Loan FAQ

Has my loan come in yet?  Do I need to sign for it?  Where do I go?

You will receive a final award letter stating what aid you are receiving. When your loans are disbursed to the school, you will receive a disclosure notice from your guarantor stating the disbursement dates of your loan to the school. However, it will not credit to the student’s account until about a week later. You can also check on CyberBear to see if your aid has been credited to your account.

Do you have short term loans?

You can apply for short term loans at the financial aid counter.  If you are approved for a short term loan, you would pick the check up at the cashier’s station. They take 3-5 days to be processed.   Not all short term loans are awarded through the FA office and can be obtained through some of the other departments on campus such as the Law School, Pharmacy School, etc.  NOTE: You cannot have more than one short term loan out at once through any department.

What is the difference between Subsidized and Unsubsidized?

Interest is paid for you while you are in school on Subsidized Loans. Unsubsidized Loans accrue interest that you are immediately responsible for while you are in school.  You can either elect to make interest payments or let it capitalize on the loan.

Where do I apply for a Perkins Loan?

Unfortunately Congress has allowed authorization for the Federal Perkins Loan program to expire. Effective July 1, 2018, Federal Perkins Loan funds can no longer be offered to students. Students with existing loans will be allowed to repay the loans under the original terms they agreed to when signing their promissory notes.

Will my loan cover housing?

Your aid can cover your housing if the aid exceeds your tuition.  We do allow aid for living expenses.

Why is my loan check not in yet?

Please contact the Financial Aid Office to find out why your loan is not available.

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Article ID: 63358
Tue 10/2/18 2:29 PM
Tue 10/2/18 2:54 PM