Loans
Direct Loan FAQs
How do I "accept" an "offered" or "Pending" Direct Loan?
What are the eligibility requirements?
What is Entrance Counseling and Exit Counseling?
What is a Mastor Promissory Note?
What will happen to my previous Stafford Loans?
How much do I currently owe?
How much can I borrow?
Do I have to accept the loan offered in my Financial Aid Award Letter?
What if I need to borrow more money than the amount in my Financial Aid Award Letter?
What if I borrowed too much?
What if I didn't borrow enough?
How do I clear a previous loan default?
Applying for a Direct Loan
After completing the general Financial Aid Application Process, the Financial Aid Office will automatically "offer" you a Direct Loan in your Financial Aid Award Letter.
Accepting the Direct Loan
You can choose to accept or reject the loan shown in your Financial Aid Award Letter. *Allow 10 days processing time.
To accept the loan:
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Log on to MyNC, under Financial Aid select "Accept or Reject my financial aid awards"
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Complete Entrance Counseling for the new Direct Loan at http://www.StudentLoans.gov or follow the link provided at MyNC.
All new students, transfer students,and new loan borrowers must complete Direct Loan Entrance Counseling regardless of any previous Entrance Counseling for other loans or schools.
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Sign a Master Promissory Note at http://www.StudentLoans.gov or follow the links provided at MyNC
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Submit the Financial Aid Office Data Form if accepting a loan for Spring qtr 2012. NO Data Form is required for the 12-13 academic school year.
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You will see the loan status change to "accepted" on MyNC within 10 business days of completion of these steps.
Print and keep your confirmations, Entrance Counseling and Master Promissory Note submissions.
To reject the Loan:
Fill out a Loan Adjustment/Cancellation 11-12 Form and return it to the Financial Aid office.
Please use the Loan Adjustment/Cancellation 12-13 Form for the 12-13 academic school year.
Eligibility Reqirements
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You are not in default on a Federal student loan and do not owe a repayment on a Federal grant; and
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You are enrolled for at least six credit hours in a program eligible for Federal aid; and
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You have already had your Federal Pell Grant eligibility determined; and
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You are meeting Satisfactory Academic Progress standards; and
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You have unmet need in paying for your NC State education; and
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You have completed all loan application procedures.
Entrance/Exit Counseling
Counseling helps you understand all the details of the loan agreement and covers topics like:
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When to start repaying your loan
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The cost of interest
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Consequences of failing to repay your loan
All borrowers must complete Entrance Counseling for the Direct Loan program regardless of any previous Entrance Counseling for other loans.
If you have previous loans you must also complete Exit Counseling provided by the school that issued your previous loans.
When you graduate, become a less than half time student, or discontinue attending classes, you must complete Exit Counseling on-line.
Master Promissory Note
A Master Promissory Note is the legal contract between you and the lender by which you promise to repay the loan. Signing a MPN is the first step in accepting a Direct Loan from your Financial Aid Award Letter. A MPN may be signed on-line at http://www.StudentLoans.gov
Things to know before signing the Direct Loan E-MPN:
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your PIN
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you are an UNDERGRADUATE while attending NCSC
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you are completing an E-MPN for Subsidized/Unsubsidized loan. (Not a Graduate PLUS or Parent PLUS)
What You Owe
You can see all of your loan information at the National Student Loan Data System (NSCDS). This system lists all of the student loans you have received at various schools.
http://www.nslds.ed.gov
Please check this website BEFORE accepting more loans. The total amount you owe may be more than you realize.
Changing Loan Amounts
You can request a different amount than the number shown in your Financial Aid Award Letter. Use the Loan Adjustment/Cancellation Form to lower the amount, raise the amount or cancel the loan.
If you need to borrow more money after accepting the original Financial Aid Award Letter amount, please contact the Financial Aid Office.
Maximum Loan Amounts
A typical student receives $3500 to $4500 per year in loans. You can borrow larger amounts if you meet specific criteria.
Borrowing Too Much
Borrowing more than is needed to pay for tuition and books is highly discouraged. Direct Loans are meant to pay for tuition, books and school related expenses. Do not borrow more than you need to also pay for non-school related items. Direct Loans cannot legally be used to pay for your personal living expenses or to purchase an automobile.
If you borrowed too much:
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Pay the excess amount back to the lender
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Or save the excess amount for the next school year tuition and books
Clearing Previous Loan Defaults
If you are in default on a previous loan you will not be offered new loans at NC State. However, you can clear a default by submitting a Default Clearance Form. This will allow you to be reinstated for new loans at NC State.
All default clearance forms must be received by the first week of the quarter for aid eligibility to be restored for that quarter. Any defaults cleared after the first week will be reviewed for the next quarter.
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Latest Updates/News 
1. Student loans must be repaid.
2. Your loan disbursement will be canceled if your enrollment drops below six credit hours at any time during the loan period.
3. If you withdraw or stop attending you must complete the Exit Counseling requirement.
4. The amount of your loan may be recalculated upon receipt of additional financial aid to your account, such as WIA, Outside Agency Payments, Scholarships, change in number of credit hours enrolled, federal work-study award, etc.
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Other Loans
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Parent Plus Loan
Parent PLUS Loans are made to parents of dependent students to help pay college expenses. They are provided by the US Department of Education and require credit approval. Repayment begins soon after funds are paid out.
Parents must complete the Plus Request Process, including a Plus Entrance and Plus e-MPN at http://www.StudentLoans.gov
Parents wishing to take out a Parent PLUS loan are encouraged to contact the Financial Aid Office for instructions.
 NC State's Parent PLUS Loan Request Form
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Alternative Private Loans
Alternative Loans (also called private loans) are made by banks directly to students. These loans are not subject to the same government rules as Federal Direct Loans or Stafford Loans.
NC State does not endorse any one private lender. We encourage you to compare lenders before deciding from whom you will borrow.
When exploring this option, beware of Internet scams, if it seems too good to be true, stay away. Be sure to read all material provided by the Private Lender.
Students wishing to use a Alternative/Private Loan must notify the Financial Aid Office.
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You are responsible for providing the necessary documentation, as required by your lender, to our office.
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You are required to conduct any follow-up with the lender and NCSC Cashier's Office.
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Your loan disbursements will arrive as a paper check to the Cashier's Office, and is considered as a cash payment at that time.
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Disbursement dates will follow the schedule of all other student loans. Other payment arrangments should be made with the cashier until this check arrives.
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The requested/processed loan amounts will be evenly awarded over the entire academic year. Large single term loan awards will not occur!
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You will be unable to use proceeds from this type of loan to "charge textbooks at the bookstore"; therefore, you are required to purchase your own textbooks until your funds arrive.
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Related Websites
Direct Loan Interest Rates
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Date of First Disbursement |
Interest Rate |
July 1, 2009
through June 30, 2010 |
5.6% |
July 1, 2010
through June 30, 2011 |
4.5% |
July 1, 2011
through June 30, 2012 |
3.4% |
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on or after July 1, 2012 |
6.8% |
2011-2012Loan Dates:
Summer
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Funds Disbursed to College 7/19/11
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Refunds by Direct Deposit 7/22/11
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Refunds Mailed to Students 7/26/11
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Last day to request change to loan 7/25/11 for the 8 week classes or 8/15/11 for the 11 week classes.
Fall
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Funds Disbursed to College 10/18/11
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Refunds by Direct Deposit 10/21/11
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Refunds Mailed to Students 10/25/11
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Last day to request change to loan 11/14/11
Winter
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Funds Disbursed to College 01/31/12
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Refunds by Direct Deposit 02/03/12
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Refunds Mailed to Students 02/07/12
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Last day to request change to loan 02/27/12
Spring
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Funds Disbursed to College 04/24/12
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Refund by Direct Deposit 04/27/12
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Refunds Mailed to Students 05/01/12
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Last Day to request change to loan 05/21/12
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Financial Aid 
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