Servicer Contact Info:
Great Lakes Educational Loan Services
Aspire Resources Inc
VSCA Federal Loans
IMPORTANT NEW INFORMATION
The U.S. Department of Ed has issued this information concerning first time student loan borrowers and the Departments 150% rule. Please take the time to read this announcement.Student Loans and the 150% Rule
Refunds and Late Start Classes:
Not all classes start the first week of the semester. If you are enrolled in a late start class, your financial aid or refund may be affected. Students are not eligible to have aid applied for a late start class until it begins. Refunds of excess aid may occur later for a class that begins after the first week of the semester. Please check your award letter and "Aid Award Notes" insert for notification.
Direct Loan FAQs
Applying for a Direct Loan
After completing the general Financial Aid Application Process, the Financial Aid Office will automatically award you a Direct Loan in the "Accepted" status on your Financial Aid Award Letter. This is a change from the process last year.
Accepting the Direct Loan
*Allow 10 days office processing time after completing E-mpn and Entrance counseling*
To recieve the student loan you must:
To reject the Loan:
Please use the Loan Adjustment/Cancellation Form for the 13-14 academic school year.
Counseling helps you understand all the details of the loan agreement and covers topics like:
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:
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.
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:
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.
Know What You Owe
General Federal Student Aid
Direct Loan Servicing Center
Federal Student Aid Ombudsman
National Student Loan Data System
Direct Loan Interest Rates
2013/2014 Loan Dates: