Eastern Connecticut State University -- OFFICE OF FINANCIAL AID -- LOANS

After you have filed your FAFSA and returned all necessary financial aid paperwork, your information will be reviewed and your financial aid package will be determined. This information will be sent to you in the form of an award letter. This award will include your Stafford Loan eligibility. It is the student's responsibility to sign and return this award letter. Funds cannot be processed or disbursed until this form is completed and returned to us.

Based on financial need, students may be awarded a Subsidized Stafford Loan, an Unsubsidized Stafford Loan, or a combination of the two. Under the subsidized program, the government will pay all interest during the in-school period. Under the Unsubsidized Stafford Loan program, the government will not pay any of the interest during the in-school period. However, students may opt to defer interest payments until they leave school. This is referred to as "capitalizing" interest. Principal repayment is not required while the student is in school for either program.

The amounts indicated below are yearly maximums a student may borrow. However, a student may not borrow more than the cost of education at the University minus any other financial aid received (scholarships, grants, waivers, other loans).

Amount of Stafford Loan Eligibility:

Undergraduate Students

If the parent of a dependent student is denied a Federal PLUS (Parent) loan (proof of denial required), the student will have additional loan eligibility.

Graduate Students : Up to $20,500 annually

First time student borrowers and re-admitted students are required to complete an ENTRANCE INTERVIEW FORM. It will be sent to you with your award letter or downloaded from our website. It can also be filled out online at Mapping Your Future. These forms are also available in the Financial Aid Office. Funds cannot be disbursed until this form is completed and returned to us.

Another form required by First time student borrowers is a LENDER FORM. This form lets us know which lender you want to use for your Stafford Loan. This form will be sent to you with your award letter or you can obtain it from the Financial Aid Office and our website. Your loans cannot be processed until this form is completed.

Students and their familes have the right to select any lender of their choice. We strongly encourage students and their families to comparison shop with various lenders regarding rates, terms and repayment options.

Once the award letter, entrance interview, and lender form have been completed and returned, your Stafford loans will be certified and electronically sent to Elm Resources, our loan processor. You will then receive a Master Promissory Note (MPN) for completion. An MPN is a note under which the borrower receives federally funded loans. Your lender will not disburse funds until this form has been completed and returned as directed by the sender. If you change lenders at any time in the future, you will be required to sign a new MPN.

Once you have been awarded your Financial Aid you can accept it by following the steps listed below. If you have not been awarded please check to make sure that you have filled out a FAFSA and turned in all requested paperwork.

To accept your award:

1. Go to http://eweb.easternct.edu and log in to your account using your Student ID# and PIN #.

2. Click on "Student Services."

3. Click on "Financial Aid."

4. Click on "FERPA."

6. Return to the Financial Aid menu and click on "Title IV Authorization."

7. Read Page 1 of the Eastern Connecticut State University Policies & Procedures and click "Continue."

8. Read Page 2 of the Eastern Connecticut State University Policies & Procedures.

9. Under Option, select Authorize or Rescind the two statements and click "Submit."

10. Click on Proceed to View Award Information.

11. Select the current Aid Year-Award Year and click submit.

12. Grants, Scholarships, Parent Plus and Alternative Loans are automatically ACCEPTED. If you are offered a Federal Subsidized/Unsubsidized Loan, Federal Perkins Loan, or Work Study, you must select: Accept, Decline, Decide Later(if funds are still available), or Accept Partial Amount. Then click "Submit Decision."

13. Click "Return to Menu" and select "Student Requirements" to see if any paperwork is still requested.

14. Check E-web after around 2 weeks to make sure your Financial Aid pays to your account (Stafford loans will pay to your account starting the week before classes start). If it hasn't paid to your account please e-mail us to check and make sure you have completed all requirements: financialaid@easternct.edu

A Federal Parent Loan (PLUS loan) is an unsubsidized federal loan for parents of dependant undergraduates. Parents can borrow up to the cost of education less any other financial assistance received by the student. A Parent PLUS Master Promissory Note (MPN) is also required by the lender in order for funds to be disbursed.

If you need additional funding, you can apply for an alternative loan. There are many loans available with varying requirements and interest rates. Usually a credit-worthy co-borrower is necessary for you to be approved for these loans.

For questions or information pertaining to any loan issues feel free to call the Financial Aid Office at (860) 465-4429, 465-5205, 877-353-ECSU, Ext 5205, or email us at financialaid@easternct.edu.