Frequently Asked Questions
- The instructions for completing a student loan are available online: Apply for a Student Loan
- The maximum amount a first-year student can receive is $3500 not to exceed $1750 per semester. A second-year student may receive a maximum of $4500 or $2250 per semester. A review of a student's progress toward their degree is made at $16,000 ($3500 for two years at the freshman level and $4500 at the sophomore level). The $16,000 benchmark will apply to transfer and returning students. Reviews are made on a case-by-case basis by the Financial Aid Appeals Committee to ensure that students are not incurring excessive debt without progressing toward their degree.
- MPN stands for Master Promissory Note which is an agreement to repay loan funds.
- If you have bad credit, it will be up to the Department of Education whether or not they allow you to borrow additional funds. If you have filed bankruptcy, you will need to get approval from the bankruptcy trustee verifying the amount of additional debt you will incur. The letter is valid for 10 days and must be submitted to the Financial Aid Office.
- Subsidized loans are need-based loans where the government pays the interest due on the loan while the student is in school and during the grace period. Unsubsidized loans are non-need-based loans where the student is responsible for paying the interest due on the loan while they are in school and during the grace period.
- The lender for the Federal Direct Loan program is the U.S. Department of Education.
- Federal regulations require that all first-year, first-time borrowers must wait 30 days from the first day of class to receive loan funds.
- All applicable fees are payable at the time of registration each semester. Failure to pay or make arrangements to pay your fees can result in being purged (removed) from your classes. If you are purged, you will have to re-register and may not be able to get the classes you need.
All students should be prepared to purchase their textbooks by the first day of class. Due to the complexity of the financial aid awarding process and the federal requirement of verifying class attendance prior to the delivery of financial aid funds, there may be a delay in the receipt of financial aid funds.
The Book Voucher Program is available to students as an advance against their financial aid award to be used for the purpose of purchasing required books, supplies, or manuals for their courses.
- The Book Voucher Program is available to students as an advance against their financial aid award to be used for the purpose of purchasing books, supplies, or manuals for their courses.