Requesting a loan must be done online for the 2007-2008 academic school year. Request a loan only after you have carefully reviewed your financial aid award packet, the award letter, and the amount of loans offered. Included in each award packet is the Cost Estimate Worksheet. Please review the Cost Estimate Worksheet in order to estimate the annual costs associated with the academic year and plan accordingly.
STUDENT Stafford Loan - If you are awarded a Stafford Loan and would like to accept it, you can accept any amount up to but not exceeding the amount on your award letter.
- Review the Award Letter.
- Go to the online Lender List to Best Loans Information Be sure to request the annual amount desired.
- Simpson University will receive confirmation of the loan request. As prompted, please complete and e-sign the Master Promissory Note online.
- If you do not request a loan, Simpson University will decline it on your behalf.
New Borrower - If you are a new, first-time borrower, you are required to complete online entrance loan counseling with EdTest to better understand the Stafford Loan. Failure to complete the new borrower meeting will result in delayed processing of funds.
Previous Borrower - If you have already borrowed a Stafford Loan, we recommend that you use the same lender you have used in the past. If you choose to select a different lender than previously used, you must complete a new Master Promissory Note, or your loan funds may be delayed.
PARENT Plus Loan - If you are the parent of a dependent student, you will have the opportunity to help with your student's cost of college by taking out the Parent PLUS Loan. You can borrow any amount up to but not exceeding the amount on the Award Letter.
Important facts to remember: (1) Only one parent should request the loan; (2) requesting a PLUS loan does not obligate the parent to take out the loan; and (3) it is necessary to request the loan even if you believe you may be denied, as the student may become eligible for an additional unsubsidized Stafford Loan through a denial.
- Review the Award Letter and compare it to the Cost Estimate Worksheet; analyze the annual amount you will need to request (deducting the 3% Origination Fees).
- Go to the online Lender List to Home Loans Be sure to request the annual amount desired.
- The Parent PLUS Loan request is a three-step process: (1) fill out the required confirmation form; (2) fill out the required pre-approval credit check; and (3) e-signing the Master Promissory Note. If you are a continuing parent borrower (at Simpson University), be sure you are the same borrower from the previous year as continuing borrowers only need to complete the confirmation form and the pre-approval credit check.
- If you do not request a loan, Simpson University will decline it on your behalf.
Federal PLUS Loan for Graduate Students - Once you have requested the full amount of your Stafford Loans, you will have the opportunity to help with your cost of college by taking out the Graduate PLUS Loan. You can borrow any amount up to but not exceeding the amount on the Award Letter.
- Review the Award Letter and compare it to the Cost Estimate Worksheet; analyze the annual amount you will need to request (deducting the 3% origination fees).
- Go to the online Lender List to Online Loan Company Be sure to request the annual amount desired.
- The PLUS Loan request is a three-step process: (1) fill out the required confirmation form; (2) fill out the required pre-approval credit check; and (3) e-signing the Master Promissory Note.
- If you do not request a loan, Simpson University will decline it on your behalf.
