Slippery Rock University awards Federal Direct Loans to eligible students. Also, students and parents can borrow PLUS (for parents of undergraduate students or Graduate students) loans through Department of Education Direct Loan Program or an Alternative Private Education Loan to meet their educational expenses each year up to the cost of attendance.
Federal Direct Loans require that all new borrowers complete Entrance Counseling and a Master Promissory Note (MPN). Slippery Rock University also requires students to accept, decline or cancel their awarded Direct Subsidized and/or Unsubsidized Loans on MySRU.
*IMPORTANT LOAN DISBURSEMENT INFORMATION CONCERNING ENROLLMENT AND DIRECT LOANS*
As per federal regulations, undergraduate students must be enrolled at least half-time (six credits for undergraduate students and six credits for graduate students) to be eligible for Federal Direct Loans.
The Federal Direct Subsidized/Unsubsidized and Federal Direct PLUS Loans WILL NOT DISBURSE to the Office of Student Accounts UNTIL THE STUDENT ACTUALLY BEGINS ATTENDANCE IN A TOTAL OF SIX CREDITS. It is the attendance in the second 3 credit class that gives the student 6 credits which constitutes eligibility for federal financial aid.
· If a student is enrolled in two eight week courses, 3 credits in the first 8 weeks and 3 credits in the second 8 weeks, the loan will not disburse until the second class begins.
· If a student is enrolled in a 3 credit course in Pre-session and a credit course in Summer Session II, the loan will not disburse until Summer Session II.
Therefore, students who will not begin attendance in a total of six credits until later in the semester will need to plan accordingly for the purchase of any books or materials for their classes. If a student drops a course and becomes less than half-time, the student will no longer be eligible for federal loans.