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The Federal Direct Loan program provides low-interest loans to ����ֱ��s enrolled at least half-time. Note the difference between Direct Subsidized and Unsubsidized Loans:

• Subsidized: Available only to ����ֱ��s who demonstrate financial need. The government pays the interest while the ����ֱ�� is in school and during the grace period.
• Unsubsidized: Interest accrues during the in-school and grace periods.

Please follow the authorization instructions below for the loans listed on your award package.

Important: All ����ֱ��s must complete Step One. If you are a new borrower at St. Kate’s please complete Steps Two and Three as well.

• Step One: Authorize the amount you'd like to borrow online, through the ����ֱ�� page in the "Student Self Service" section.
  • Select “My Financial Aid”.
  • Select the "Award Offer" tab.
  • Use the drop down menu at the top to select your Award Year.
  • Navigate down to the “Loans” section.
  • Click the dropdown box in the "Take Action" column. If you would like to accept the full loan, indicate Accept. If you would only like to accept a partial amount, select Modify and indicate the amount you would like to borrow. To decline, select Decline.
  • Click “Submit” to complete your changes.
  • Note: If you need to change the amount you have accepted please contact the Financial Aid Office.
• Step Two: Complete the Direct Loan Master Promissory Note (MPN). This is your written contract between you; the borrower; and the lender. Go to the website. Click the "Log In" button in the middle of the page and sign in using your FSA ID Username or E-mail Address and FSA ID Password. Select “Complete Aid Process”, then "MPN for Undergraduates" or "MPN for Graduate/Professional Students" depending on what type of ����ֱ�� you are or will be for the corresponding aid period. 
  
   

• Step Three: Complete Loan Entrance Counseling, which is also available online at the website. Select “Complete Aid Process” then select “Complete Entrance Counseling”.

Maximum Eligibility Period

Beginning July 1, 2013, there will be a limit on the maximum period of time that a ����ֱ�� can receive Direct Subsidized Loans. Essentially, you will not be eligible to receive the Direct Subsidized Loan for more than 150% of the published length of your program of study. For more information, go to the website.

Receiving Your Loan

The Direct Loan Program will send a loan disclosure statement when your loan has been processed. Save this statement to compare to your online bill later. It will show the total amount of your loan, the disbursement amounts and the estimated disbursement dates. This is an estimation of when the funds will be transferred, NOT the date the funds may be released to you. Our office also receives this information so we may schedule disbursement. Disbursements are issued through the Student Accounts office.

The Federal Direct Loan program provides low-interest loans to parents of dependent undergraduate ����ֱ��s and graduate ����ֱ��s enrolled at least half-time.

Direct PLUS Instructions

Complete the Direct PLUS Loan Application and Master Promissory Note (MPN), which is the written contract between you; the borrower; and the lender. This can be completed online at the website. Click the "Log In" button in the middle of the page and sign in using your FSA ID Username or E-mail Address and FSA ID Password. Select "Apply For Aid”, then "Apply for a PLUS Loan" and complete application. (Note: This process requires a credit check.) Once you have completed the application process and have been approved, and if you are a new borrower, you will be prompted to complete the Master Promissory Note (MPN).

For Graduate PLUS Loan Borrowers Only:

If you are a new borrower, complete the Loan Entrance Counseling, which is also available online at website. Click the "Log In" button in the middle of the page and sign in using your FSA ID Username or E-mail Address and FSA ID Password. Select “Complete Aid Process”, then “Complete Entrance Counseling”.

Receiving Your Loan

The Direct Loan Program will send a loan disclosure statement when your loan has been processed. Save this statement to compare to your online bill later. It will show the total amount of your loan, the disbursement amounts and the estimated disbursement dates. This is an estimate for when the funds will be transferred, NOT the date the funds may be released to you.

Denial

Any PLUS Loan borrower with adverse credit may be denied the PLUS Loan. If your credit is denied, you will receive notification from the direct loan servicer. You can:

• Appeal:
  • Seek a credit status override or request a review. Contact the Direct Loan service at 1-800-557-7394 and Equifax (their credit bureau) at 1-800-685-5000.

  • Log in to ����ֱ��aid.gov with your FSA ID and password, click on “APPLY FOR AID” and then click on “APPEAL A CREDIT DECISION” under the “APPLY FOR A PLUS LOAN” tab.

• Add an Endorser: Have a third party endorser co-sign the PLUS Loan application. Your endorser will need to create an FSA ID and password at ����ֱ��aid.gov. They will then need to click on the “APPLY FOR AID” link, then “Endorse a PLUS Loan” under the “Apply for a PLUS Loan” tab.

Or:

• Choose not to pursue the denied PLUS Loan. Contact the Office of Financial Aid to discuss options.

If you choose to appeal your denial or add an endorser to your loan you will be required to complete ‘PLUS Credit Counseling’ before your loan can be disbursed to your ����ֱ��(s) account. You will be prompted to complete the PLUS Credit Counseling session during the loan application process on the  website.

Graduate Students: This PLUS Credit Counseling requirement is in addition to the Loan Entrance Counseling requirement. If you are a first time borrower and you are denied the PLUS Loan and wish to appeal or get an endorser you will have to complete both PLUS Counseling and Loan Entrance Counseling.

Nursing Loans are for ����ֱ��s with financial need who are majoring in the nursing field

The Nursing loan is awarded through the Financial Aid Office. St. ����ֱ�� University is the lender for the loan, which is funded by the federal government. Once you complete the online process to accept your loan, complete entrance counseling and the promissory note, the loan funds are applied directly to your ����ֱ�� account.

Interest and Repayment

• Interest does not accrue on the Nursing Loan while you are enrolled at least half-time.
• Interest rates are fixed at 5 percent and begin at the time of repayment, which typically begins 9 months after you graduate, withdraw or reduce your credit load to below half-time.
• If you change your major or are dismissed from the nursing program, your 9-month grace period begins immediately.
• After your grace period ends, you will need to start making monthly loan payments.
• If you are unable to make payments on your Nursing Loan or are still a ����ֱ��, you can apply for a forbearance and interest does continue to accrue. If your request for forbearance is accepted, it may be granted for a period of 12 months at which time you will need to request a new forbearance if you are still unable to make payments.

Authorization Instructions

The Nursing Loan Servicer for St. ����ֱ�� University is ECSI (Educational Computer Systems, Inc.).

Please Note: You will receive an email from the loan servicer before you can complete the following information.

If you have been awarded a nursing loan you should receive an email from ECSI (Educational Computer Systems, Inc.). The email will have instructions and include a link to the web address to complete the MPN and entrance counseling.

For questions on your Nursing Loan or on Educational Computer Systems, Inc., contact the Office of Student Accounts.