Financial Aid  
Applying for Federal Loans


ACCEPTING AWARDS IN BLUELINK

  • Log on to your BlueLink account
  • Click the Student Financial Services tab
  • On the top left, click on financial aid awards
  • Select that you want to view only the web page content that was delivered securely
  • Select the current financial aid year
  • Read all five tabs completely, in order. If you do this, you will see where you will be able to accept these awards.
  • If you have already done your entrance counseling and master promissory notes, once you accept the awards, they will appear the following business day in your account.
  • If you have not completed your MPN or entrance counseling, you will see the links that will take you to the appropriate website.

COMPLETING STAFFORD LOAN MASTER PROMISSORY NOTE

  • Log onto studentloans.gov using your social security number and the PIN you used to sign your FAFSA.
  • Click on the 10th item – "Complete MPN" – then click "Subsidized/Unsubsidized." These federal direct loans are available to undergraduate or graduate/professional students. Students must be signed in with their own federal student aid PIN.
  • This is a somewhat interactive process and you will probably need to have the names and addresses of family members or references. It's a four-step process; when you're finished, you will receive a "congratulations" message. To be on the safe side, please go back and click the second Item – "Completed MPNs" – to ensure the MPN posted correctly.

To apply for a Stafford direct subsidized or unsubsidized loan, you only have to accept them in BlueLink.

COMPLETING ENTRANCE COUNSELING

  • Log onto studentloans.gov using your social security number and the PIN you used to sign your FAFSA.
  • Click on the 12th item – "Complete Entrance Counseling." Then, click again on "Complete Entrance Counseling." You will now have a choice.
  • For Stafford direct loans and graduate-PLUS loans for graduate students, you will select the second option: "I am completing entrance counseling in order to receive loans as a graduate or professional student." You will be presented with counseling, which will fulfill counseling requirements for direct subsidized, direct unsubsidized, and direct PLUS loans.
  • For Stafford direct loans for undergraduate students, you will select the first option: "I am completing entrance counseling in order to receive loans as an undergraduate student." You will be presented with counseling, which will fulfill counseling requirements for your direct subsidized and direct unsubsidized loans.
  • It will explain the counseling session; don't panic about the word "quiz" – it's open book and the answers are on the same page. The counseling session is in four-parts and is finished when you receive the "congratulations" message.

We always recommend clicking the last item in the left column – "View Previously Completed Counseling" – after you're finished to ensure the counseling correctly posted.

APPLYING FOR A GRADUATE PLUS LOAN
In order to receive a PLUS loan, you must apply for it. As a general rule, a qualified graduate PLUS loan borrower does not have an adverse credit history (such as being 90 days or more delinquent on any debt, or having a credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the five years preceding the date of the credit report). Unlike private loans, graduate student PLUS loans do not use any kind of a debt-to-income ratio or credit score. If you are declined for a graduate PLUS loan on your own credit, you can usually use a co-signer.

To apply for the graduate PLUS loan, you must complete the following:

    • Go to studentloans.gov and sign in using your social security number and PIN. This is the same PIN you used on your FAFSA.
    • On the left column, click on "Request for PLUS Loan." This is the credit check portion of the process. You will then select "Graduate PLUS." There are about four steps in the process, and you'll notice that most of the information is already completed.

      Note: You will have the option to ask for a specific dollar amount, or to just request the "Maximum Authorized Amount". It is usually suggested that the student request the maximum authorized amount. This way, if later in the school year you encounter additional educational expenses, your PLUS Loan can be increased without having to complete another application and subsequent credit check (it will be much faster).
    • Once you receive the "Congratulations Message", you're done with that step.
    • If you are disapproved, you will receive information on how to appeal the credit decision or have a co-signer endorse the PLUS Loan.
      1. Please remember that if you require an endorser, you will most probably need one for any increase later in the year.
      2. If you have an endorser, you will need to complete another Master Promissory Note after your co-signer endorses your loan.
    • On the left column, find and click "Complete MPN (Master Promissory Note)" the Graduate PLUS Loan application is not complete until both the application and Master Promissory Note are submitted.
      1. Yes, it is almost identical to the Stafford Master Promissory Note you have probably completed.
      2. No, the MPN you completed for your Stafford Loan will not suffice.
    • It will consist of four steps. After you view the promissory note, reduce it until you see the "Next Button" and click it. Once again, you'll receive a "Congratulations Message" which indicates that it is finished.

If you have any questions, please call the Loan Coordinator at (405) 208-5212

APPLYING FOR A PARENT PLUS LOAN
In order to receive a Parent PLUS Loan, you must apply for it. As a general rule, a qualified Parent PLUS Loan borrower does not have an adverse credit history (such as being 90 days or more delinquent on any debt, or having a credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the five years preceding the date of the credit report). Unlike private loans, Parent PLUS Loans do not use any kind of a debt-to-income ratio or credit score. If you are declined for a Parent PLUS Loan on your own credit, you can usually use a co-signer.

To apply for the Parent PLUS Loan you must complete the following:

    • Go to studentloans.gov and sign-in using your social security number and PIN. This is the same PIN you used on your FAFSA, and is different than the student's PIN.
    • On the left column, click on "Request for PLUS Loan". This is the credit check portion of the process. You will then select "Parent PLUS". There are about four steps in the process, and you'll notice that most of the information is already completed.

      Note: You will have the option to ask for a specific dollar amount, or to just request the "Maximum Authorized Amount". It is usually suggested that the parents request the maximum authorized amount. This way, if later in the school year you encounter additional educational expenses, the PLUS Loan can be increased without having to complete another application and subsequent credit check (it will be much faster).
    • Once you receive the "Congratulations Message" you're done with that step.
    • If you are disapproved, you will receive information on how to appeal the credit decision or have a co-signer endorse the PLUS Loan.
      1. Please remember that if you require an endorser, you will most probably need one for any increase later in the year.
      2. If you have an endorser, you will need to complete another Master Promissory Note after your co-signer endorses your loan.
    • On the left column, find and click "Complete MPN (Master Promissory Note)" the Parent PLUS Loan application is not complete until both the application and Master Promissory Note are submitted.
      1. Yes, it is almost identical to the Stafford Master Promissory Note you may have already completed.
      2. No, the MPN you completed for the student's Stafford Loan will not suffice.
    • It will consist of four steps. After you view the promissory note, reduce it until you see the "Next Button" and click it. Once again, you'll receive a "Congratulations Message" which indicates that it is finished.

If you have any questions, please call the Loan coordinator at (405) 208-5212

Are there any differences in interest rates and fees between the two programs? The interest rate for Direct Subsidized and Unsubsidized loans is the same as that of the FFEL program, 6.8%. However the Direct Grad PLUS loan interest rate is 7.9% compared to the FFEL program which is 8.5%.

Please use the following information to contact the FSA Student Loan Ombudsman Group.

Via on-line assistance: http://studentaid.gov/repay-loans/disputes/prepare 

Via telephone:    877-557-2575

Via fax:             202-275-0549

Via mail:          U.S Department of Education

                       FSA Ombudsman

                       830 First Street, N.E., Mail Stop 5144

                       Washington, D.C. 20202-5144