Loan Information Sheet

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

You must complete Entrance Counseling (EC) before your loan will be disbursed.  EC is completed online at The CASC Financial Aid Office will be notified electronically when you have completed your counseling information.

You must complete a Loan Agreement (aka Master Promissory Note (MPN)) with the Department of Education before your loan will be disbursed.  The Master Promissory Note is completed online at The CASC Financial Aid Office will be notified electronically when you have completed your MPN.

You must have an FSA ID and username to access  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 Financial Aid Office must receive the Student Loan Request Form, EC, Loan Agreement (MPN), AND loan acceptance by the Wednesday before finals week in order to receive the loan awarded for that semester.
Fall 2018 Deadline: December 5th
Spring 2019 Deadline: May 8th

The loan amounts shown on your Award Letter are the amounts you are eligible to borrow for the semester or academic year you requested based on full-time enrollment. If you do not want to borrow the full amount you may accept a reduced amount online by logging into the CASC VikeConnect. You may also print the emailed award letter, mark through the amounts shown, write in the reduced amounts you are requesting, and initial each change. Sign and date the award letter and return to the Financial Aid Office. Keep a copy for your records.

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 wanting a loan for the summer must fill out the Summer Student Loan Request Form (available when Summer Enrollment opens). Students that received their annual maximum loan amounts during the fall and spring semesters and will not have any loans remaining for the summer semester.
Enrollment classification for the summer semester is the same as fall and spring.  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 Loan Agreement (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. You will receive your disbursement in the disbursement date closest to this time frame.


Students receiving their full loan eligibility during the Fall and Spring semesters may not have any remaining eligibility for the Summer semester. If you are planning to attend and receive a student loan during the Summer semester and have any questions please contact the CASC Office of Financial Aid at (918) 647-1343 or come by Hemphill Hall room 102.

There is a 150% Limit on Subsidized Loans.  A new borrower on or after July 1, 2013 cannot receive subsidized loans for more than 150% of the published length of the borrower’s educational program. The law also provides that a borrower who becomes ineligible for subsidized loans because of the 150% limit is ineligible for interest subsidy benefits on all subsidized loans first disbursed to that borrower on or after July 1, 2013. Students can access their Subsidized Usage Limit and other loan information at

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

Information for prospective and current borrowers – Cohort Default Rate

Carl Albert State College is in good standing with the Department of Education regarding our official cohort default rate. Carl Albert State College has a default prevention committee in place. The committee is 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 National Center for Education Statistics.

CASC Cohort Default Rates
FISCAL YEAR 2014 2013 2012
Default rate 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.