Loan Information FAQ
A federal student loan, made through the William D. Ford Federal Direct Loan Program, for which eligible students and parents borrow directly from the U.S. Department of Education at participating schools. Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans are types of Direct Loans. All students must first complete a FAFSA at fafsa.ed.gov
How Long Does It Take To Receive the Fund?
While the Financial Aid makes every effort to process your Direct Loans as soon they are received. You should allow 3-4 weeks to process your Direct Loans due to the extreme volume we experience.
No funds are disbursed until after school begins.
- Complete Loan Entrance Counseling - All first time Art Center borrowers must first complete loan entrance counseling at http://studentloans.gov.
- Complete a Master Promissory Note - All first time borrowers must also complete a Federal Direct Stafford Loan Master Promissory Note (MPN)
How do I get the funds?
Funds are transmitted to Art Center via EFT and applied directly to your student account. Funds are disbursed equally between terms shortly after school begins and loan fees are deducted prior to disbursement.
I Need Additional Funds. What Other Options are Available for Parents?
- Parents - Apply for a Federal PLUS Direct Loan - Parents of Dependent students may apply for a PLUS up to the cost of education minus any financial aid received. Borrowers must be credit worthy. Borrowers who may not be approved may be required to get an "endorser". You will be notified when you apply if you need an endorser. Apply for a Parent PLUS at studentloans.gov by completing the following two steps:
I Need Additional Funds. What Other Options are Available for Graduate Students?
- Graduate Students - Apply for a Federal PLUS Direct Loan - Graduate students may apply for a PLUS up to the cost of education minus any financial aid received. Borrowers must be credit worthy. Borrowers who may not be approved may be required to get an "endorser". You will be notified when you apply if you need an endorser. Apply for a Graduate PLUS at studentloans.gov by completing the following two steps:
What are the interest rates and terms for Federal Direct Loans? - For rates and terms, including program information about the Direct Loan programs click on the links below:
I'm not eligible to borrow a PLUS. Are there any other loan options? Apply for a Private Loan - Independent undergraduate students or students whose parents may not be able to borrow a PLUS Loan often find the private loan option a good resource. Private loans are made available by private lenders and usually requires a co-signer. Private loans often take several weeks to process. To learn more about private loans and to compare lenders visit: https://inside.artcenter.edu/go/privateloans
I'm an international student. Are there any loan options available?
International students may be eligible to borrow a private loan but will need a U.S. Co-signer. For more information visit: International Student Resources
To learn more about loans visit our Borrower Resources page at: https://inside-dev.artcenter.edu/cms/mod/resource/view.php?id=1026