Claflin University participates in several loan programs to assist families in meeting their educational costs.
Types of Loans
The William D. Ford Direct Loan program includes the subsidized and unsubsidized Stafford Loans made to students, PLUS loans made to parents and to graduate/professional students, and consolidation loans made to borrowers. Student and parent borrowers will receive funding for their federal Stafford and PLUS loans directly from the U.S. Department of Education.
Direct Loans are loans made with federal capital and owned by the federal government. Loan repayments are made to the government, and Direct Loans are never sold.
Alternative Student Loans
Alternative student loans (also referred to as a private student loan) offers additional funding for students who need it. Alternative loans are not federal student loans, but one through a private bank or lending institution. Generally, alternative loans have interest rates, repayment terms and deferment options that are substantially less favorable than those of the Direct Stafford, Perkins Parent and Grad PLUS Loan programs.
Students and parents receiving Title IV education loans will have their information submitted to the National Student Loan Data System (NSLDS). This information will be accessible by the student and institutions determined to be authorized users of the data system.
The Office of Financial Aid administers the loans; determines your loan eligibility; approves the loan; confirms the promissory note, when necessary; receives the funds from the federal government; and credits the loan amount directly to your University student account.
Private/Alternative Loan Lenders for Additional Loan Funding
Parent PLUS Loans
The Direct Parent Loan for Undergraduate Students (PLUS) is designed to assist the parents of dependent undergraduate students enrolled at least half-time in meeting educational expenses.
Federal Direct Parent Plus Loan (PDF)
Graduate PLUS Loans
The Direct Graduate PLUS Loan for Graduate Students (PLUS) is designed to assist graduate students enrolled at least half-time in meeting educational expenses.
Federal Direct Graduate Plus Loan (PDF)
Other Important Loan Information
Master Promissory Note (MPN)
Federal regulations require borrowers of a Federal Direct Loan to complete a Master Promissory Note (MPN). This promissory note is your promise to repay the loan under the terms detailed within it. Before the Office of Financial. Aid is able to disburse loan funds, it must have record that you have completed an MPN for each type of loan you accepted.
How To Complete the MPN
- Go to www.studentloans.gov
- Click the green “Sign In” button on the left
- Log in using your FSA ID username and password
- Click “Complete Master Promissory Note” at the center OR lower left of the page
- Select the type of loan you have been awarded. Follow the instructions and read the information carefully to sign your MPN. If you have any questions, contact the Office of Financial Aid at 803.535.5334
If you are a first-time Direct Stafford Loan borrower at Claflin University, you must complete Entrance Counseling to be informed of your rights and responsibilities. Federal Stafford counseling is done on the web. Loan funds cannot be disbursed until counseling is completed.
How To Complete Entrance Counseling
Go to www.studentloans.gov
- Click the green “Sign In” button on the left. Log in using your FSA ID username and password.
- Click “Complete Entrance Counseling” at the center OR lower left of the page
- Click on “Complete Entrance Counseling” towards the bottom of the page
- Follow the instructions, read the information carefully and take the quiz
If you have any questions, contact the Office of Financial Aid at 803.535.5334.
All students who borrow a Federal Stafford and/or Graduate PLUS loan are required to complete an exit interview before graduation or if enrollment falls below half time status. Exit Counseling provides useful tips and information to help you manage your loans. The online counseling will walk you through your rights and responsibilities as well as provide useful information regarding repayment options, debt management strategies, forbearance, deferment, cancellation options, consolidation, and tax benefits.
How to Complete Exit Counseling
- Go to www.nslds.ed.gov
- Click on Exit Counseling
- Click on Start and follow steps to login page
- Enter your social security number, first two characters of your last name, date of birth and federal PIN
- Follow the instructions and read the information carefully
Loan Deferment and Repayment Information
Go to www.studentaid.ed.gov, click to Repay Your Loans or click on Repayment Information.