CASC does not automatically award students loans. To request a student loan you must complete the Request for Student Loan and Worksheet for Student Borrowers located atwww.carlalbert.edu under Financial Aid Required Documents. Print and return the completed loan request, loan worksheet and loan summary to the Financial Aid Office. If our office determines that you are eligible for a student loan, you will receive an award letter with the amount you can borrow. You must be enrolled in at least 6 hours to be eligible for a student loan.
If you have been awarded a Federal Direct Student Loan for the 2015-2016 academic year you must be aware of the following information:
- You must complete Entrance Counseling (EC) before your loan will be processed. Entrance Counseling is completed online at www.StudentLoans.gov . The CASC Financial Aid Office will be notified electronically when you have completed your counseling information. You must have a FSA ID and username to access studentloans.gov. Information is available at FSA ID.
- You must complete a Master Promissory Note (MPN) with the Department of Education before your loan will be processed. Students attending the Fall 2015, Spring 2016 and Summer 2016 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. The Master Promissory Note is completed online at www.StudentLoans.gov. You will need your Federal Student Aid Pin # to sign in. The CASC Financial Aid Office will be notified electronically when you have completed your MPN. If you have previously completed a Master Promissory Note with the Department of Education for a Direct Loan at another Institution within the last 10 years, it will not be necessary for you to complete another one but you must notify CASC that you have previously completed an MPN. You must have a FSA ID and username to access studentloans.gov. Information about the FSA ID is available at FSA ID.
- CASC must receive the EC, MPN, and signed award letter before the end of the semester the loan is awarded for in order for you to remain eligible for the loan.
- Once we have received confirmation of your completed EC, MPN and your signed Award Letter, 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. . Disbursement dates are available under Disbursement Information.
- 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, or print the emailed award letter, mark through the amounts shown on your award letter, 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.
- You have to be enrolled in at least six hours for any semester you are receiving Federal Direct Loans. 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 full loan for the semester has been disbursed you may not be eligible for any or part of the remaining loan you were awarded.
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.
- EFFECTIVE JULY 1, 2010 due to changes in Federal Regulations, students receiving their full loan eligibility during the Fall 2015 and Spring 2016 semesters may not have any remaining eligibility for the Summer 2016 semester. If you are planning to attend and receive a student loan during the Summer 2016 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. Due to the Moving Ahead for Progress in the 21st Century Act, 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 www.nslds.ed.gov.
- Additional information about the types of student loans, interest rates and fees is available at Student Aid.
- Some families turn to private education loans when the federal loans don’t provide enough money or when they need more flexible repayment options. However, since federal education loans are less expensive than 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.