Student loans are now processed in 2 parts each semester. The first half of a student loan will be applied to your account on the 5th week of the semester, if a refund is due at that time, a direct deposit or paper check will be made on the 6th week. The second half of a student loan will be processed on the 10th week of a term. If a refund is due at that time it will be processed on the 11th week of the term. "Late Start" classes can delay a refund check.
NEW 150% RULE:
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.
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 the class begins and your instructor reports you as having attended. 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 more information.
Last day to request an increase or accept an offered student loan is the Friday of the 3rd week of each term.
The feds say no aid for non-essential courses.
The U.S. Department of Education is tightening rules for financial aid eligibility. For courses to count for financial aid purposes, they must now be required courses listed on your degree audit.
Students can no longer take courses just to increase the amount of their financial aid. The College’s computer system “knows” what courses are required for your major, and will base the amount of your financial aid on eligible credit hours.
EX: You may be enrolled in nine credit hours, but if a three-credit hour course is not required for your degree, the computer will calculate your aid on only six hours.
If you have any questions as to what classes are required for your major, it is imperative that you consult with your faculty advisor or a success coach in the Student Success Center.
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 "Offered" status on your Financial Aid Award Letter.
Accepting the Direct Loan
*Please allow 5 days office processing time after completing E-mpn and Entrance counseling for loans to appear on your account*
To recieve the student loan you must:
To reject the Loan:
Please use the Loan Adjustment/Cancellation Form for the 14/15 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.
Please note, we will not process loan increases for the current term after the third week of that term unless the student owes a tuition bill.
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 term for aid eligibility to be restored for that term. Any defaults cleared after the first week will be reviewed for the next term.
Know What You Owe
General Federal Student Aid
Federal Student Aid Ombudsman
To resolve disputes and issues with your loan servicer.
National Student Loan Data System
Direct Loan Interest Rates
The following table provides the fixed interest rates for new Direct Loans first disbursed on or after July 1, 2016, and before July 1, 2017. The 2016–17 rates represent a decrease of one-half of a percentage point from the 2015–16 interest rates on Direct Loans. These rates will apply to new Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans made during this time.
2016/2017 Loan Dates:
Servicer Contact Info:
Great Lakes Educational Loan Services