3: Financial Aid

Applying for Financial Aid | Loans | Student Employment
Special Scholarships and Programs | General Requirements for All Forms of Aid
University and Federal Grants | Employment under the Federal Work Study Program
Student Rights and Responsibilities Regarding Financial Aid

Federal Perkins and Federal Nursing Student Loans | Ford Federal Direct Loans

Ford Federal Direct Loans

Disbursement Procedure   Ford Federal Direct Subsidized and Unsubsidized Loans are payable in two disbursements, one-half of the total in each. Funds cannot be credited to the borrower's account until the borrower has signed and returned the promissory note to the Office of Financial Aid and the student has enrolled in the sufficient number of credits.

If a student receives other financial aid after the promissory note has been signed and returned, the loan amount will be reevaluated for loan eligibility by the Office of Financial Aid In the case of an "over-award" one or both of the loan disbursements may be reduced or cancelled. If a student fails to enroll in sufficient credits, the loan can be cancelled within 30 days of registration.

Entrance and Exit Interviews

  1. Entrance Interviews   All first-time borrowers of Federal Direct Loans must be informed of their borrower obligations before their first loan disbursement can be credited to their University account. Loan entrance interview materials will be mailed to the borrower at the local address on file with the Office of the University Registrar.
  2. Exit Interviews   It is the student's responsibility to have an exit interview prior to leaving the University or in the event of registration as less than a half-time student. Borrowers of any Federal Direct Loan are provided loan repayment information by the Office of Financial Aid during the semester in which they plan to graduate. This information is mailed to the student. If a student does not receive this information prior to leaving, it is the student's responsibility to contact the direct loan servicer.

Continue to: Employment under the Federal Work-Study Program
Return to: Chapter 3 Index