Applying for Loans

Untitled Document

UNDERGRADUATE STUDENT LOANS
	General Eligibility Requirements
	Application procedures
		For first-time borrowers
		For all PLUS borrowers
	Summer Loans

General Eligibility Requirements To be eligible for the loan programs listed below, a student (and parent in the case of the Federal Parent Loan for Undergraduate Students (PLUS) must:
	Be a U.S. Citizen or eligible non-citizen

	Have a valid Social Security Number

	Not be in default of a loan and/or owe a refund

	(The student) must be enrolled at least half-time and make satisfactory progress toward a degree or certificate in an eligible program

	If required, the student must also be registered with the Selective Service.

Back to top

APPLICATION PROCEDURES First-time and repeat borrowers: In order to be considered for any federal loan programs, a student must complete a Free Application for Federal Student Aid (FAFSA).

First-time borrowers:
	Must also complete Entrance Counseling. "Financial Awareness Counseling" provides tools and information to help students understand financial aid and manage their finances. Completing the "Financial Awareness Counseling" does not meet the federal requirements for completing the Entrance Counseling.

	If awarded Federal Direct Subsidized/Unsubsidized Stafford loans, you must submit a signed Master Promissory Note (MPN) for the appropriate loans

	For the campus-based Federal Perkins and Nursing Loan programs, students are required to sign a promissory note, otherwise the loans will not be disbursed. Students awarded a Federal Perkins Loan will receive an e-mail notification every year before classes begin. Students may sign their Perkins electronically.

	Nursing students will continue to be mailed a paper promissory note until further notice. Additional information can be obtained at the Office of Student Account Services located in room 158 of the Ashe Building.

All PLUS Borrowers
	A Federal (Parent) PLUS is a loan in the parent's name for a dependent student enrolled at least half time in a degree seeking program. It is a non-need based loan with the benefit of having a fixed interest rate. While the parent borrower does not have to prove financial need, a credit check is required.

	If you would like to request a PLUS loan, complete a Master Promissory Note and submit a PLUS Information Form for Undergraduate Students.

Back to top

SUMMER LOANS To be eligible for loans for the summer sessions, students must be enrolled at least half-time. An undergraduate student needs to be enrolled during Summer I and/or Summer II with a minimum of 6 credits and a graduate student needs at least 2 credits.

To apply, students must:
	1.	File a 2012-2013 FAFSA
	2.	Have a completed Federal Direct Master Promissory Note
	3.	Have completed Entrance Counseling

After these steps are completed, please complete and submit an online request form to the Office of Financial Assistance.

Back to top

University of Miami