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Financial Aid 

 Typical Timeline for Non-Federal Private Educational Loans 

 

SPOTLIGHT

Please note, your lender may also have a timeline for you based on their origination process.

Each lender is required by federal regulations to collect a Self-Certification Form from each potential borrower. If the lender does not receive the Self-Certification Form, the application process will be delayed until the form is received.  It is up to the individual lender as to where in the process and by what means this form will be collected from the borrower.  Once the borrower is notified to complete the Self-Certification Form, the borrower should utilize the information on SRU's Self-Certification Instruction Page for easiest completion. Failure to submit the Self-Certification Form to the lender will stop the loan process.

 

STEPS ACTION
Step 1

Complete and submit the non-federal alternative loan application for the lender of your choice making sure all necessary information is included. A comparison list of some private lenders is available on our non-federal alternative loan webpage if needed.

  • When you complete the application you are also signing the Master Promissory Note (MPN).
  • The lender will send an Application Disclosure Statement giving you general information about the loan terms.
Step 2

The lender will perform a credit check and determine your eligibility for the loan. If all necessary paper work is complete and the borrower/cosigner meets the credit requirements, the loan is approved by the lender; if not, the lender will request additional information.

  • If approved, you will receive an Approval Disclosure Statement with the terms and agreements specific to you the borrower.
Step 3

Federal regulations require that the borrower and cosigner actively accept the loan at this time. Each individual lender will determine the means as to how the borrower and cosigner will accept the loan.

  • Failure to actively accept the loan will stop the loan process.
Step 4

After the borrower actively accepts the loan, the lender notifies SRU's Financial Aid Office to complete a school certification.

  • Certification by the school can take approximately three weeks depending on the time of year.
  • The school provides the certification to the lender electronically.
Step 5 The lender sends the Final Disclosure Statement.
Step 6

The borrower and cosigner (if applicable) have a three day period to cancel the loan.

  • Please note lenders will include a three day mailing period along with the three day cancellation period for a total of six days.
Step 7 The lender disburses the loan to the SRU Office of Student Accounts after the six day cancellation period.
Step 8 The Office of Student Accounts credits the loan to the student's university account.

 

Contact Information

1 Morrow Way
Slippery Rock PA 16057

107 Maltby Center

724.738.2044
724.738.2922 (fax)

Financial.aid@sru.edu

M-F: 8:00-4:30
Summer: 8:00-4:00

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