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. 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. 3. Private loans are considered a "LAST RESORT" option; students and parents are encouraged to consider private loans through a variety of lenders and guarantor agencies. Private loans should be ALWAYS BE used prior to credit cards, or high interest, short term consumer/personal loans. Private loans are not listed on your Hilbert College Award Letter. If you want to apply for a private loan, this link will show you the variety of rates, benefits and links to a variety of private loans. There are many times when families will use a private loan to make up the balance between the aid offered, their projected family contribution and the actual bill. Parents and students are always free to choose the lender of their choice.