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Educational Loans
Send Perkins & Institutional Loan Payments to:
E.C.S.I
181 Montour Run Road
Coraopolis, PA 15108
Federal Direct Student Loan
Federal Perkins, University Loans
Nellie Mae Federal Parent PLUS Loan
General Information for Student Loan Borrowers
Debt Management Information
Student Loans
A credit or "anticipated aid" will appear on your invoice for the confirmed offer of loan assistance which appeared on your Financial Assistance Notification letter (FAN).
Federal Direct Student Loan
Clarkson University participates in the William D. Ford Direct Lending Program in conjunction with the U.S. Department of Education. Processing your student loan is simplified because the federal government is your lender. Once your loan has been approved, payment to your student account can take days. Direct Loan Web Site
A Master Promissory Note (MPN) is completed only once to cover all Federal Direct Loans you will receive at Clarkson. You sign one note, which is good for up to ten years of study. Sign your MPN online.
Entrance Interview
A Direct Loan Entrance Interview is required prior to disbursement of funds. This only needs to be done once, not annually. You may complete this requirement online at www.dl.ed.gov. From this website, click on Entrance Counseling in upper right hand corner. A deferment for your loan amount will be noted on your student account. Disbursements of funds will take place when the U.S. Department of Education approves the loan, all required documentation is received, and the student has completed the federally mandated entrance interview.
Subsidized Federal Direct Loan
A subsidized loan is based on financial need. The federal government will pay the interest on the loan while you are enrolled in school at least half-time and through the grace period.
Unsubsidized Federal Direct Loan
An unsubsidized loan is not based on financial need. You can either pay the interest monthly/quarterly, or have the interest capitalized (added to the principal loan amount). Loans issued after July 1, 2007, are fixed at 6.8%. Repayment on the principal and interest must begin six months after the student graduates, leaves school, or drops below half-time enrollment.
Federal Perkins or University Loans
The following loans will appear on the student invoice as anticipated aid until SAS receives the signed FAN and completed promissory notes as indicated below. The promissory notes and a pre-loan questionnaire must be completed in the time allotted in order for your student account to be credited. If you fail to respond in the allotted time frame, the loan will be canceled and it will be your responsibility to pay the amount offered.
Federal Perkins Loan
The Federal Perkins Master Promissory Note (MPN) is completed only once to cover all Federal Perkins Loans you will receive at Clarkson. You sign one note, which is good for up to ten years of study. If you have not already completed a Perkins MPN, one will be enclosed with your FAN. If you do not want to borrow the entire amount printed on the FAN, you may indicate a lesser amount on the back page of your FAN. A signed copy of the FAN is required to activate this loan.
University Loans
Loan funds are limited and, if offered, will appear on your FAN. University loans require a co-signer.
Parent Federal PLUS Loan
Eligible parents may borrow a PLUS Loan for each dependent undergraduate student who are enrolled at least half time. Loans issued after July 1, 2007, have a fixed interest rate. Parents who wish to apply for a PLUS Loan please see the brochure . A deferment for your loan amount will be noted on the student account. Disbursements of these funds will take place after the beginning of each semester. Repayment on PLUS loans begin approximately 60 days after the loan is fully disbursed. We have provided information on new lenders, but you are welcome to choose any lender that suits your needs.
Alternative Loans
To assist you in making an informed decision on which alternative loan product is best for you, Clarkson developed a list of lenders and their loan products you may want to consider. The list includes the Bank of America Alternative Loan, CitiAssist Loan through Citibank, Key Alternative Loan through Key Bank, Nellie Mae Signature Loan, and Nellie Mae Student EXCEL Loan Products. You can make your choice from this list or choose any lender that suits your needs. Please keep in mind that when compared to alternative loans, the Federal Parent PLUS Loan is typically the most cost-effective choice for families, offering federal protection and more repayment options.
Information on interest rates and fees for the alternative loans listed above can be found in Clarkson's 2007-2008 Financing Plan Information Packet (.pdf 704 KB).
E.C.S.I
181 Montour Run Road
Coraopolis, PA 15108
Federal Direct Student Loan
Federal Perkins, University Loans
Nellie Mae Federal Parent PLUS Loan
General Information for Student Loan Borrowers
Debt Management Information
Student Loans
A credit or "anticipated aid" will appear on your invoice for the confirmed offer of loan assistance which appeared on your Financial Assistance Notification letter (FAN).
Federal Direct Student Loan
Clarkson University participates in the William D. Ford Direct Lending Program in conjunction with the U.S. Department of Education. Processing your student loan is simplified because the federal government is your lender. Once your loan has been approved, payment to your student account can take days. Direct Loan Web Site
A Master Promissory Note (MPN) is completed only once to cover all Federal Direct Loans you will receive at Clarkson. You sign one note, which is good for up to ten years of study. Sign your MPN online.
Entrance Interview
A Direct Loan Entrance Interview is required prior to disbursement of funds. This only needs to be done once, not annually. You may complete this requirement online at www.dl.ed.gov. From this website, click on Entrance Counseling in upper right hand corner. A deferment for your loan amount will be noted on your student account. Disbursements of funds will take place when the U.S. Department of Education approves the loan, all required documentation is received, and the student has completed the federally mandated entrance interview.
Subsidized Federal Direct Loan
A subsidized loan is based on financial need. The federal government will pay the interest on the loan while you are enrolled in school at least half-time and through the grace period.
Unsubsidized Federal Direct Loan
An unsubsidized loan is not based on financial need. You can either pay the interest monthly/quarterly, or have the interest capitalized (added to the principal loan amount). Loans issued after July 1, 2007, are fixed at 6.8%. Repayment on the principal and interest must begin six months after the student graduates, leaves school, or drops below half-time enrollment.
Federal Perkins or University Loans
The following loans will appear on the student invoice as anticipated aid until SAS receives the signed FAN and completed promissory notes as indicated below. The promissory notes and a pre-loan questionnaire must be completed in the time allotted in order for your student account to be credited. If you fail to respond in the allotted time frame, the loan will be canceled and it will be your responsibility to pay the amount offered.
Federal Perkins Loan
The Federal Perkins Master Promissory Note (MPN) is completed only once to cover all Federal Perkins Loans you will receive at Clarkson. You sign one note, which is good for up to ten years of study. If you have not already completed a Perkins MPN, one will be enclosed with your FAN. If you do not want to borrow the entire amount printed on the FAN, you may indicate a lesser amount on the back page of your FAN. A signed copy of the FAN is required to activate this loan.
University Loans
Loan funds are limited and, if offered, will appear on your FAN. University loans require a co-signer.
Parent Federal PLUS Loan
Eligible parents may borrow a PLUS Loan for each dependent undergraduate student who are enrolled at least half time. Loans issued after July 1, 2007, have a fixed interest rate. Parents who wish to apply for a PLUS Loan please see the brochure . A deferment for your loan amount will be noted on the student account. Disbursements of these funds will take place after the beginning of each semester. Repayment on PLUS loans begin approximately 60 days after the loan is fully disbursed. We have provided information on new lenders, but you are welcome to choose any lender that suits your needs.
Alternative Loans
To assist you in making an informed decision on which alternative loan product is best for you, Clarkson developed a list of lenders and their loan products you may want to consider. The list includes the Bank of America Alternative Loan, CitiAssist Loan through Citibank, Key Alternative Loan through Key Bank, Nellie Mae Signature Loan, and Nellie Mae Student EXCEL Loan Products. You can make your choice from this list or choose any lender that suits your needs. Please keep in mind that when compared to alternative loans, the Federal Parent PLUS Loan is typically the most cost-effective choice for families, offering federal protection and more repayment options.
Information on interest rates and fees for the alternative loans listed above can be found in Clarkson's 2007-2008 Financing Plan Information Packet (.pdf 704 KB).