Payment Options and Loan Information
If you’re a continuing student and your FAFSA was submitted on time, you should receive either your Award Notification Letter or our request for additional information during the month of June. If we request information, be sure to respond promptly to retain priority access to funding. Your letter will direct you to WebAdvisor, Southwestern’s secure web interface where students can access and update information on the University’s integrated database.
If you do NOT want to accept the Federal Direct Stafford Loans listed in your award letter, or if you’d like to accept a reduced amount, you must notify us or the funds will disburse to your account automatically.
The Federal Direct Parent PLUS Loan listed in your award letter requires online processing by your parent, and will not disburse unless action is taken by your parent. To accept a reduced PLUS loan amount, your parent will need to indicate the amount desired on the PLUS loan application.
If you are a Continuing Student taking the Stafford loan for the first time, you must visit the Direct Loan website to complete the one-time Entrance Counseling and Master Promissory Note (MPN).
Important Message for first-time Stafford Loan Borrowers: Until you’ve completed the steps above, your loans have not been initiated and funds will not be disbursed to the school, even if you’ve returned your reply letter to our office.
Federal Perkins Loans are to be completed by the student, at the ECSI website. Full instructions are given on the website’s opening page.
Federal Direct Parent PLUS Loans must be initiated by the parent from the Direct Loan website. While a parent borrower need only complete an MPN once, borrowers must apply for the Parent PLUS loan each year they wish to borrow.
1. Sign in, using your (parent) PIN from the FAFSA process;
2. Complete a PLUS Loan Application;
3. Complete and sign a Master Promissory Note (MPN) if you have not done so in a previous year. Until these steps have been completed, SU will have no loan information for you.
Alternative Loans (also called Private Loans) are credit-based loans used for educational purposes, available through private lending institutions. They typically have higher interest rates and fees, as well as more stringent repayment options than federal loans, so be sure you’ve maxed your Stafford eligibility before taking an alternative loan.
If “Private Loan” is included in your Financial Assistance Award letter, or if you’re considering an alternative loan as a substitute for the Parent PLUS loan, your next step is to apply for the loan with the lender of your choice. After approval of your application by the lender, certification will be requested from Southwestern University and your loan will be disbursed in accordance with the lender’s procedures. The lender you choose is up to you, but our Alternative Lender List may help you get started. Choose the loan that best suits your needs and remember to borrow only what you need.
Please contact us with questions or concerns regarding the loan process.