LOANS

Carl Albert State College does not automatically award student loans.  Federal Direct Student Loans (Subsidized, Unsubsidized, and Parent PLUS Loans) are available for eligible students.  To request a loan, students must login to their myCarlAlbert to request a loan.  If our office determines that you are eligible for a student loan, you will receive an emailed award letter with the amount you can borrow.
Note: You must be enrolled in at least 6 credit hours each semester to be eligible for a student loan.

**Effective for the 2022-23 award year, all Direct Loan borrowers (subsidized, unsubsidized, and parent PLUS) will be required to complete the Annual Student Loan Acknowledgment (ASLA) before receiving the first disbursement on the first Direct Loan that the student or parent borrows for each new award year.**

If you have been awarded a Federal Direct Student Loan you must be aware of the following information:

You must complete Entrance Counseling (EC) and a Master Promissory Note (MPN) with the Department of Education before your loan can be disbursed.  These are completed online at http://StudentAid.gov.  The CASC Office of Financial Aid will be notified electronically when these have been completed.  You must have an FSA ID and username to access studentaid.gov.  If you do not have an FSA ID or do not remember yours, please visit FSA ID for assistance.

There is a DEADLINE for student loans.  The Office of Financial Aid must receive the Student Loan Request, EC, MPN, AND loan acceptance by the Wednesday before finals week in order to receive the loan awarded for that semester.

–Fall 2021 Deadline: December 1st
–Spring 2022 Deadline: May 4th
–Summer 2022 Deadline: July 20th

The loan amounts shown on your Award Letter are the amounts you are eligible to borrow for the semester or academic year you requested. 

If you are enrolled less than full time, the amount of your loan could be reduced based on your total Cost of Attendance.  If you drop below six hours before your loan has been disbursed, you may not be eligible for any or part of the remaining loan you were awarded.

Summer Loans:
Students that received their annual maximum loan amounts during the fall and spring semesters will not have any loans remaining for the summer semester.
Enrollment classification for the summer semester is the same as fall and spring (12 credit hours = full-time, 6 credit hours = half-time).  Students requesting a student loan must be enrolled at least half-time (6 hours).  Students who have received their annual maximum amounts in Pell and/or loans may still be eligible for SEOG and/or Federal Work Study.

*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 EC and MPN.
– One after the midpoint of the semester.
For first time borrowers, the Department of Education requires CASC to delay the first disbursement of a loan 30 calendar days from the first day of classes.  The 1st half is typically in the second scheduled disbursement date while the 2nd half is after the midpoint.

*New regulations* Subsidized Usage Limit.
Previously: A new loan borrower cannot receive subsidized loans for more than 150% of the published length of the borrower’s educational program if the loan was disbursed on or after July 1, 2013.
New rules: New loans disbursed on or after July 1, 2021 will not be subject to the previous usage limit.  The usage limit still applies to loans disbursed before July 1, 2021.

Students can access their Subsidized Usage Limit and other loan information at studentaid.gov.

Additional information about the types of student loans, interest rates, loan limits, and fees is available at Student Aid.

Carl Albert State College is in good standing with the Department of Education regarding our official cohort default rate.  CASC has a default management/prevention committee in place devoted to working in many areas of student life to educate students regarding the repayment of direct loans.  To view CASC’s official cohort default rate, visit the National Center for Education Statistics.

CASC Cohort Default Rates

Fiscal Year

2017

2016

2015

2014

2013

2012

Default Rate

18.9%

19.8%

15.8%

14.6%

23.5%

23.3%

Private Loans
Some families turn to private education loans when the federal loans do not provide enough money or when they need more flexible repayment options. However, since federal education loans are less expensive and offer better terms than private student loans, you should exhaust your eligibility for federal student loans before resorting to private student loans. More information is available at Private Student Loans

Carl Albert State College does not certify or participate in processing loans other than federal student loans.