Accepting loans for the 2022-23 school year
When accepting loans for the 2022-23 school year, it is important to know a few things first:
- There is no hurry to accept your loans. Make sure you do so about a month before the semester starts.
- Get an idea of what your upcoming credit load will be each semester. What you have been offered is for the year (fall, spring and next summer), so think about which semesters you will be attending at least half time. You may want to speak with your academic advisor about this.
- Loans can either default to a fall/spring distribution or a fall/spring/summer disbursement. Make sure you know their disbursement before you accept them. Their distributing terms should be indicated on your financial aid award.
- Most programs default to a fall/spring disbursement; but some (like certain nursing graduate programs) default to a Fall/Spring/Summer disbursement. That’s why it’s important to complete the Enrollment Plans Form if you have that item on your To Do List in Catalyst. That way, the financial aid office will have a better understanding of your enrollment for each semester, so they can better distribute your loans.
Also, when accepting loans, keep in mind:
- Loans must be disbursed to two semesters in the academic year. The only exception is if a student completes a co-op. The entire yearly loan amount can be moved into one in-class semester if it fits in the student’s semester budget.
- If you are graduating after the fall semester, accept your loans as if you would be taking two semesters here. The loan disbursement for the non-attended term after graduation would be returned to the government, and you would not owe on it.
- Unfortunately, undergraduate students cannot get all the loans in their graduating term. If the student is enrolled in more than 13 hours and has a graduation application on file, we can request that the financial aid office pro-rates the student’s loan to get a little more for the graduating semester.
- If your loans are scheduled for a fall/spring distribution and you plan on taking classes next summer at least half time, then accept two-thirds of the offered amount. That way, when you go to take summer classes next year, you will have a third of your loans left for the semester.
And always remember:
- If you don’t accept your full loan amount, you can always accept it later if you are enrolled at least half time. Just give us a call.
- If you have any questions about your loans, please contact One Stop.
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