Borrow with Clarity: Understanding Student Loans

If student loans are accepted, loan entrance counseling and the master promissory note are required for the processing of loans.

Loan Entrance Counseling

Master Promissory Note as an Undergraduate Student

A Federal Direct Subsidized Loan is awarded on the basis of the student’s financial need and other specific eligibility requirements. The federal government does not charge interest on these loans while borrowers are enrolled at least half-time.

A Federal Direct Unsubsidized Loan is not based on the student’s financial need, but the students must also meet specific eligibility requirements. Interest is charged throughout the life of the loan. The borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized (added to the loan principal).

A separate application is required for the Federal Parent PLUS Loan.

You may apply for the Federal Parent PLUS Loan by using the attached link: studentaid.gov/plus-app

Before beginning the application process, please read the important information below.

The Parent PLUS Loan is a federal Direct Loan made in the parent’s name for educational expenses of his or her dependent child enrolled at least six hours at Louisburg College. Persons eligible to apply for the Parent PLUS loan are: the student’s biological parents, adoptive parents, and, in some cases, stepparents. Legal guardians and non-adoptive grandparents or other relatives are not eligible. Other qualifications must be met and are described below.

Before considering a parent’s application for a Parent PLUS Loan, Louisburg College must receive and verify the results of the Free Application for Federal Student Aid (FAFSA) submitted by the student for whom the Parent PLUS Loan is being requested. The student is not required to accept Federal Direct Subsidized and/or Unsubsidized Loans offered on the basis of FAFSA results.

All loans are subject to Cost of Attendance limitations. No awards may be made to a student who has reached the limit of his/her financial aid cost of attendance. If additional resources are received by the student after loans have been awarded, the loans may be reduced and funds returned to the U.S. Department of Education.

If approved for the Parent PLUS Loan, the parent borrower must sign a Parent PLUS Master Promissory Note at studentaid.gov, using his or her own Federal FSA ID (if he or she has not already done so).

Eligibility:

• You must be the biological or adoptive parent (or, in some cases, the stepparent) of the student. A stepparent and their financial information must be included in FAFSA application.
• Your child must be a dependent student who is enrolled at least six hours at Louisburg College. Generally, your child is considered dependent if he or she is under 24 years of age, has no dependents, and is not married, a veteran, a graduate or professional-degree student, or a ward of the court.
• In addition, you and your child must be U.S. citizens or eligible non-citizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid programs.
• The student must meet Louisburg College’s Satisfactory Academic Progress Standard as defined in the College Catalog.

Credit Check:

• The Department of Education performs a credit check and notifies our office with a loan approval or denial. Louisburg College will not see any information contained in your credit report.
• Any previous credit decision (approval or denial) has no bearing on the credit decision made this year.
• If you request a loan for more than one loan period, your credit record may be accessed more than one time.

For more information on the Federal Loan Programs, see Federal Student Loan Details

Requirements:

• Be at least 17.

• Be enrolled (or accepted for enrollment) at least halftime at an eligible non-profit Title IV institution in a degree-seeking program.

• Be a North Carolina resident or attending a North Carolina school.

• Be credit-worthy and have the required credit score, or have a co-signer who meets the requirements.

• Be a U.S. citizen or eligible non-citizen.

• Meet other federal student eligibility requirements as certified by the student's school.

• Be in good standing on any other CFI loan(s).

Apply For An NC Student Assist Loan

• No Fees.
• Fixed 6.95% Interest Rate for Qualified Borrowers.
• .25% Rate Discount for Auto-Draft when in Repayment.
• Financial Education Resources.
• $120,000 Borrowing Limit.
• 10-Year payment period.

Apply For AN NC Parent Assist Loan

Apply for A Sallie Mae Student Loan

Apply for a College Avenue Loan

After approximately 6 months of not being enrolled in any college, your loan service provider will begin monthly repayment of your student loans. Your assigned loan service provider will mail and email well in advance to establish payment options. If you are having trouble making payments, you can reach out to the loan service providers to see what options that you may have. The studentaid.gov dashboard will show all of your federal student loan information and loan servicer contact information as well.

In an effort to assist students with naigating repayment, Louisburg College has partnered with EMC Solutions to provide student loan counseling and support to borrowers as they navigate federal student loan repayment. Contact EMC Solutions by phone at 1-877-331-3262, or visit their website to make an appointment, connect through email, or web chat with a student loan counselor. The team at EMC also offers a free webinar series to support borrowers as they navigate repayment.

You must complete Exit Counseling when you leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment. You will learn about what your federal student loan payments will look like after college and you will receive a recommended repayment strategy that best suits your future plans and goals. When you exit from Louisburg College by graduating or withdrawing from the College, you will receive an Exit Counseling Letter detailing the importance of Exit Counseling and the link to complete the process.

The National Student Loan Data System (NSLDS) website offers a plethora of information concerning the various types of loans that are available to individuals to assist with their financial obligation to an educational institution. Only approved individuals are authorized to access the website to view loans and/or grants from the start of the approval process to the distribution of the loan and beyond. Borrowers have a different website, studentaid.gov, that allows them to view their loan information. The website that borrowers can use to view their loan information is the studentaid.gov website. This information and more are listed in the frequently asked questions area located at the bottom of the NSLDS website.

Congratulations! We were notified by Records and Registration that you are on track to graduate from Louisburg College at the end of the Spring 23 semester. Our records indicate that you received an education loan(s) during your enrollment here at Louisburg through one or more of the following Federal Family Education Loan Programs: 1) Federal Subsidized or Unsubsidized Stafford Loan or 2) Federal Subsidized or Unsubsidized Direct Loan or you have previously borrowed from another institution.

Federal regulations require all schools to make exit counseling available to their student loan borrowers if they graduate, withdraw, or drop below half-time attendance. The exit counseling session will provide helpful information about managing your student loans after college. We did not have an opportunity to meet in person; therefore, we are requesting that you complete the exit counseling session online, within the next 30 days, by following a few simple steps.

1)​ Please visit https://www.studentloans.gov to complete the exit loan counseling requirement. Select exit counseling and follow the instructions.
*If you plan to re-enroll, you still must complete the exit counseling session. Upon completion of the exit counseling session, Louisburg College will receive an electronic notification.

*Upon graduation, you will have a six-month grace period before repayment of your student loan(s) will begin. During your grace period, your loan servicer will send correspondence to you to prepare you for payment.*
*Please note that if you decide to re-enroll at another institution and your enrollment status is six credit hours or more, your loan(s) will continue to be deferred under the In-School deferment loan regulation.

2)​ Review the Exit Counseling Student Loan Guide for Loan Borrowers https://studentaid.gov/sites/default/files/exit-counseling.pdf
*Your loan servicer can assist you with information on estimating your monthly payment, managing your loan account, and loan consolidation. If you have not already done so, you can create a login to pay your loans or update information on your account. Communication with your loan servicer is essential during your repayment period. If you experience financial difficulty and cannot make monthly payments, there are programs to assist borrowers but you must initiate contact with your servicer to receive the assistance.

If you have questions after completing the online exit counseling, you may contact Sholanda Moore at (919) 497-3212 or snmoore@louisburg.edu