| Q: |
What if I have a prior defaulted loan? Does it matter if it's paid off or if it is currently in default status? |
| A: |
Students currently in default on a prior student loan are not eligible for Federal or State Financial Aid, including new student loans. If you have paid off or are making satisfactory repayment on your defaulted loan, YOU MUST SUBMIT WRITTEN PROOF OF DEFAULT CLEARANCE. |
 |
|
| Q: |
When will my loan be processed? |
| A: |
To have your loan processed, you must complete the following steps:
- Your Financial Aid Application file must be complete and all information must be accurate.
- You must be sent an official award notification by our office.
- You must be enrolled, for at least half-time status.
- You must have completed a loan entrance counseling session.
- You must submit the Electronic Loan Request Form.pdf
|
|
|
| Q: |
I've done all that. What happens next? |
| A: |
We will electronically transmit your loan eligibility information to the ELM Lender Network. You must complete a Master Promissory Note through the PORTAL system, using e-signature. NOTE: THE MASTER PROM NOTE MUST ONLY BE COMPLETED BY NEW APPLICANTS. IF YOU BORROWED PREVIOUSLY UNDER A MASTER PROM NOTE, YOU WILL NOT NEED TO COMPLETE A NEW PROM NOTE. THE ADDITIONAL AMOUNTS WILL SIMPLY BE ADDED TO THE MASTER PROM NOTE HELD BY YOUR LENDER. |
|
|
| Q: |
How is my loan paid? |
| A: |
We should receive your first loan disbursement within two weeks from the National Disbursement Network via Electronic Funds Transfer (EFT). Once our office receives it, the disbursement will be posted to your student account and the Fiscal Affairs Office will then deduct any owed fees, housing charges, etc. At the next regularly scheduled financial aid payout, the balance of your loan disbursement will then be issued either by direct deposit.pdf or by check mailed to your current mailing address on file with the Enrollment Services Office. Stafford loans will not be disbursed to students enrolled less-than-halftime. |
|
|
| Q: |
What about my second disbursement? |
| A: |
If your loan is for the entire academic year, your second disbursement should be direct deposit or mailed to you upon a regularly scheduled early February payout date. If you have changed your enrollment plans, not attended Winter Term, are receiving additional grant or scholarship funding, or have not fully maintained satisfactory academic progress, your loan proceeds may be significantly reduced or delayed. Any reduced amount will be returned to your lender for cancellation. If your loan is for one semester only, you will receive the second half of the loan approximately half-way through the semester. |
|
|
| Q: |
What if I decide to change my enrollment from full-time to half-time? Or if I decide that I'm not going to attend Winter Term? |
| A: |
Any change in your enrollment plans should be reported IMMEDIATELY to the Financial Aid Office, in writing, so that we may make appropriate adjustments to your grant awards or student loan disbursements. Failure to report these changes in a timely manner may result in significant delays of you getting your money. |
|
|
