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Office of Financial Aid

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Loans

Direct Loan Flyer

EFFECTIVE JULY 1, 2011

  • All student loans will be processed through the US Department of Education (William D. Ford Federal Direct Loan Program)

To prevent refund delays all loan borrowers must complete Entrance Counseling and a new Master Promissory Note (MPN).

To complete Entrance Counseling and the MPN:
  • Visit www.studentloans.gov
  • Your Federal PIN will be required to complete both Entrance Counseling and the MPN
  • If you need to apply for a new PIN or request a duplicate PIN, please visit www.pin.ed.gov
  • Contact a financial aid representative if you have any questions at 910-672-1325

Student Loans Defined

SUBSIDIZED LOAN:  If you have financial need remaining after your EFC and any Grant funds, you can borrow to cover some or all of that remaining need.  This type of loan is a subsidized loan. The government will pay the interest while you're in school, for the first six months after you leave school, and when you qualify to have your payments deferred.  Depending on your financial need, you may borrow subsidized money for an amount up to the annual loan borrowing limit for your year in school.

UNSUBSIDIZED LOAN: You might also be able to borrow loan funds beyond your subsidized loan amount or even if you don't have demonstrated financial need. In that case, you'd receive an unsubsidized loan. Your school will subtract the total amount of your other financial aid from your cost of attendance to determine whether you are eligible for the loan.  You are responsible for the interest from the time the loan is disbursed until it is paid in full.  You can choose to pay the interest or allow it to accumulate and be capitalized (that is added to the principal amount of your loan).

PARENT PLUS LOAN:  Parents who have an acceptable credit history can borrow a PLUS Loan to pay the education expenses of a child who is a dependent student enrolled at least half time in an eligible program at an eligible school. The parent/parents will fill out a PLUS Loan application (found under Forms on the Home Page) and give it to the Office of Financial Aid. A credit check is required. The yearly limit on a PLUS Loan is equal to your cost of attendance minus any other financial aid you receive.  If your cost of attendance is $6,000, for example, and you receive $4,000 in other financial aid, your parents can borrow up to $2,000. The school receives the money in at least two installments. If any loan money remains, your parents will receive the amount as a check or in cash, unless they authorize that it be released to you. 

GRADUATE PLUS LOANS are federally sponsored loans for students who are attending graduate school. With a Grad Plus loan, you may borrow up to the full cost of your education, less other financial aid received including Federal Stafford loans. A credit check is required to borrow a Grad plus Loan and you may be eligible for the loan if you are enrolled in school at least half time. You must submit a FAFSA.

FEDERAL PERKINS LOAN:  This loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need.  Your school is your lender, and the loan is made with government funds. You must repay this loan. You'll receive the loan in at least two payments during the academic year and the check must be signed by the student in the Business Office. If you're attending school at least half time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment. Visit the Perkins Loans website for more information.

Fayetteville State University1200 Murchison Road • Fayetteville, NC 28301 • 910.672.1111
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