Applying for Loans
[STUDENT] What do I need to know about student loans, and what do I need to do to apply for a loan to help me pay for school?
[NARRATOR] Maysville Community and Technical College processes student loans through the Federal Direct Loan Program. This means that federal student loans will be funded by the U.S. Department of Education, rather than private lenders.
With the Direct Loan program, payments are made to the U.S. Department of Education. Students do not have to start repayment until six months after they graduate or they fall below half-time status. However, you can make payments at any time towards your loan.
[STAFF] As an authorized participant, we’ll make sure that students and parents are able to borrow funds to meet their educational needs. However, students and parents are required to take some steps to participate.
[NARRATOR] You can discover information about loans, and links to helpful resources, from the Maysville Community and Technical College website by selecting the “Costs & Financial Aid” link, and then selecting the “Direct Loans Frequently Asked Questions” link.This webpage lists the steps that students and parents must take in order to receive a Direct Loan.In addition to completing the FAFSA, and meeting the general eligibility requirements for financial aid, student and parent borrowers must complete a Direct Loan Master Promissory Note.
[STAFF] A promissory note is a binding legal document you sign when you get a student loan. It contains the loan terms and conditions under which you are borrowing funds, and the terms under which you agree to pay back the loan.
[NARRATOR] You will need to visit the website www.studentloans.gov and sign in using your Federal Student Aid PIN number. If you are a student or parent who does not already have a PIN number, you can apply for one through the link on this site.Signing in with your PIN will allow you to complete the required steps in the Direct Loan application process. These include Entrance Counseling, Signing the Master Promissory Note, and completing the PLUS Loan Request Process.
You can learn more about these items through the links on this webpage, including what you’ll need, and what to expect, for Direct Loans. We strongly encourage you to visit these links, as the information they provide will better prepare you to complete the loan application steps.www.studentloans.gov contains links to even more helpful information, such as frequently asked questions, and topics related to managing the repayment of your loans. We recommend that you take a look at this information, to gain a better understanding of your student loans.
[STUDENT] So once I have completed the steps, when can I find out if I have received a student loan?
[STAFF] The school will determine your loan eligibility and will provide you with information regarding the availability of your funds. You’ll need to sign in to your Student Self Service account and accept your loans in order to receive funds.
[NARRATOR] To access your Student Self Service Account, select the Student Self-service link located on the college’s homepage. Enter your user ID and password on the login page. Once you have logged in, navigate to the “Campus Finances” section of your account. Then use your mouse to select the “Accept/Decline Awards” link.
On the next page, select the year in which you will be accepting aid. The awards you have received for the selected year will be displayed. Use your mouse to select the checkboxes for each award you would like to accept, or accept all awards at once by selecting the “Accept All” button. Once all of your selections have been made, click the “Submit” button to complete the loan acceptance process.
[STAFF] For more information about financial aid at Maysville Community and Technical College, please visit maysville.kctcs.edu, and click on the “Costs and Financial Aid” link.You can find contact information for the Financial Aid Staff by using your mouse to select the “Contact Us” link shown here.
We hope that this video has helped you become more aware about the financial aid services available to you as a student of Maysville Community and Technical College.