When will I get my loan?
- Federal Guidelines for SAU is two disbursements (due to Cohort loan default rates).
- SAU sets the disbursement dates based on these guidelines:
- Fall/Spring: 1st disbursement is after the 10th class day in the Fall, 2nd disbursement is after the 10th class day in the spring.
- Fall only: 1st disbursement is after the 10th class day, 2nd disbursement is after mid-term.
- Spring only: 1st disbursement is after the 10th class day, 2nd disbursement is after mid-term.
- Both Summer: 1st disbursement is after the 5th class day summer 1, 2nd disbursement is after the 5th class day summer 2
- Summer 1 only or Summer 2 only: 1st disbursement is after the 5th class day, 2nd disbursement is halfway through the term.
All disbursement date information can be found on the Financial Aid main page, under “Fall/Spring Disbursement Dates” or “Summer Disbursement Dates”.
You can also get this information from the Federal Student Aid site under “My Loan Documents”. Click on “Disclosure Statements”.
Do funds come at any other time?
Yes, once the 1st disbursement date of each semester is met, SAU requests loan funds for loans processed after the 1st disbursement once a week. This is also true for students who are slow at completing the required entrance counseling and master promissory note.
Who is a first time borrower and why are funds held?
First time borrower is a student with 0 to 29 earned credit hours and has not received student loans prior to borrowing at SAU. In most cases this is a beginning freshman. Federal Guidelines state that a first time borrower must wait 30 days before funds can be released. This protects the school and the student in case they do not remain enrolled.
Do I have to complete the entrance counseling and master promissory note every year?
Entrance Counseling : No, the entrance counseling is good forever once it is completed, unless you are transferring from another institution in which case SAU would not have a record of the EC.
Master Promissory Note: No in most cases – SAU has elected for the MPN to be good for up to ten years. There are cases where the lender does put the MPN in inactive status. Iif this happens a student would need to complete a new MPN. SAU will email the student if this is the case and we are informed by Direct Lending that a new MPN is needed. Yes, it is possible that a new EC and MPN would be needed it you are transferring from another institution.
What is Financial Awareness Counseling?
Financial Awareness Counseling provides tools and information to help you understand your financial aid and assist you in managing your finances. Check out the link on Federal Student Aid site . Login and click on Financial Awareness Counseling.
How do I find out the total amount of loans I have borrowed?
You can go to The National Student Loan Data System (NSLDS) site , click on the button “Financial Aid Review”, read statement and click “Accept”, answer the required questions (SSN, DOB, first two letters of last name, FAFSA Pin#) and click submit. Here is a list of your loans and the lender/servicer.
How do I find my lender?
You can go to The National Student Loan Data System (NSLDS) site , click on the button “Financial Aid Review”, read statement and click “Accept”, answer the required questions (SSN, DOB, first two letters of last name, FAFSA Pin#) and click submit. Here is a list of your loans and the lender/servicer. Click on the Servicer’s name and you will be taken to information about how to contact them.
Once you know your lender/servicer you can go to their website and create an account to help you keep track of payments, interest rates, repayment plans, etc.
- ACS: ED-held (FFELPloans) / (Direct Loans)
- FedLoan Servicing (PHEAA)
- Great Lakes
Can I print this information found concerning my loans?
Yes, click on the button “MyStudentDataDownload” . This will give you a plain text file with all loan and grant information that can be saved to your computer, or just printed.
Why do I have more than one lender/servicer contact?
Students who had loans prior to May 2010 would have had loans under the old FFELP program (lenders were through different banks) and beginning with summer 2010 all loans went through Direct Lending.
Why do I need to complete the Exit Counseling when I graduate or leave school?
The Exit Counseling is required by the Lender/Servicer under Federal Guidelines in order to keep your current address and phone numbers up to date to make sure that you can be contacted about the repayment of your loans. This also confirms your true exit date from the institution.
How do I find out about repaying my loans?
You can go to Federal Student Aid site . Login to the site and click on “Managing Repayment” button.
How can I found out how much my payments will be?
Check out one of the Loan repayment calculators:
- Federal Student Aid repayment calculator - then check out each of the possible repayment plans and see which one best meets your needs. Or compare the repayment plans
- Paybacksmarter can now help you calculate your actual data via the Federal MyStudentData system.
- Estimate your loan payments
- How much you can afford to borrow in student loan funds based on your future expected earnings? Calculate the salary you will need in order to afford your student loan payments.
Where do I find out about Loan Forgiveness programs?
You can go to the Federal Student Aid site , click on the link for “Public Service Loan Forgiveness” or “Teacher Loan Forgiveness”.
In 2007, Congress created the Public Service Loan Forgiveness Program to encourage individuals to enter and continue to work full time in public service jobs. Under this program, you may qualify for forgiveness of the remaining balance due on your eligible federal student loans after you have made 120 payments on those loans under certain repayment plans while employed full time by certain public service employers. Since you must make 120 monthly payments on your eligible federal student loans after October 1, 2007 before you qualify for the loan forgiveness, the first cancellations of loan balances will not be granted until October 2017.
The Teacher Loan Forgiveness Program is intended to encourage individuals to enter and continue in the teaching profession. Under this program, if you teach full-time for five complete and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families, and meet other qualifications, you may be eligible for forgiveness of up to a combined total of $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans. If you have PLUS loans only, you are not eligible for this type of forgiveness.
How long does it take to repay my student loans?
Generally, you’ll have from 10 to 25 years to repay your loan, depending on which repayment plan (there are several) you can choose from.
The loan servicer will notify you of the date your first payment is due. If you do not choose a repayment plan, you will be placed on the standard repayment plan, with fixed monthly payments for up to 10 years. Most Direct Loan borrowers choose to stay with the standard repayment plan, but there are other options for borrowers who may need more time to repay or who need to make lower payments at the beginning of the repayment period.
You can change repayment plans at any time by contacting your loan servicer.
What if I have trouble making my payments?
If you’re having trouble making payments on your loans, contact your loan servicer as soon as possible. Their staff will work with you to determine the best option for you. Options include:
- Changing repayment plans.
- Deferment, if you meet certain requirements. A deferment allows you to temporarily stop making payments on your loan.
- Forbearance, if you don’t meet the eligibility requirements for a deferment but are temporarily unable to make your loan payments. A forbearance allows you to temporarily stop making payments on your loan, temporarily make smaller payments, or extend the time for making payments. Read more about deferments and forbearance.
If you stop making payments and don’t get a deferment or forbearance, your loan could go into default, which has serious consequences—see below.
Your loan first becomes “delinquent” if your monthly payment is not received by the due date. If you fail to make a payment, you’ll receive a reminder that your payment is late. If your account remains delinquent, you’ll receive warning notices reminding you of the consequences of default and of your obligation to repay your loans.
If you are delinquent on your loan payments, contact your loan servicer immediately to find out how to bring your account current. Late fees may be added, and your delinquency will be reported to one or more national consumer reporting agencies (credit bureaus), but this is much better than remaining delinquent on your payments and going into default.
Links to check out