If your financial need limits your eligibility for the full grade-level maximum in the Federal Direct Subsidized Loan you may borrow the remainder in the unsubsidized loan. This loan has the same interest rate and origination fee as the subsidized loan, but the interest will accrue while you are enrolled. Interest begins to accrue the first day of disbursement. Interest payments may be paid quarterly or they may be deferred until you cease to be enrolled at least half time. The Loan Servicer will contact you to establish how you plan to pay the interest.
Loan proceeds exceeding university charges are sent to the student in the form of a refund check.
Accepting Federal Direct Loans 1. Sign, date the top copy of the award letter, and 2. Complete the reference and signature sections of the master promissory note and immediately return one copy of the note nad award letter to the Financial Aid Office. Funds cannot be disbursed until we receive one copy of the completed and signed promissory note and award letter We will review your master promissory note for completeness and accuracy and will send your note to the U.S. Department of Education Servicer for processing. Drawing a straight line through the original loan amount approved.