CSU Financial Aid - Apply for Loans

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LOAN REVISION FORMS

TO REQUEST ADDITIONAL STAFFORD AND/OR PLUS LOAN FUNDING, REQUEST THAT A LOAN PREVIOUSLY CANCELLED BE REINSTATED, OR DECREASE/CANCEL A LOAN(S) YOU HAVE ALREADY ACCEPTED, YOU MUST SUBMIT ONE OF THE FOLLOWING FORMS TO THE OFFICE OF STUDENT FINANCIAL AID:

If a student's parent has been turned down for a Federal Direct Parent PLUS Loan a student may apply for additional Stafford loan funds. If a student's grade level has advanced since his/her original loan package was presented, resulting in higher loan eligibility, or if a student has changed his/her mind and wishes to receive more funding than he/she originally accepted, a student may apply for additional loan funding. Please make your request for additional funding by submitting the REQUEST FOR LOAN INCREASE/REVISION/REINSTATEMENT/INCLUSION form to the Office of Student Financial Aid.

If a student wishes to decrease the amount of loan(s) he/she accepted, or cancel a loan(s), a student should submit the REQUEST FOR DECREASE AND/OR CANCELLATION OF FEDERAL DIRECT STAFFORD AND/OR FEDERAL PLUS AND/OR FEDERAL PERKINS LOAN(S) form to the Office of Student Financial Aid.

STAFFORD LOAN INFORMATION

IS PRESENTED BELOW ALONG WITH INFORMATION

CONCERNING PARENT PLUS LOANS,

GRADUATE PLUS LOANS AND

PRIVATE/ALTERNATIVE EDUCATION LOANS.

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

LOANS

You must access CSU X-press in order to accept a loan.

The following information regarding Federal Direct Stafford, Parent PLUS and Graduate PLUS loans is also included on the

Financial Aid Award Status Notification web page.

* * * * * * * * * * * * *

FEDERAL DIRECT STAFFORD LOAN

All initial student financial aid award packages will reflect Stafford loan eligibility, if any, in an “Offered” status. Should you desire a Stafford loan(s) you must accept the “Offered” loan(s), in whole or in part, through CSU X-press. It is not necessary to submit a paper loan request form. It will, however, be necessary for you to complete a Direct Loan Master Promissory Note (MPN) and Direct Loan Entrance Counseling. Go to the StudentLoans.gov web site to complete these requirements.

Deadlines for acceptance of Stafford loans are as follows:

Full-year Loans (Fall 2011/Spring 2012)	Last day to accept - 10/15/2011
Fall-only Loans (Fall 2011)	Last day to accept - 10/15/2011
Spring-only Loans (Spring 2012)	Last day to accept - 02/28/2012

Once you have accepted a loan(s), and we have certified your eligibility to the Direct Loans program, you will be notified that you need to access CSU X-press to review the results.

FEDERAL DIRECT GRADUATE PLUS LOAN

Initial student financial aid award packages will reflect Graduate PLUS loan eligibility for Masters and Doctorate candidates, in an “Offered” status, if the student has sufficient Unmet Need remaining in his/her financial aid budget after Stafford eligibility, if any, has been “Offered”. Should a student desire a Graduate PLUS loan he/she must accept the “Offered” loan(s), in whole or in part, through CSU X-press. It is not necessary to submit a paper loan request form. It will, however, be necessary for you to complete a Federal Direct PLUS Loan Application and Master Promissory Note (MPN) and Direct Loan Graduate PLUS Loan Entrance Counseling. Go to the StudentLoans.gov web site to complete these requirements. The deadline for accepting the Graduate PLUS Loan is the same as the deadline for accepting a Federal Direct Stafford Loan (discussed above). Please Note: Federal Law prohibits students from receiving a Graduate PLUS Loan for any loan period until they have exhausted their Stafford Loan eligibility for said loan period.

FEDERAL DIRECT PARENT PLUS LOAN (Parent Loan for Undergraduate Students)

Initial student financial aid award packages will reflect Parent PLUS loan eligibility for Dependent students, in an “Offered” status, if the student has sufficient Unmet Need remaining in his/her financial aid budget. Should a parent desire a Parent PLUS loan the “Offered” loan must be accepted, in whole or in part, through CSU X-press. It is not necessary to submit a paper loan request form. It will, however, be necessary for the parent to complete a Federal Direct PLUS Loan Application and Master Promissory Note (MPN). Go to the StudentLoans.gov web site to complete this requirement. The deadline for accepting the Parent PLUS Loan is the same as the deadline for accepting a Federal Direct Stafford Loan (discussed above).

If a student's parent has been turned down for a Federal Direct PLUS Loan the student may apply for additional Stafford loan funds by the submitting the REQUEST FOR LOAN INCREASE/REVISION/REINSTATEMENT/INCLUSION form to the Office of Student Financial Aid.

IMPORTANT INFORMATION CONCERNING MPNs

When completing an MPN online at StudentLoans.gov you (student and/or parent) will have the option of completing a "serial" MPN which will provide for disbursements for 10 years, or a "one-year" MPN which will only provide for disbursement until the first anniversary of the date you complete such an MPN. Should you choose to complete a "one-year" MPN, or have done so in the past, you will need to complete a new one every year thereafter until which time you no longer wish to receive Federal Direct Loans.

CERTIFICATION OF ELIGIBILITY

The final step in the loan application process, after a student and/or parent has accepted a loan(s) online through CSU X-press and completed the appropriate MPN and Entrance Counseling, involves the loan processors in the Office of Student Financial Aid completing a review of every accepted loan, to confirm eligibility, and readying that confirmation of eligibility for electronic transmission to Direct Loans. Direct Loans refers to this process as loan "Origination". We will begin Origination for Fall 2011/Spring 2011 loans in late July.

REQUESTS FOR REVISION OF ACCEPTED (OR DECLINED) LOANS

There may be instances after you have accepted a loan, either in whole or in part, or declined a loan, that you change your mind. In that instance we will be happy to accommodate any request for a "revision". Please refer to the "Loan Revision Forms" section at the top of this web page for information as to how to proceed if you want to make a change.

CHANGE IN LOAN ELIGIBILITY DUE TO GRADE LEVEL CHANGE

In the event that you accept a loan, and it is processed and funded, please be informed that if your grade level changes after the fall, or any, semester (either to the next undergraduate level, such as sophomore to junior, or into a different academic program, such as Certification or Masters) your loan(s) will not be automatically adjusted based on you new status. In fact, your loan(s) may be canceled if you should move from undergraduate to graduate status, or Master's to Certification.

Example:

You are a senior during the fall semester.
You accept a loan for the entire academic year (fall and spring).
We process the loan as you have requested.
You graduate in December and move into a Master's program in January.
The spring disbursement of the loan will be canceled due to your new academic status.
In order to receive a loan for the spring you must follow our published procedures in order to have us certify your eligibility for a loan at the Masters level.

Federal Stafford Loan Limits (.pdf)

A chart showing annual loan limits per grade level and maximum lifetime eligibility is available for your review.

INFORMATION CONCERNING PARENT PLUS LOANS AND DEPENDENT STUDENTS

Dependent undergraduate students, may in some instances receive additional Federal Direct Stafford funds, over and above what is reflected on their initial Financial Aid Award Package, if their parent(s), who is listed on their FAFSA, applies for and is turned down for a Federal Direct Parent PLUS Loan. The additional amount for which they would be eligible can be reviewed on the Federal Stafford Loan Limits (.pdf) chart.

If a student's parent has been turned down for a Federal Direct PLUS Loan the student may apply for additional Stafford loan funds by the submitting the REQUEST FOR LOAN INCREASE/REVISION/REINSTATEMENT/INCLUSION form to the Office of Student Financial Aid.

Direct Loan's decision to fund a Parent PLUS Loan is based upon the applicant parent's credit rating/standing. When your parent applies for a Federal Direct Parent PLUS Loan, the U.S. Department of Education (USDE) will check their credit history. To be eligible for a PLUS Loan, your parent must not have an adverse credit history. If they are found to have an adverse credit history, they may still borrow a PLUS Loan if you get an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the PLUS Loan if they do not repay the loan. In some cases, they may also be able to obtain a Direct PLUS Loan if they document to the USDE's satisfaction that there are extenuating circumstances related to their adverse credit history

If there is an "Offered" amount for a Federal Direct Parent PLUS Loan in your Financial Aid Award Package, as reflected in CSU X-press, you may accept the amount in full, or in part, and your parent (who is listed on your FAFSA) may them go ahead and complete the PLUS application process by accessing the StudentLoans.gov web site. If the PLUS Loan is subsequently turned down by Direct Loans for credit reasons, CSU will generally receive confirmation within two business days after which time we will then process you for the additional Unsubsidized Stafford amount if you have requested it. Please allow 5-10 business days for processing of the additional amount once a Parent PLUS has been denied.

If your parent is approved they have the option to cancel the loan should they change their mind. Of course, if they are approved, and then subsequently cancel, you will not be eligible to receive additional Unsubsidized Federal Direct Stafford Loan funds.

INFORMATION CONCERNING GRADUATE PLUS LOANS FOR MASTERS AND DOCTORATE CANDIDATES

Masters and Doctorate candidates may be eligible for Federal Direct Graduate PLUS Loans. 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. 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.

When you apply for a Federal Direct Graduate PLUS Loan, the U.S. Department of Education (USDE) will check your credit history. To be eligible for a PLUS Loan, you must not have an adverse credit history. If you are found to have an adverse credit history, you may still borrow a PLUS Loan if you get an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the PLUS Loan if you do not repay the loan. In some cases, you may also be able to obtain a Direct PLUS Loan if you document to the USDE's satisfaction that there are extenuating circumstances related to your adverse credit history

If there is an "Offered" amount for a Federal Direct Graduate PLUS Loan in your Financial Aid Award Package, as reflected in CSU X-press, you may accept the amount in full, or in part, and then may go ahead and complete the PLUS application process by accessing the StudentLoans.gov web site.

Private Education Loans (Alternative Education Loans)

There may be instances where you may not qualify for Direct loans or it may be that you are not eligible for sufficient funding of your needs under this federal program. If that is the case you might wish to pursue a Private Education Loan. In most instances lenders will notify our office if you have applied for, and been approved for, a Private Education Loan and request that we certify your enrollment status/eligibility. In some instances you may need to either notify us that you have been approved or you may need to provide us with a paper certification form. For more information concerning this process check with your lender.

CSU does not maintain a Preferred Lender list for entities that offer Private Education Loans nor do we recommend any particular private lender or private loan product. We will perform eligibility certification for any private lender, or any loan product they offer, that you desire.

Before applying for an Private Education Loan, we recommend you explore all other financial aid options (e.g., grants, scholarships, federal loans, and federal work-study options). Private Education Loans may cost more than federal loans because of higher unsubsidized interest rates and uncapped interest rates.

As part of the application process for a Private Education Loan you must complete a "Private Education Loan Applicant Self-Certification" form and submit it to your chosen lender. In most cases your lender will provide you with this document. In the event that they do not you may download the form from this web page.

You may need to download some of the forms/documents on this web site.