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2441 Kenwood Circle, Mansfield, Ohio 44906 • 419-755-4800 • 888-755-4899
 

 

 

Servicer Contact Info:

FedLoan Servicing

800.699.2908

www.myfedloan.org

 

Great Lakes Educational Loan Services

800.236.4300

www.mygreatlakes.org

 

NelNet

888.486.4722

www.nelnet.com

 

Sallie Mae

800.722.1300

www.salliemae.com

 

Direct Loans

800.848.0979

www.dl.ed.gov

 

Aspire Resources Inc

855-475-3335

aspireresources.com

 

CornerStone

800-633-1662

mycornerstoneloans.org

 

ESA/Edfinancial

855-337-6884

www.edfinancial.com/DL

 

MOHELA

888-866-4352

www.mohela.com/default.aspx

 

Granite State-GSMR

888-556-0022

www.gsmr.org/

 

OSLA Servicing

866-264-9762

www.osla.org/

 

VSCA Federal Loans

888-932-5626

 

 

LOAN FORMS:

Default Clearance form download PDF

 

In-School Deferment Form

 

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.

 

LAST DAY TO REQUEST A CHANGE TO YOUR STUDENT LOAN IS THE FRIDAY OF THE 3RD WEEK OF THE TERM.

In an effort to streamline our processes, student loan increases will be considered through Friday of the 3rd week of each term.

Direct Loan FAQs

How do I receive a 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 take 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 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:

 

  1. 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.
  2. Sign a Master Promissory Note at http://www.StudentLoans.gov or follow the links provided at MyNC.
    All students, new loan borrowers, and transfer students must complete an E-mpn.
  3. You will see the loan funds included in your ACCOUNT SUMMARY BY TERM 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:

Please use the Loan Adjustment/Cancellation Form for the 13-14 academic school year.

Eligibility Reqirements
  • You are not in default on a Federal student loan and do not owe a repayment on a Federal grant; and
  • You are enrolled for at least six credit hours in a program eligible for Federal aid; and
  • You have already had your Federal Pell Grant eligibility determined; and
  • You are meeting Satisfactory Academic Progress standards; and
  • You have unmet need in paying for your NC State education; and
  • 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:

  • When to start repaying your loan
  • The cost of interest
  • 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:

  • your PIN
  • you are an UNDERGRADUATE while attending NCSC
  • 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:

  • Pay the excess amount back to the lender
  • 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.

 

 

How Much Can I Borrow?


 

 

 

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.

 

Other Loans

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.

PDF NC State's Parent PLUS Loan Request Form

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.

  • You are responsible for providing the necessary documentation, as required by your lender, to our office.
  • You are required to conduct any follow-up with the lender and NCSC Cashier's Office.
  • Your loan disbursements will arrive as a paper check to the Cashier's Office, and is considered as a cash payment at that time.
  • Disbursement dates will follow the schedule of all other student loans. Other payment arrangments should be made with the cashier until this check arrives.
  • The requested/processed loan amounts will be evenly awarded over the entire academic year. Large single term loan awards will not occur!
  • 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.

 

 

Related Websites

General Federal Student Aid
http://www.studentaid.ed.gov
800.433.7327
Direct Loan Servicing Center
Borrower Services
http://www.dl.ed.gov
800.848.0979
Federal Student Aid Ombudsman
http://www.studentaid.gov/repay-loans/disputes/prepare
877.557.2575
National Student Loan Data System
http://www.nslds.ed.gov

 

 

Direct Loan Interest Rates

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%

on or after July 1, 2013 and before  July 1, 2014

Subsidized and Unsubsidized

 


On or after July 1, 2014

Subsidized and Unsubsidized

Parent Plus

3.86%

 

 


 

4.66%

 

7.21%

 

 


2014-2015 Loan Dates:


Summer 2014

  • Funds Disbursed to College 07-01-14
  • Refunds by Direct Deposit 07-03-14
  • Refunds Mailed to Students 07-08-14
  • Last day to request change to loan 06-20-14

 

Fall 2014

  • Funds Disbursed to College 09-23-14
  • Refund by Direct Deposit 09-26-14
  • Refunds Mailed to Students 09-30-14
  • Last Day to request change to loan 09-12-14

 

 

 

Spring 2015

  • Funds Disbursed to College 02-10-15
  • Refund by Direct Deposit 02-13-15
  • Refunds Mailed to Students 02-17-15
  • Last Day to request change to loan 01-30-15

 

 

 

         

 

 

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2441 Kenwood Circle
Mansfield, Ohio 44906
419-755-4800
888-755-4899

 

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