Applying for Student Loans
Loans offered by the U.S. Department of Education and private lenders may help cover all or part of a college education.
Federal Direct Loans are available to all students who submit a FAFSA. Please review your Colby-Sawyer Financial Aid award letter for your qualification amounts. For more information visit studentaid.ed.gov.
- New Students
To accept your Federal Direct Loans complete Step 1 and Step 2 (below) by July 1. - Returning Students
If you completed a Master Promissory Note and Entrance Counseling previously, you will not need to resubmit these items. - Forgot Your Login
Visit fsaid.ed.gov and click "Manage My FSA ID"
| STEP 1: Master Promissory Note |
|---|
To be completed by the student. |
Go to studentaid.gov and log in with your FSA ID. |
Select "I'M IN SCHOOL" and then "Complete Loan Agreement." |
Select "MPN for Subsidized/Unsubsidized Loans." Follow the prompts to complete the MPN and submit. |
Colby-Sawyer will receive notification within one to two business days after the MPN has been completed. |
| STEP 2: Entrance Counseling Session |
|---|
To be completed by the student. |
Go to studentaid.gov and log in with your FSA ID. |
Select "I'M IN SCHOOL" and then "Complete Entrance Counseling." |
Follow prompts to complete the counseling and submit, selecting "undergraduate" as your student type. |
Colby-Sawyer will receive notification within one to two business days after the Entrance Counseling has been completed. |
Declining Federal Direct Student Loans
If you were awarded a Federal Direct Student Loan and want to decline all or part of your loan, email the Financial Aid Office at cscfinaid@colby-sawyer.edu and specify which portion you are declining (unsubsidized, subsidized, or both) to update your award.
The Federal Direct PLUS Loan is a federal loan for parents of dependent undergraduate students. It is a fixed interest rate loan and has minimal credit requirements. Parents may borrow up to the cost of attendance minus any other financial aid the student receives. For more information on terms, interest rates, and repayment options, visit the Federal Student Aid website.
| STEP 1: Loan Application |
|---|
To be completed by a parent. |
Go to studentaid.gov and log in using your parent FSA ID. |
Select "I'M A PARENT" and then "Apply for a Direct PLUS Loan." |
Follow prompts to complete the application and submit. |
Colby-Sawyer receives notification within two business days after the application has been completed. |
| STEP 2: Master Promissory Note |
|---|
To be completed by a parent. |
Go to studentaid.gov and log in using your parent FSA ID. |
Select "I'M A PARENT" and then "Complete Loan Agreement for Parent PLUS Loan." |
Follow the prompts to complete the MPN and submit. |
Colby-Sawyer receives notification within two business days after the MPN has been completed. |
PLUS Loan Options
When completing the Federal Direct PLUS Loan application, you will have the option of entering a specific loan amount, or you can select the maximum option.
- Exact Amount
The government charges a 4.236% origination fee on these loans. If you are applying for your exact balance, please factor in this fee to avoid a shortage. - Maximum Loan
If you select the “maximum amount” option on your Federal Direct PLUS loan, Colby-Sawyer's Financial Aid Office will calculate the exact amount needed to cover your remaining balance, factoring in the origination fee.
Denial Options
If you are denied a Federal Direct PLUS loan you have several options.
- Pursue Endorser
You can re-apply with an endorser (cosigner). - Appeal
You can appeal the reason your credit was denied. - Federal Direct Unsubsidized Loan Increase
You can choose to increase your student's loan by $4,000 (for First-Year Students and Sophomores) or $5,000 (for Juniors and Seniors).
Private loans are student loans that typically require a credit worthy co-signer. Colby-Sawyer can provide a list of lenders who may serve your needs, however, you are not obligated to choose from these suggested lenders and may secure private loans at any time with the lender of your choice.
This list of alternative loan lenders has been researched using a variety of criteria including quality customer service, borrower benefits, interest rates, fees, repayment options and lender stability. Borrowers are encouraged to review the terms and conditions of each program prior to selecting a lender. Please do not hesitate to contact the Financial Aid Office to discuss alternative loans in greater detail.
View private loan recommendations at the Elm Select website by searching for Colby-Sawyer College.