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A student loan is a type of financial aid that allows you to borrow money to help pay for your educational expenses. Unlike grants and scholarships, a student loan must be repaid, along with any applicable interest.
Loan funds should be used for education-related expenses such as tuition, fees, books, supplies, transportation, and other costs associated with attending school.
Once your loan is disbursed, the U.S. Department of Education will assign a loan servicer. Your loan servicer will help manage your account and will be your main point of contact for questions about repayment and other loan-related matters.
 

Eligibility Requirements

To be considered for a federal student loan, you must:

  • Not be in default on a federal student loan.
  • Complete the Free Application for Federal Student Aid (FAFSA) at: https://studentaid.gov/h/apply-for-aid/fafsa 
  • Submit all required documents needed to process and disburse your financial aid.
  • Maintain Satisfactory Academic Progress (SAP).
  • Be enrolled at least half-time in an eligible degree or certificate program.
  • Be a U.S. citizen or an eligible noncitizen.
  • Have a valid Social Security Number.
  • If you are borrowing a federal student loan for the first time, complete Entrance Counseling and sign a Master Promissory Note (MPN).

First-Time Borrowers 

If this is your first federal student loan, you are required to:

  • Complete Entrance Counseling to better understand your rights and responsibilities as a borrower.
  • Complete and sign your Master Promissory Note (MPN), which is the legal agreement to repay your loan.

These steps must be completed before your loan funds can be disbursed.