Financing your education can be challenging, but student loans and financial aid can help make it possible. This comprehensive guide will assist you in exploring your options, so you can make informed decisions about your financial future.
Students must first complete their Free Application for Federal Student Aid (FAFSA) form before receiving financial aid. Follow our Financial Aid Guide to get started or contact Student Financial Services for assistance.
What Are Student Loans?
Student loans are designed to help students cover the cost of higher education, including tuition, books, room and board, and other associated expenses. These loans are borrowed funds that must be repaid with interest over a period of time after the student completes their education. Loans are awarded once the student’s FAFSA form is processed and other forms of financial aid, such as scholarships and grants, have been evaluated by the Department of Education.
Federal Direct Loans
Federal student loans are made by the government, with conditions and terms that are set by law. These loans may be Subsidized or Unsubsidized, depending on the individual’s situation:
Federal Direct Plus Loans
The Federal Direct PLUS Loan Program is available to parents of undergraduate students, if they are credit-worthy applicants. It can help pay for educational expenses that are not covered by other financial aid. The lender is the U.S. Department of Education, the maximum loan amount is that equal to the cost of attendance minus any other financial aid received, and you must not have an adverse credit history.
PLUS Credit Counseling is required if the U.S. Department of Education has informed you that you have an adverse credit history and you have obtained an endorser or documented to the satisfaction of the U.S. Department of Education.
You Have a Federal Loan, What Now?
Once the FAFSA is processed and you are awarded a Federal Direct Student Loan, students must fulfill certain conditions before loan funds can be credited to their account. All first time Stafford Loan borrowers with Siena Heights University must complete three loan steps prior to their loan being certified and disbursed.
1. Entrance Counseling with the Department of Education
Entrance counseling ensures that you understand the terms and the conditions of your loan(s) and your rights and responsibilities. The Entrance Counseling will show you what a loan is, how interest works, your options for repayment and how to avoid delinquency and default.
- Who should complete this – Students
- How long will it take – 30 minutes and must be done in a single session.
- What do I need – Verified StudentAid.gov account, School Name(s), Financial Aid Offer, School Tuition and Fees
When you are finished, a record of your completion will be sent to the schools that you selected on your FAFSA form, and you can receive loan money. Please keep in mind that you cannot save and leave an incomplete session; you must complete the entrance counseling in one session. Click the link below to schedule your session.
2. Complete The Master Promissory Note (MPN)
The Master Promissory Note (MPN) is a legal document where you promise to repay your loan(s) and any interest accrued and fees to the U.S. Department of Education. It will explain the terms and conditions of your loan(s).
You may receive more than one loan under an MPN over a period of up to 10 years to pay for your or your child’s education costs.
3. Accept Your Student Loan Eligibility Via Your MySiena Account & Sign The Student Loan Acknowledgement .
Siena Heights also recommends that you complete an Annual Student Loan Acknowledgment every year that you accept a new federal student loan.
If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan.
If you have an existing federal student loan, you are acknowledging that you understand how much you owe and how much more you are eligible to borrow.
Exit Counseling
Exit Counseling is a requirement from the federal government which provides students with valuable information about their rights and responsibilities as a federal student loan borrower. This must be done before graduating, withdrawing, or dropping below ½ time enrollment.
Exit Counseling will provide you with valuable information about your rights and responsibilities as a student borrower. The sessions should take 20-30 minutes.
Please contact the National Student Loan Data Systems (NSLDS) at https://nslds.ed.gov, or call 1-800-4-FED-AID (1-800-433-3243) for more information on your student loan.
Student Billing & Payment Plans
BY THE FIRST DAY OF CLASSES, STUDENTS ARE REQUIRED TO:
Accept their financial aid and complete all financial aid requirements.
Pay their balance in full or set up a payment plan. See – Student Accounts – Payments and Payment Plans
PAYMENT OPTIONS:
Siena Heights University offers three (3) different payment options. Students must complete one of these three (3) payment options by the first day of class. Students who do NOT complete one of the three payment options will be subject to a hold on their account that will not allow registration for classes for subsequent semesters until any balance is paid in full.
- Have enough financial aid posted and accepted to cover billed charges.
- Enroll in a payment plan for any outstanding balance after financial aid has been applied.
- Payment in full for any outstanding balance after financial aid has been applied.
