FEDERAL LOAN PROGRAMS
You must be enrolled in a minimum of 6 credit hours to be eligible for loan assistance.
All loans are made in two equal disbursements based on your enrollment status.
If you will be attending fall & spring terms, you would receive one disbursement in fall & one in spring.
All new borrowers must complete Entrance Counseling and a Master Promissory Note prior to disbursement. Both requirements can be completed at www.studentloans.gov.
What is Entrance Counseling? During Entrance Counseling, a loan borrower will learn about the following:
Loans must be repaid.
When you withdraw, graduate or drop below half-time, you are required to complete Exit Counseling.
Exit counseling allows a student borrow to:
You may also refer to www.studentloans.gov for information on loan forgiveness, consolidation, and consequences of non-payment (default).
Entrance Counseling and a Master Promissory Note are required from all first time borrowers before receiving a disbursement from a Federal Direct Loan. Complete both requirements at: www.studentloans.gov.
Parents of dependent undergraduate students may apply for a credit based loan up to the cost of education less other aid awarded.
Complete application at: www.studentloans.gov
Complete Master Promissory note at: www.studentloans.gov
Complete 2015-2016 application at: www.studentloans.gov
Complete Entrance Counseling and Master Promissory Note at: www.studentloans.gov
ALL FEDERAL FUNDS ARE SUBJECT TO FEDERAL BUDGETARY RESTRAINTS.
Private educational loan programs are non-federal educational loans through a private lender that allows a student to borrow additional funds after federal student aid has been exhausted. Each lender has different eligibility requirements, interest rates, fees and repayment terms. Private loans cannot be consolidated with federal loans for payment purposes. It is in your best interest to borrow the maximum amount of federal student loans before you borrow from a private lender. Do not apply too early for a private educational loan because lenders have an expiration date on the credit check and your application will not be certified until after you are registered for classes and have been packaged for all federal and state financial aid.
Private Educational Loans help you bridge the gap between federal aid and the full cost of your education.
To assist you in this process, FSU has compiled a comparison list on ELM Select for different private educational loan lenders. You are free to choose any lender whether it is on the list or not without penalty.
Fairmont State University does not endorse any particular lender.
Before selecting a private educational loan lender, review the following (located on the left):
Listed below is the website of possible lending institutions where you can apply for an private educational loan: