Loan Instructions

Everything you need to process Parent PLUS, Stafford, Perkins
and Alternative Loans

 

If you’re a Continuing Student, we’ve got loan instructions just for you.

Your Financial Aid Award letter will list the types and amounts of aid for which you are eligible, including federal loans. No action is required to accept grants and scholarships, they will automatically be credited to your student account. Loans, however, must be initiated online by the student or parent borrower.  In early June, you’ll receive loan instructions via email letting you know how to proceed with the loans you choose to take.

If you’ve received your Loan Instruction email, proceed with the steps below to process the loans you wish to take for the 2012-2013 academic year. If you haven’t received the Loan Instructions, or if you have questions, contact our office.

Federal Direct Parent PLUS loans are completed by the parent, and are initiated from the Direct Loan website. Full instructions are available on the Direct Loan website, but to complete the loan process, the parent will:

 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).

Until these steps have been completed, SU will have no loan information for you.

Federal Direct Stafford loan steps are to be completed by the student, and are only required for first-time borrowers. Full instructions are available on the Direct Loan website, but to complete the loan process, the student will:

1.  Sign in, using your (student) PIN from the FAFSA process;
2. Complete Entrance Counseling;
3. Complete and sign a 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.

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.