University Of Southern Nevada

UNIVERSITY OF SOUTHERN NEVADA

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Financial Aid Loan Information & Applications

  • Complete the USN Loan Application(s) and submit them to Financial Aid Services. We will update your university records, including your address, with the information you provide.
  •  Apply for the Grad PLUS loan on the lender's website. Applications for the Grad PLUS are borrower initiated and the lender must perform a credit check. Once the loan has been approved by the lender Financial Aid Services will be notified and will certify the loan. 
  • If necessary, your lender will contact you about completing the Master Promissory Note(s) (MPN). Carefully read and follow directions when completing the MPN. The MPN will cover all Federal Stafford Loans or Graduate PLUS Loans you borrow with this lender for up to ten years. Forward your completed MPN to your lender promptly.
  • Your lender will disburse your loan(s) to the Bursar's Office in installments, one at the start of the loan period and one in the middle of the loan period (loan periods generally correspond to the academic year).
  • To receive your loan you must:
    • be enrolled at least half time;
    • have submitted all required documents;
    • maintain Satisfactory Academic Progress (SAP);
    • maintain eligibility for the loan in your financial aid package;
    • complete loan entrance counseling
    • have already borrowed the maximum amount permitted under the Federal Stafford Loan Program to be eligible for the Graduate Plus Loan; and,
    • demonstrate that you meet the federally-established, minimum credit criteria. Your lender will perform a credit check when we notify them of your eligibility for the Graduate PLUS Loan.
       

Please Note: Borrowers of federal Title IV loans are subject to aggregate loan limits. There is a cap on the total amount a student is allowed to borrow. It is very important for students to be aware of their loan totals and their aggregate loan limits. Students need to borrow conservatively, consider how much they will need to borrow in the future, and know when they will reach their aggregate limit. Students can access their Title IV loan information at http://www.nslds.ed.gov/nslds_SA/. 

  Undergraduate Limits:
     Subsidized Stafford - $23,000
     Combined Unsubsidized & Subsidized Stafford - $46,000

  Graduate/Professional (MBA) Limits:
     Subsidized Stafford - $65,500
     Combined Subsidized Stafford & Unsubsidized Stafford - $138,500

  Graduate/Health Professional (Pharmacy) Limits:
     Subsidized Stafford - $65,500
     Combined Subsidized Stafford & Unsubsidized Stafford - $224,000
 

CHOOSING A LENDER FOR FEDERAL AND PRIVATE LOAN PROGRAMS

Student and parent borrowers of the Stafford loan, PLUS Loan and /or Grad PLUS Loan may choose any lending institution that participates in the Federal Family Education Loan program (FFELP). The basic terms of the loans (origination and default/guarantor fees, interest rates and deferment options) are set by the federal government. Student borrowers of the private loans may choose any lender in the private education loan market. The basic terms of the private loans, such as origination/repayment fees and interest rates are determined by the lender based on the borrower’s credit history and market rates (Prime or LIBOR). USN provides students with Suggested Lenders Lists. Lenders are selected for our lender list based solely on what is determined to be in the best interest of our students. USN Financial Aid Services requests information from the FFELP and Alternative Loan program participating lenders. We evaluate their responses and the following factors were considered in the selection process of lenders to be included on our Suggested Lenders Lists:

  • Rates and Borrower Incentives – Our suggested lenders offer zero origination fees on Stafford loans(this could change due to federal regulation), interest rate reductions for borrowers who sign up for auto debit and principal and additional rate reductions for making consecutive on-time payments.
     
  • Customer Service – Our suggested lenders have dedicated customer service representatives who can assist borrowers with online application and to make an informed decision, provide user friendly custom websites with information and applications on loan programs available 24/7. Borrowers can apply online and e-sign the promissory note for faster service. If the borrower prefers to manually sign the promissory note, he/she can download it from the lender’s website or ask the lender to mail it to her/him.
     
  •  Ease of Process and Technology – Our suggested lenders work with USN to process and receive loan funds using Electronic Fund Transfer (EFT). EFT disbursements are applied to the student’s account upon receipt. Other lenders may send manual checks which student must come to the Bursar’s office to endorse, which causes a delay in processing. Our borrowers have the convenience to electronically sign promissory notes, download deferment and forbearance forms, track loan history, make payments and update personal information. 



USN Financial Aid Services will process loans with any lender of your choice. Selecting a lender is entirely your choice. Choosing a lender not in our Suggested Lender Lists will not cause any delay in the processing of your loans. All loans will be processed in a timely manner. USN Financial Aid Services does not receive and does not accept compensation from any lender, including those in our suggested lender list. We do not share in profits from student loans. We have signed and adhere to the Statement of Ethical Principles and Code of Conduct as published by the National Association of Student Financial Aid Administrators (NASFAA). We welcome your feedback on our Suggested Lenders Lists. You may email us at financialaid@usn.edu.  


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