Student Loan Tips

If you decide to borrow, here are some points to remember:

  • If you’re a freshman student and a first-time borrower, you must complete the entrance counseling, sign a master promissory note and apply online for your loans. In addition, your first disbursement can’t be made until 30 days after the first day of term. Loan Instructions/Application
  • If you drop below half-time during a term in which you are receiving a student loan, all subsequent disbursements may be canceled.
  • Be an informed borrower. Review loan deferment provisions, repayment terms, and refinancing and consolidation options before your loan repayment begins.
  • Keep records on all your loans, keep them up-to-date and keep them together in one place.
  • Keep your lender informed of your current address, any name changes, any changes in your repayment status and any problems you may have with loan repayment.
  • Retain the Notice of Loan Guarantee; it details the interest rate, the type of loan you have, total amount borrowed (provided that all loans have been processed through the same guarantee agency) and your projected monthly payment.