Federal Direct Stafford Loan
If you have not previously done so It will be necessary for you to complete Direct Loan Entrance Counseling and a Direct Loan Master Promissory Note (MPN). Go to the StudentLoans.gov web site to complete these requirements.
Federal Direct Graduate PLUS Loan
If you have not previously done so it will be necessary for you to complete Direct Loan Graduate Loan Entrance Counseling and a Master Promissory Note (MPN). Go to the StudentLoans.gov web site to complete these requirements.
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 (cosignor) 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.
Federal Direct Parent PLUS Loan (Parent Loan for Undergraduate Students)
If your parent has not already done so it will be necessary for him/her to complete a Federal Direct PLUS Loan Application and Master Promissory Note (MPN). They should go to the StudentLoans.gov web site to complete these requirements.
Direct Loan's decision to fund a Parent PLUS Loan is based upon the applicant parent's credit rating/standing. When a 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, a 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 they get an endorser (cosignor) 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.
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 has accepted an "Offered" loan(s) online (if necessary), through CSU X-press, or has submitted the Request for Increase, Decrease and/or Cancellation of Federal Loan(s)(PDF) and has completed the appropriate MPN and Entrance Counseling, involves the loan processors in the Office of Student Financial Aid completing a review of every 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 the Summer 2015 loans in mid-May, 2015.
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". It will be necessary for you to submit the Request for Increase, Decrease and/or Cancellation of Federal Loan(s)(PDF) form in order to have loans revised, canceled, reinstated, etc.
Change in Loan Eligibility Due to a 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 spring, 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.
You are a sophomore during the Spring semester.
We process the loan as you have requested based on Sophomore status..
You has an incomplete grade for the Spring which is changed to a passing letter grade in June, which results in you moving up to Junior status.
In order to receive a Junior level loan for the Summer it will be necessary for you to request this adjustment.
You may do so be submitting the Request for Increase, Decrease and/or Cancellation of Federal Loan(s)(PDF).
Notice of Disbursement and the Right to Cancel Federal Direct Stafford, PLUS and Perkins Loans
Loan proceeds will generally be credited to a student’s account approximately 10 days prior to the beginning of any semester, if a student has meet all eligibility requirements on that date, or on a periodic basis (usually daily) thereafter as a student becomes compliant with all terms and conditions necessary to establish loan eligibility. All loan disbursements applied to a student’s account will immediately be available for review by accessing the student’s account through CSU X-press.
A student, and/or a parent in the instance of a Federal Direct Parent PLUS Loan, has the right to cancel a portion or all of any Federal Direct Stafford, Federal Direct Parent PLUS, Federal Direct Graduate PLUS and Federal Perkins loan prior to disbursement, or within 14 days of actual disbursement of any such loans. The request to cancel or reduce any loan must be in writing and must be submitted to the Office of Student Financial Aid. Chicago State University requires that you use its established form, Request for Increase, Decrease and/or Cancellation of Federal Loan(s)(PDF), which you may download here or obtain from the Office of Student Financial Aid.
If a credit balance created by a loan disbursement has been released to a student, and/or parent, the funds released must be returned to the university within the 14 day cancellation time frame in order for the university to complete a requested cancellation.
FIRST-TIME FRESHMAN STAFFORD BORROWERS PLEASE REMEMBER: THE FIRST INSTALLMENT(S) OF YOUR LOAN(S) WILL NOT BE RELEASED BY DIRECT LOANS UNTIL 30 DAYS AFTER THE SUMMER SEMESTER BEGINS, I.E., JUNE 26, 2015.
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.