Loans

A loan is made when an institution (the government, a bank, etc.) provides a student or student’s parent(s) with money to borrow. Loans must be paid back in monthly payments usually beginning six to nine months after a student graduates from college or leaves the institution for any reason.

What you should know about Surviving Education Debt (PDF)

Loan Requirements

  • For Federal Direct Subsidized or Unsubsidized Stafford Loan, or Federal Direct Plus Loans:

    • Master Promissory Note: For first-time borrowers of a Federal Direct Subsidized or Unsubsidized Stafford Loan, or Federal Direct PLUS loans.
    • Entrance Counseling: Required before you can receive your first Direct Subsidized Loan, or Direct Unsubsidized Loan as an undergraduate, or your first Direct PLUS Loan as a graduate/professional student.
    • Exit Counseling: Required when you graduate, leave school, or drop below half-time enrollment and provides important information you need to prepare to repay your federal student loans.