REQUIRED PROCESSES FOR ALL UNDERGRADUATE LOANS
Federal Stafford Loan Required Processes
- Stafford Loans will be processed for all undergraduates in the amount listed on their financial aid award. Students who wish to reduce or refuse the Stafford Loan must notify the Financial Aid Office in writing or by email to financialaid@ashland.edu.
- All new* Stafford Loan borrowers at AU must complete a Promissory Note. *Returning students who completed a promissory note with Student Loan Xpress for their previous Stafford Loans must select a new lender and complete a new promissory note with that lender to receive a Stafford Loan for 2008-09.
- In addition, all students borrowing Federal Stafford Loans for the first time are required by federal regulations to complete Entrance Loan Counseling as a condition of receiving the loan. Stafford Loans will not be credited to a students account until Entrance Counseling and a Promissory Note have been completed.
PROMISSORY NOTE FOR FEDERAL STAFFORD LOANS
Click on the link below to access FASTChoice. Once you have entered your name and read a page of information regarding loan terms, click continue. You may then review the benefits offered by several lenders and select one. Then click "apply now" on that lender's link to apply for and sign a promissory note for that lender.
AU Undergraduate Borrowers Apply for and Complete Stafford Loan Promissory Note here
ENTRANCE COUNSELING FOR NEW BORROWERS OF FEDERAL STAFFORD LOANS
AU is required as a part of Entrance Counseling to inform you that the average loan indebtedness of an AU graduate is $18,250 and the average monthly loan payment is $225. Listed below are additional sample total loan amounts and the approximate payment due each month on a ten-year repayment plan at a 6.8% interest rate.
| Amount Borrowed | Monthly Payment | Total Interest Paid |
| $5,000 | $58 | $1,904 |
| $10,000 | $115 | $3,810 |
| $15,000 | $173 | $5,714 |
| $20,000 | $230 | $7,619 |
| $30,000 | $345 | $11,428 |
Federal Parent Loan Required Processes
[Parents please note that payments on Federal Parent Loans disbursed July 1, 2008, or after, may be deferred while the student is enrolled at least half-time. Interest will accrue and may be paid or added to the principal when the child is no longer enrolled.]
- All parents borrowing a Federal Parent Loan must complete a Parent Loan Application each year before the loan can be processed.
- In addition, parents borrowing a Federal Parent Loan for a child at AU for the first time* are required by federal regulations to apply for and complete a Promissory Note as a condition of receiving the loan. Parents who have another child at AU must complete a promissory note for each child.Parent Loans will not be credited to a students account until the promissory note has been completed.
*Parent borrowers of returning students who completed a promissory note with Student Loan Xpress for their previous Federal Parent Loans must select a new lender and complete a new promissory note with that lender to receive a Federal Parent Loan for 2008-09.
- Click on the link below to access FASTChoice. Once you have entered your name and read a page of information regarding loan terms, click continue. You may then review the benefits offered by several lenders and select one. Then click "apply now" on that lender's link to apply for and sign a promissory note for that lender.
- All students borrowing a Federal Perkins Loan must accept the loan each year a t the link below. All new Perkins Loan borrowers must complete loan counseling and a Master Promissory Note at the link below using your Federal PIN in order to receive the loan. Perkins Loans will not be credited to a students account until the loan has been accepted and the Promissory Note has been completed at:
- All students who have received a Schar Loan as part of their financial aid will be mailed a Promissory Note to complete and return.Schar Loans will not be credited to a students account until the signed Promissory Note returned to the University.
Private Education Alternative Loan Required Processes
- All students who have a Private Education Alternative Loan listed on their financial aid award and wish to receive it must apply for the loan online directly to a lender. AU has provided a listing on FASTChoice of lenders who offer private education loans. Click on the link below to access FASTChoice. Once you have entered your name and read a page of information regarding loan terms, click continue. You may then review the benefits offered by several lenders. If you wish to apply to that lender, click "apply now" on that lender's link and you will be forwarded to the lender's site to apply for the loan.
- You have the option to select any lender for your private education loan. If you choose a lender not on our listing, please have the certification submitted to AU for completon Alternative Loans will not be credited to a student's account until the application is approved and the loan is guaranteed.