Loans | Southwestern College Professional Studies

Bachelor and Master Degrees from Southwestern College - Professional Studies

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Loans

Loans

Federal Direct Stafford Loan

You must officially accept any Federal Direct Stafford loan you have been offered by responding to your annual award letter.  In your response, you must write that you accept the loans as offered or you must indicate any loans you are declining or adjusting.  Please note that to receive loans, students must be enrolled at least half-time and are subject to annual and aggregate maximums.  Please also read carefully how to keep your aid.

The first time you accept an offer of a Federal Direct Stafford loan from Southwestern College, you must also complete the following steps:

  1. Complete your Master Promissory Note (MPN).  Please have your PIN and the names and addresses of at least 3 different references ready.  The MPN is valid for 10 years.  This step is waived for students who already have an active MPN on file with the Department of Education.
  2. Complete Entrance Counseling.  This step is required for each first time borrower and waived for students who have received a Federal Direct Stafford loan within the past year.  Please have your PIN ready.

Federal Perkins Loan

You must officially accept any Federal Perkins loan you have been offered by responding to your annual award letter.  In your response, you must write that you accept the loan as offered or indicate that you are declining or adjusting the amount of the loan.  Please note that to receive a Perkins loan, you must be enrolled at least half-time and are subject to annual and aggregate maximums.  Please also read carefully how to choose Private Student Loans. You have the right to choose any lender that offers a private student loan. Listed here for your convenience are the lenders that Southwestern students chose to use in 2010-2011. They are listed in alphabetical order. You may use this list to narrow your choices. If you don't see the lender you would like to use on the list, simply email us or give us a call and we will help you get connected with the lender of your choice. What is a private student loan? How are private loans different from Federal Stafford loans? What is the process to apply for a private loan? What is Southwestern's Loan Code of Conduct? Discover Logo Discover Student Loans are issued through Discover Bank. Discover is most widely known for its credit card which was introduced during the 1986 Super Bowl. Northwest Federal Credit Union LogoThe Northwest Federal Credit Union's Private Lending Solutions are available individuals who are members. NWFCU's website contains further information about who qualifies as a member as well as information on how to become a member. Sallie MaeThe Sallie Mae Smart Option Student Loan has three repayment options for the borrower. Sallie Mae has been servicing and providing student loans since 1972. Suntrust LogoSuntrust Bank's Custom Choice Loan is a loan you can customize to meet your needs. The company is headquartered in Atlanta Georgia with just under 1,700 locations nationwide. US Bank LogoThe U.S. Bank No Fee Education Loan offers perks for good grades. A branch of U.S. Bancorp, the bank is the 5th largest commercial bank in the United States. Wells Fargo Logo Wells Fargo offers a variety of Private Student Loans. Headquartered in San Francisco, California, Wells Fargo was founded in 1852 to serve the west. It's recent merger with Wachovia has expanded its location to the rest of the United States. (Our student borrowers also used Campus Door and Wachovia as private loan options in 2008-2009. These lenders are no longer offering alternative student loan products.) What is a private student loan? Private student loans are loans that are not part of the Stafford loan program. These loans are sometimes used by students to cover current or recent past balances, to help fund school related travel overseas or to help with school related living expenses. (back to the top) How are private loans different from Federal Stafford loans? Private loans do not carry a Federal guarantee like Stafford loans, so care should be taken when opting to use these as a tool. The interest rate for these loans varies depending on the lending institution and the borrower's credit rating and can change at any time. Principle payment on these loans can also be deferred while the student is in school. (back to the top) What is the process to apply for a private loan? The financial aid staff at Southwestern College recommends that you first research the loan terms offered by any lending institution you are looking at to determine if you are comfortable with them. Once you have chosen a lender, the steps to apply are: 1.Complete the loan application located on the lender's website. Unless you have excellent personal credit, you will most likely need a credit-worthy co-signer (parent, spouse, grandparent, close relative) to sponsor your loan application. 2.Application passes through a credit evaluation. 3.Application is sent to the school for certification. 4.Southwestern College certifies that the loan amount requested is within Federal guidelines. 5.Student self certifies the loan using the Private Education Loan Self Certification form. 6.Once the self certification form is received, the lender, student and Southwestern must wait 3 days for a mandatory period within which the borrower can cancel the loan. 7.Funds arrive at Southwestern College. keep your aid.

Returning students will need to annually verify the amount they have accepted on the SignMyLoan website.

New students must complete a Master Promissory Note (MPN) and Entrance Counseling.  An email from University Accounting Service will direct students to the SignMyLoan website where entrance counseling and the MPN can be completed in one, seamless step.  Please have your PIN and the names and addresses of 3 different references ready.  The MPN is valid for 10 years.

Federal Direct PLUS (Graduates)

Graduate students wishing to borrow a PLUS loan must email or visit the Office of Financial Aid to discuss their eligibility for this loan.  Please note that to receive a Federal Direct PLUS, you must be attending at least half-time.

The first time you choose to borrow a Federal PLUS loan, you will need to complete a Master Promissory Note and Entrance Counseling.  Please have your PIN and the names and addresses of 3 references ready.  The MPN is valid for 10 years.  These requirements are waived for students who have borrowed a Federal PLUS within the last year.

PLUS loans do not carry a Federal guarantee and are therefore subject to an annual credit evaluation and approval.  The process is performed after the MPN is signed and before funds are released to the student's account.

There are occasionally instances where a student is not approved for a PLUS loan due to adverse credit history.  When this happens, a student may apply with the aid of an endorser (co-signer) without an adverse credit history.

Private Student Loans

You have the right to choose any lender that offers a private student loan. 

Listed here for your convenience are the lenders that Southwestern students chose to use in 2010-2011.  They are listed in alphabetical order.  You may use this list to narrow your choices.  If you don't see the lender you would like to use on the list, simply email us or give us a call and we will help you get connected with the lender of your choice.

Discover Logo Discover Student Loans are issued through Discover Bank.  Discover is most widely known for its credit card which was introduced during the 1986 Super Bowl.

Northwest Federal Credit Union LogoThe Northwest Federal Credit Union's Private Lending Solutions are available individuals who are members.  NWFCU's website contains further information about who qualifies as a member as well as information on how to become a member.

Sallie MaeThe Sallie Mae Smart Option Student Loan has three repayment options for the borrower.  Sallie Mae has been servicing and providing student loans since 1972.

Suntrust LogoSuntrust Bank's Custom Choice Loan is a loan you can customize to meet your needs.  The company is headquartered in Atlanta Georgia with just under 1,700 locations nationwide. 

US Bank LogoThe U.S. Bank No Fee Education Loan offers perks for good grades.  A branch of U.S. Bancorp, the bank is the 5th largest commercial bank in the United States.

Wells Fargo Logo  Wells Fargo offers a variety of Private Student Loans.  Headquartered in San Francisco, California, Wells Fargo was founded in 1852 to serve the west.  It's recent merger with Wachovia has expanded its location to the rest of the United States.

(Our student borrowers also used Campus Door and Wachovia as private loan options in 2008-2009.  These lenders are no longer offering alternative student loan products.)

What is a private student loan?
Private student loans are loans that are not part of the Stafford loan program.  These loans are sometimes used by students to cover current or recent past balances, to help fund school related travel overseas or to help with school related living expenses.
 

How are private loans different from Federal Stafford loans?

Private loans do not carry a Federal guarantee like Stafford loans, so care should be taken when opting to use these as a tool.  The interest rate for these loans varies depending on the lending institution and the borrower's credit rating and can change at any time.  Principle payment on these loans can also be deferred while the student is in school.
 

What is the process to apply for a private loan?
The financial aid staff at Southwestern College recommends that you first research the loan terms offered by any lending institution you are looking at to determine if you are comfortable with them.  Once you have chosen a lender, the steps to apply are:

  1. Complete the loan application located on the lender's website.  Unless you have excellent personal credit, you will most likely need a credit-worthy co-signer (parent, spouse, grandparent, close relative) to sponsor your loan application. 
  2. Application passes through a credit evaluation.
  3. Application is sent to the school for certification.
  4. Southwestern College certifies that the loan amount requested is within Federal guidelines.
  5. Student self certifies the loan using the Private Education Loan Self Certification form.
  6. Once the self certification form is received, the lender, student and Southwestern must wait 3 days for a mandatory period within which the borrower can cancel the loan.
  7. Funds arrive at Southwestern College.