FEDERAL DIRECT STUDENT LOANS

Subsidized, Unsubsidized, or Plus

If your Award Letter indicates that you have been awarded a Federal Direct Student Loan for the 2013-2014 academic year you must be aware of the following information:

• YOU MUST COMPLETE ENTRANCE COUNSELING BEFORE YOUR LOAN CAN BE PROCESSED.  You must complete your Entrance Counseling online.  Complete counseling information is available at www.StudentLoans.gov or you can go to the Financial Aid link on our website.  Click the “Loans” link on the Financial Aid page.  The CASC Financial Aid Office will be notified electronically when you have completed your counseling information.

• YOU MUST COMPLETE A MASTER PROMISSORY NOTE WITH THE DEPARTMENT OF EDUCATION BEFORE YOUR LOAN CAN BE PROCESSED.  Students attending the Fall 2013, Spring 2014 and Summer 2014 semesters may be funded for the entire academic year with one Master Promissory Note.  This promissory note will be good for 10 years from the date you have signed it.  It is necessary for you to complete your Master Promissory Note online at www.StudentLoans.gov. or you can access the site through the Financial Aid link on our website, click on “Loans”.  Click the “Sign Master Promissory Note” link.  You will need your Federal Student Aid Pin # to sign in.  If you have previously completed a Master Promissory Note with the Department of Education for a Direct Loan within the last 10 years, it will not be necessary for you to complete another one but you must notify us that you have previously completed an MPN.  

• The loan amounts shown on your Award Letter are the amounts you have requested to borrow for the academic year.  If you do not want to borrow the full amount, mark through the amounts shown on your award letter, write in the reduced amounts you are requesting and initial each change.  You have to be enrolled in at least six hours for any semester you are receiving Federal Direct Loans.  

• Once we have received confirmation of your completed Entrance Counseling and Master Promissory Note, we will submit your information electronically to the Department of Education.   Your loan funds will be disbursed to you at the CASC Business Office in the earliest possible disbursement after we have received your funds.

• Please note that if you receive a loan for one semester only, your loan will be split into two disbursements.  One in the disbursement closest to the completion of your Entrance Counseling and MPN and one after the midpoint of the semester.  For first time borrowers, Federal Regulations require CASC to delay the first disbursement of a loan 30 calendar days from the first day of classes. You will receive your disbursement in the disbursement date closest to this time frame. 

• If you are enrolled less than full time, the amount of your loan could be reduced based on your total Cost of Attendance.

• EFFECTIVE JULY 1, 2010 due to changes in Federal Regulations, students receiving their full loan eligibility during the Fall 2013 and Spring 2014 semesters may not have any remaining eligibility for the Summer 2014 semester.  If you are planning to attend and receive a student loan during the Summer 2014 semester and have any questions please contact the CASC Office of Financial Aid at (918) 647-1343 or come by Hemphill Hall room 102.