Priority Deadline for Student Loans

Fall–Spring July 1*

 

Summer May 1
Fall July 1
Winter December 1
Spring January 1

*Standard academic year

Do you have these loans on your award letter? If so and you plan to borrow through these loan programs, borrowers need to complete the following steps by the deadlines listed above.

In most cases, loans are awarded for summer semester (May–August) and fall–spring (August–May). These semesters and dates should be used when asked for a loan period (typically, Federal Direct PLUS and Private) during the application process.

Federal Direct Stafford

Typically, you need complete these one time only at SAIC. Complete these three steps at StudentLoans.gov:
Step 1. Entrance Counseling session
Step 2. Federal Direct Stafford Master Promissory Note (eMPN)
Step 3. Financial Aid Awareness Counseling

Federal Perkins

Typically, you need complete these one time only at SAIC.
Step 1. Federal Perkins online entrance counseling session at mappingyourfuture.org
Step 2. Federal Perkins Master Promissory Note (eMPN) in SAIC Self-Service
  Go to View Financial Aid > Award Summary > Sign Perkins eMPN

Federal Direct PLUS*

(Credit Approval Required)
Re-apply for each loan as needed by completing step 1 only
Complete these steps at StudentLoans.gov:
Step 1. Complete an online PLUS Request
Step 2. If credit-approved, complete an online Federal Direct PLUS Loan Master Promissory Note (eMPN)
Step 3. An online Entrance Counseling Session for: 

Denials—for parent borrowers of a Federal Direct PLUS Loan

Per federal regulations, if a parents of a dependent undergraduate student is denied a Federal Direct PLUS Loan due to adverse credit history, SAIC will automatically award additional Federal Direct Unsubsidized Stafford Loan (up to $4,000 for freshmen/sophomores or up to $5,000 for juniors/seniors) to the student. The parent borrower may choose to appeal the credit decision with the Department of Education or pursue a creditworthy endorser. If the Federal Direct PLUS Loan is then approved, the additional Federal Direct Unsubsidized Stafford Loan may be reversed/cancel. If approved by these options, remember to compete Step 3 in the Federal Direct PLUS process above.

Federal Direct PLUS Loan—Denial Options

A denial of your Federal Direct PLUS Loan application may not be the end of your eligibility to borrow a Federal Direct PLUS Loan. You are able to continue to pursue your eligibility through the following two options:

  1. Resubmit your application with an eligible endorser (co-signer).
    You may add an endorser to your Federal Direct PLUS Loan application. An endorser is someone who does not have an adverse credit history and agrees to repay the loan if primary borrower does not repay it. Please contact the Federal Loan Origination Center at 800.557.7394 for assistance with the endorser process.
  2. Submit a request for an appeal of your PLUS Loan credit decision with the US Department of Education if you believe there are documented extenuating circumstances not reflected in your credit history.

    • Call the Federal Loan Origination Center at 800.557.7394 or
    • Login to StudentLoans.gov
    • Select the Document Extenuating Circumstances link under the PLUS Loan Process section on the menu on the left side of the page.
    • Follow the instructions provided to complete the appeal process.
    • After completing your request for an appeal online, you should receive a call from a representative at the Federal Loan Origination Center within three business days to discuss your request. If you do not receive a call, you may contact the Federal Loan Origination Center directly to discuss the status of your request.

PLUS Counseling Requirement

If you qualify for a Federal Direct PLUS loan by obtaining an endorser or by documenting to the satisfaction of the U.S. Department of Education that there are extenuating circumstances related to your adverse credit history you'll also be required to complete PLUS counseling before you can receive a Direct PLUS Loan.

 
If you apply for a Direct PLUS Loan and are notified that you have an adverse credit history, the U.S. Department of Education will provide you with detailed information on the options for qualifying by obtaining an endorser or submitting documentation ofextenuating circumstances, along with instructions on how to complete the required PLUS counseling.
 

Due to federal and state legislation, loan terms, interest rates and conditions are subject to change.

Questions? Contact a SFS Advisor at 312.629.6600 or email us at finaid@saic.edu.

Private Educational Loan

(Credit Approval Required)
Re-apply for each loan as needed
Step 1. Determine a Private Lender of your choice. (A list private educational loan provider are available at finaid.org.)
Step 2. Complete required steps as instructed by your lender. An endorser/co-signer is required in most cases.