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The Loan Process

Step 1: Review all loan options. If you are thinking about borrowing an education loan, be sure to review all available options including the Federal PLUS loan, a sponsor loan, the MEFA loan, or an alternative loan. Review each type of loan listed on this web site to choose the best loan(s) for your current and future needs. Contact our loan counselor with any questions you may have.

Step 2: Apply for the loan. Once you have selected the loan and lender (for PLUS loan) you now need to apply for the loan. Review the HOW TO APPLY sections under each loan description to see how you should apply. If you apply over the phone or if you apply for a pre-approval be sure to follow up with a paper or on-line application and promissory note.

Step 3: Complete all required forms and provide any necessary documents to the lender. Be sure that you complete either an on-line or paper application and promissory note. Repeat PLUS loan borrowers should not have to complete another Master Promissory Note if borrowing with the same lender as last year. Student must complete FAFSA form each year a PLUS loan is borrowed.

Step 4: We will be notified of your loan request. Once your loan is approved and the lender has a completed application (either paper or on-line) and the promissory note is signed (either on paper or electronically) we will be notified via the ELM system. If the lender is not a member of the ELM system you will need to provide us with certain forms, click here to read more about this.

Step 5: We need to certify the loan request. Hampshire needs to confirm that the student will be enrolled during the loan period, and to certify that the requested loan amount is within the student's eligibility. The student and/or parent cannot borrow more than the cost of attending Hampshire less any financial aid received. This certification is completed on the ELM system.

Step 6: Track the status of your loan. You can track the various stages your loan application goes through by logging onto our loan processor's web site. You can view if we have certified the loan, for what amount, and when the disbursements will be made.

Step 7: We receive the loan funds directly from the ELM system. The payment will appear on the student's next monthly tuition bill. Fall term disbursements (1/2 of the loan) are usually received in late August; spring term disbursements (the remaining 1/2 of the loan) are usually received in late January.

 



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