Choosing a Lender

Chicago State University will, assuming you meet all eligibility requirements, process your written request for a Federal Stafford Loan and, if you are a Masters or Doctorate candidate, we will process your written request for a Federal Graduate PLUS Loan. Additionally, we will, upon written request from a parent, process a Federal Parent PLUS Loan for a Dependent student.

Any student who desires to receive a Stafford, Parent PLUS or Graduate PLUS loan must submit the appropriate application (available below) even if his/her initial financial aid award package, as set forth on CSU X-press, indicated that he/she was eligible for a loan(s) and that student accepted the loan(s) on-line. WRITTEN CONFIRMATION, IN THE FORM OF THE APPROPRIATE LOAN APPLICATION, MUST BE SUBMITTED TO THE OFFICE OF STUDENT FINANCIAL AID IN ORDER TO COMPLETE THE LOAN APPLICATION PROCESS.

PLEASE NOTE: We cannot process a Federal Stafford Loan or Graduate PLUS Loan for you until you have completed the appropriate Debt Management Loan Counseling Session (a/k/a Entrance Interview). You must complete this process on-line. Please access this on-line process through the Loan Counseling tab on the left hand side of this page.

IMPORTANT INFORMATION FOR

CONTINUING/REPEAT STAFFORD AND GRADUATE PLUS LOAN BORROWERS

The Office of Student Financial Aid has undertaken the move toward a more paperless environment. This undertaking will necessitate that any continuing/repeat borrower again complete an on-line Debt Management Loan Counseling Session (a/k/a Entrance Interview), on or after July 1, 2007, even if he/she has completed such a session as recently as June 30, 2007.

NO EXCEPTIONS WILL BE MADE TO THIS REQUIREMENT

(If you completed a Debt Management Loan Counseling Session during

the 2007-2008 school year you do not have to do it again.)

If your loans are in repayment you should be aware of the options available to assist you in keeping your loans in good standing. Go to our Manage Your Loans web page for information regarding repayment options, loan consolidation, deferment and forbearance.

LOAN APPLICATIONS

Apply for a Federal Stafford Loan

You will be taken to the "2008-2009 FEDERAL STAFFORD LOAN FACT SHEET and FEDERAL STAFFORD LOAN REQUEST FORM" web page where you may review the terms and conditions of the loan and download the Federal Stafford Loan Request Form.

Apply for a Federal Graduate PLUS Loan

You will be taken to the "2008-2009 FEDERAL GRADUATE PLUS LOAN FACT SHEET and FEDERAL GRADUATE PLUS LOAN REQUEST FORM" web page where you may review the terms and conditions of the loan and download the Federal Graduate PLUS Loan Request Form.

Apply for a Federal Parent PLUS Loan

You will be taken to the "2008-2009 FEDERAL PARENT PLUS LOAN FACT SHEET and FEDERAL GRADUATE PLUS LOAN REQUEST FORM" web page where you may review the terms and conditions of the loan and download the Federal Parent PLUS Loan Request Form.

Choosing a Lender

If you request that we process a Federal Stafford, Parent PLUS, or Graduate PLUS loan(s) for you, you will need to choose a lender to provide funding for your loan(s). This web page will provide you with information regarding the selection process and provide you with a listing of the Preferred Lenders at CSU.

Federal Stafford Loan limits increase for 2008-2009 academic year (.pdf)

Annual Federal Stafford Loan limits have been increased for the 2008-2009 academic year. A comparative chart of 2006-2007, 2007-2008 and 2008-2009 Federal Stafford Student Loan limits is available for your review. Those areas where limits have been increased are highlighted in red. Please note that Aggregate Lifetime Maximums have not been increased.

INFORMATION CONCERNING PARENT PLUS LOANS AND DEPENDENT STUDENTS

Your financial aid package may show that you are eligible for an Unsubsidized Federal Stafford Loan. Dependent students are eligible to received up to $2,000 in Unsubsidized Stafford, but are generally not eligible to receive additional Unsubsidized Federal Stafford Loans until their parent(s) has applied for, and been turned down for, a Parent PLUS Loan. If this is the case please be aware that while the dollar amount of your eligibility is accurate (based upon the information available regarding your academic status at this time) the process to secure additional Unsubsidized Federal Stafford Loan funds has several steps that must be taken (if you have not already done so) in addition to accepting the award on-line and then submitting a Federal Stafford Loan Request Form. .

A lender's decision to fund a Parent PLUS Loan is based upon an applicant's credit rating/standing. If you are a Dependent student and would like to establish eligibility to receive additional Unsubsidized Federal Stafford Loan funds you have two options:

OPTION 1

The parent(s) who is/are part of your FAFSA may request that their eligibility for a Parent PLUS Loan be established by a PLUS "pre-Screening".

Your parent(s) may complete the pre-screening process with the lender of their choosing. In most instances this process can be conducted on-line. Please consult your chosen lender's web site or give them a call for instructions. Please submit a copy of the lender's approval or denial to our office as we will need this to establish your eligibility for an Unsubsidized Federal Stafford Loan in the event that your parent(s) is/are turned down by the lender. Many lenders will notify us directly if you request that they do so.

If your parent(s) is/are approved they are not obligated to complete the PLUS application process. Of course, if they are approved you will not be eligible to receive an Unsubsidized Federal Stafford Loan, whether you parent(s) decide to complete the PLUS application process, or not.

If your parent(s) would like to use one of the lenders on our Preferred Lender list you may access their web sites directly from the Choosing a Lender web page. If you use one of these lenders they will notify us of their decision. These is no need to submit a copy of the PLUS credit decision to our office.

OPTION 2

The parent(s) who is/are part of your FAFSA may submit our Federal Parent PLUS Loan Request Form to our office (during a period when such forms are available and we are accepting and processing). We will process the request just as we would process a Federal Stafford Loan Request Form. If the loan is subsequently turned down by the lender your parent chose we will then process the additional Unsubsidized Federal Stafford Loan for you, provided you meet all other eligibility requirements and have submitted the appropriate Federal Stafford Loan Request Form prior to the deadline for the loan period in which you are attempting to receive the loan.

INFORMATION CONCERNING GRADUATE PLUS LOANS FOR MASTERS AND DOCTORATE CANDIDATES

Masters and Doctorate candidates may be eligible for Federal Graduate PLUS Loans. You may apply for a Federal Graduate PLUS Loan only after you have applied for your maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan programs or if you have exhausted your eligibility under these loan programs. If you find yourself in a situation where Stafford eligibility does not fulfill your requirements (perhaps you have exhausted Stafford eligibility) and you have remaining need in your student budget, you may apply for a Graduate PLUS Loan.

A lender's decision to fund a Graduate PLUS Loan is based upon an applicant's credit rating/standing. If you would like to receive a quick response as to your eligibility for a Graduate PLUS Loan you may complete a "pre-screening" process.  PLEASE REMEMBER, even if you are approved via the "pre-screening" process you must complete our "Federal Graduate PLUS Loan Request Form" and submit it to the Office of Student Financial Aid.

You may complete the "pre-screening" process with the lender of your choosing. In most instances this process can be conducted on-line. Please consult your chosen lender's web site or give them a call for instructions. Please submit a copy of the lenders approval or denial to our office as we may need this information to complete the processing of other financial aid funds for you. Many lenders will notify us directly if you request that they do so.

If you would like to use one of the lenders on our Preferred Lender list you may access their web sites directly from the Choosing a Lender web page. If you use one of these lenders they will notify us of their decision. These is no need to submit a copy of the PLUS credit decision to our office.

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