid Self-Service
- Go to StudentAid.gov/plus-app/parent and complete the following:
- Select Log In To Start (please note the parent applying must sign in using their FDA ID)
- Request an amount (See note below) and loan period
- 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 4.236% 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. For steps and more information please see this link.
- To add an endorser, follow these steps:
- Find a credit worthy endorser and supply them with the loan reference number
- The endorser must request an FSA ID with the Department of Education. They will then use that FSA ID to sign into www.studentaid.gov.
- Have the endorser complete an endorser addendum
- Complete a new Master Promissory Note (MPN) including your endorser
- 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.
- Applicants who have adverse credit decisions and are subsequently approved through the process of appeals or receive approved endorsed Plus Loans decisions are now required to complete Plus Counseling which will need to be completed prior to loan origination and disbursement. To complete Plus Counseling please log into www.studentloans.gov and select the ‘Complete Plus Counseling’ option on the left hand side of the screen. Please note this counseling must be completed in one sitting as there is no ‘save progress’ function. For questions about whether you need to complete this counseling or not please contact the Student Loan Support Center at 800-557-7394.
- Request an Additional Unsubsidized Direct Loan for the student by following these
steps:
- Once the denied Parent Plus loan is processed by the Financial Aid Office, an additional unsubsidized loan will be added to the award letter and the student will be sent a revised award letter notification email via their CLU email address.
- The student must accept the Additional Unsubsidized Direct Loan in Financial Aid Self-Service.
Timeline
All application steps must be completed at least 30 business days prior to the start of a term which 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) in Financial Aid Self-Service
- Completing the loan process: Entrance Counseling, and Master Promissory Note
- Completing a PLUS application and 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 at least half time 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 or federal loan servicer. To request a cancellation, please complete and submit a Loan Change Request Form within the appropriate timeframe.