Student Loan Options

Entrance Counseling is a mandatory information session which takes place before you receive your first federal student loan. You must complete entrance counseling before receiving a loan to ensure that you understand your responsibilities and the obligations you’re assuming.

Entrance Counseling explains the obligations you agree to meet as a condition of receiving a Direct Loan.

  Topics include:

• Understand Your Loans
• Manage Your Spending
• Plan to Repay
• Avoid Default
• Make Finances a Priority

The mandatory Entrance Counseling can be done here: https://studentaid.gov/entrance-counseling/

  Please allow 1-2 business days for the Entrance Counseling requirement to show as “completed” on your Self-Service Financial Aid portal.

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the US Department of Education.  It also explains the terms and conditions of your loan(s).

The Master Promissory Note (MPN) can be signed here: https://studentaid.gov/mpn/

Please allow 1-2 business days for the MPN requirement to show as “completed” on your Self-Service Financial Aid portal.

Exit counseling should be completed within 30 days prior to graduation or within 30 days after dropping below half-time enrollment.

Topics include:

• Understand Your Loans
• Plan to Repay
• Avoid Default
• Make Finances a Priority

If you are a student who has received a subsidized, unsubsidized or PLUS loan(s) under the Direct Loan Program you must complete exit counseling each time you:

• Drop below half-time enrollment
• Graduate
• Leave school

The mandatory Exit Counseling can be completed here: https://studentaid.gov/exit-counseling/ 

The maximum amount you can borrow each year in Direct Subsidized and Unsubsidized Loans depends on your grade level and on whether you are a dependent student or an independent student. The following table shows the maximum amount of money an undergraduate student may borrow each academic year in Direct Subsidized and Unsubsidized Loans as well as the total or aggregate amount you may borrow:

The following table shows the maximum amount of money a graduate student may borrow each academic year in Direct Unsubsidized Loans as well as the total or aggregate amount you may borrow:

• The aggregate loan limits include any Subsidized Federal Stafford Loans or Unsubsidized Federal Stafford Loans you may have previously received under the Federal Family Education Loan (FFEL) Program. As a result of legislation that took effect July 1, 2010, no further loans are being made under the FFEL Program.
• Effective for periods of enrollment beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Direct Subsidized Loans. The $65,500 subsidized aggregate loan limit for graduate or professional students includes subsidized loans that a graduate or professional student may have received for periods of enrollment that began before July 1, 2012, or for prior undergraduate study.
• Graduate and professional students enrolled in certain health profession programs may receive additional Direct Unsubsidized Loan amounts each academic year beyond those shown above. For these students, there is also a higher aggregate limit on Direct Unsubsidized Loans.

The Federal Loan Calculator will help you determine the amount of money that you will either receive from your federal loan or the amount you need to borrow before the origination fee is deducted.

An origination fee is a percentage of your loan amount charged by the lender for the processing of your loan. Federal student loans have an origination fee; therefore, the amount you may receive as a disbursement may be slightly lower than the amount you accept.

For students who have exhausted or do not qualify for federal financial aid, Alternative Private Loans are an option when additional funding is needed to meet your educational expenses.  A credit check is required and terms and rates vary by lender and are based on the creditworthiness of the applicant and co-signer.

FASTChoice is a tool which allows students and parents the ability to search, compare and apply for alternative loans with lenders students have historically used at Campbell University.  

Applicants should visit the website of each potential lender to fully evaluate the benefits and incentives they offer before making a final choice for your private loan.  Questions to ask when comparing loans:

• Does the loan have a fixed or variable interest rate?
• Will the interest rate change over time?
• Are there any fees?
• What will the minimum monthly payment be?
• Are you required to make payments while attending school?
• What is the total amount you will pay in interest over the life of the loan?
• Does the loan have a grace period (number of months you do not have to make payments) after you graduate? 
• What if I have trouble repaying the loan?

Only choose one lender to apply with as multiple applications can negatively affect your credit.

You may view lenders through FASTChoice here: https://choice.fastproducts.org/FastChoice/home/291300

Once your loan has been approved, the lender will send a certification request to the school to process. It takes 1-2 business days for the school to receive an approval.