Most students enrolled at Alcorn State University choose to borrow to assist with their education financing. Your loan amount will be based on your eligibility by classification, cost of attendance budget, and other aid awarded which cannot create an over award. Please note loan requirements that are listed below. Additional information regarding Federal Direct loans may be found at http://www.studentloans.gov
. To check your financial aid loan history, please click on www.nslds.ed.gov
. STUDENT LOANS
Students qualify for the Direct Student Loan, either Subsidized or Unsubsidized. The amount that students are eligible to borrow is based on the student’s grade level and need. A Federal Direct Loan Request Form is not required. If stated on FAFSA that you are interested in being considered for a student loan you will automatically be awarded if you are eligible.
BEFORE RECEIVING A STUDENT LOAN - YOU MUST SIGN A MASTER PROMISSORY NOTE AND COMPLETE ENTRANCE LOAN COUNSELING, AND ATTEND 6 HOURS IN AN ELIGIBIBLE PROGRAM FOR THE TERM.
Subsidized Loans does not accrue interest until the student graduates or leaves school or drops below half-time enrollment.
Unsubsidized Loans does accrue interest while the student is in school, but payment of the interest may be deferred until repayment or the student may choose to pay interest while in school in order to avoid “paying interest on interest”.
Parents of dependent students can borrow a Direct PLUS Loan. PLUS loans are available to parents of dependent undergraduate students enrolled in at least 6 hours in an eligible program. The Parent must apply for the credit based loan by completing the PLUS request process using the parent’s Federal pin number and identifying information. The parent borrower must be listed on the student’s processed FAFSA in order to be eligible to apply for the parent loan.
You must be the student's biological or adoptive parent (or, the student's stepparent if his/her income is used in the EFC calculation.)
You must be a U.S. citizen or eligible noncitizen.
You must have an acceptable credit history. A credit check will be performed during the application process.
Graduate and professional degree students may borrow under the PLUS loan program up to their school's cost of attendance minus any other financial assistance, if eligible. Contact your Financial Aid Counselor for additional information regarding PLUS loans.
BEFORE RECEIVING A PLUS LOAN – THE BORROWER MUST SIGN A MASTER PROMISSORY NOTE. Misrepresentation through fraud and/or forgery are crimes that are punishable by law, and will be reported to the Department of Education for possible prosecution.
Please adhere to the following deadlines:
Fall Semester – Last day to request or accept a loan including increases is October 12th
Spring Semester – Last day to request or accept a loan including increases is February 8th
Summer - Last day to request or accept a loan including increases are June 14 and July 15
You will need a PIN (www.pin.ed.gov
) to complete any online loan applications, counseling, or processing. You may also use your name, social security number and date of birth. Student must have a valid FAFSA on file prior to receiving a loan award.
CLASS ATTENDANCE: You must be enroll and attend 6 hours per semester to maintain eligibility for a student loan (including private loans). You must also be enroll and attend 6 hours during each summer term to receive a loan. If you drop below 6 hours, your loan will not be authorized to your account and you will be responsible for any balance owed to the University.
: MUST BE COMPLETED BY ALL first-time borrowers and transfer students. There is, also, a 30 day delay to first time student borrower accounts. Entrance Counseling informs you about your rights and responsibilities as a Direct Loan Borrower and can be done using the following link: http://www.studentloans.gov
ADDITIONAL LOAN COUNSELING: It is highly recommended that students with a grade point average below 2.0 make an appointment with the Office of Financial Aid for additional counseling on the importance of receiving and repaying a loan. Please call 601-877-6190 to schedule an appointment if your GPA is below 2.0.
MASTER PROMISSORY NOTE (eMPN)
: MUST BE COMPLETED BY ALL borrowers before loan funds will be disbursed to the Business Office for payment of fees. THIS IS A LOAN AND MUST BE REPAID TO THE LENDER. If you have not signed a Master Promissory Note, please click on the following link: http://www.studentloans.gov
is a process that ALL student loan borrowers must do if they are graduating, transferring, or withdrawing from Alcorn State University. As you near graduation you will receive information on loan repayment from the Direct Loan Servicing Center. You are responsible for timely payment of your loans. Failure to comply with repayment obligations can cause you to have a negative credit rating. Online exit counseling can be done by clicking the following link: http://www.nslds.ed.gov/nslds_SA
If loan requirements (MPN/Entrance Counseling) are not fulfilled by the close of awarded term, your loan MAY be cancelled. You will be responsible for any balance owed to the university, if applicable. It is your responsibility to regularly monitor your loan astaus via BANNER Online Services, and ASU email correspondences.