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Loans - Q And A |
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How Much Can I (or My Parents) Borrow? |
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The annual borrowing limit on most alternative loans is equal to your cost of attendance minus any other financial aid you are awarded (grants, loans and work-study). For example, if your cost of attendance is $41,000 and you receive $23,000 in other financial aid, you and/or your parents could borrow up to—but no more than—$18,000. |
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When Will My Loan Funds Be Disbursed To My Student Account? |
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The total loan amount that you apply for will be automatically divided evenly over all terms of enrollment for the academic year. If you need to make alternative arrangements for your loan funds, you must contact your financial aid counselor. Loan funds are disbursed at the start of each term. |
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What Is My Loan Period? |
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Loan periods typically run from the first day of fall classes (September) through the last day of summer classes (August). If you will not be enrolled in the summer, your loan period will run through the spring term (April). Your loan application must be for the loan period in which you accrued tuition charges and other fees on your student account. Thus, you can not use the same loan application to take a loan to cover past due spring or summer charges, as well as upcoming fall charges. You must apply for two separate loans. PLUS loans must be processed according to federal regulations, which stipulate that a loan cannot be processed after the end of the loan period. Thus, you cannot use a federal PLUS loan to pay a back balance. |
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