APPLY FOR A STUDENT LOAN

After you have filed a FAFSA on the web, the Student Finance Office receives your information and sends you an offer of financial aid (award letter). This "award letter" identifies the various types of student financial aid for which you may be eligible, such as the Federal Pell Grant, SEOG, New York State TAP, Federal Stafford Loans, Federal Perkins Loans, and the Federal Work-Study Program;  it will also identify any Hilbert grants and scholarships awarded to you from Hilbert College's institutional funds.

ALL STUDENTS (NEW AND RETURNING) MUST FOLLOW THESE DIRECTIONS TO RECEIVE FEDERAL DIRECT LOANS:

Federal Direct Loan Borrower Instructions:

1. If you want to borrow a Stafford Loan this year, you are required to accept the Federal Direct Loan(s) by signing and returning your financial aid award letter to the Student Finance Office.
2. ALL students (including past Stafford Loan borrowers) MUST complete a new Federal Direct Electronic Master Promissory Note (eMPN)
   1. Go to https://studentloans.gov
   2. Log in as directed
   3. Click on “Complete Master Promissory Note.”
3. First-time Direct loan borrowers at Hilbert College must complete Entrance Counseling.
   1. Go to https://studentloans.gov
   2. Log in as directed
   3. Click on “Complete Counseling.”

When applying for student loans, always keep the following in mind:

1. Federal Direct Loans are your first and BEST option. (https://studentloans.gov)
2. Federal Direct Parent Plus Loans are your SECOND BEST option. (https://studentloans.gov) Parents are encouraged to apply for a Plus Loan even if they fear a denial of this loan; dependent students are entitled to an additional Federal Unsubsidized Loan if their parent is denied a Federal Parent Plus loan. As a result, there are some situations where parents should apply for a plus loan, even if they know they will be denied. The Plus denial notice sent to the financial aid office WILL AUTOMATICALLY trigger the financial aid office to offer a son or daughter additional unsubsidized direct loans should they need it.
3. Private loans are available to students, but should be considered a "LAST RESORT" option. Students are encouraged to complete the FAFSA and consider all opportunities regarding grants, scholarships, Direct Subsidized and Unsubsidized loans, and Direct Parent Plus Loan.  Private loans should ALWAYS BE used prior to credit cards, or high interest, short term personal consumer loans.  Students are encouraged to speak with a financial aid counselor to determine the amount of money to borrow; best to borrow conservatively.  Note that most students will need a credit-worthy cosigner to apply for this loan. 

   As a service to our students, Hilbert College offers a preferred lender list based on interest rates, borrower benefits, repayment terms and options, customer service, and problem resolution.  A formal RFI (Request for Information) is sent to lenders annually to review loan information and customer service in order to keep the preferred lender list updated and current.  To review lender information and to APPLY FOR A PRIVATE LOAN, please visit www.elmselect.com.  NOTE:  You are not obligated to select a lender from the Hilbert College Preferred Lender list.  As a private loan borrower, you have the right to select any lender of your choice without penalty.