Student Loans

Loans are borrowed money you must repay with interest. Southwestern participates in the William D. Ford Federal Direct Loan Program. Direct Loan funds come directly from the Department of Education to Southwestern; therefore, you need not visit a bank or lender for a loan application.

To apply for a student loan at Southwestern, you must:

• Complete the Free Application for Federal Student Aid and indicate that you are interested in student loans
• Be enrolled at least half-time
• Not be currently in default on a federal student loan
• Meet all other eligibility criteria

When a Direct Stafford loan is included in your award packet, you can choose to accept, decline or accept a portion of the loan. If you decide to accept a loan, you must complete the following:

• Sign and return a Master Promissory Note (MPN), if a MPN is included in your award packet

• You can either complete the paper MPN or complete the electronic MPN— complete the e-MPN online

• Complete loan entrance counseling if you are a first-time borrower at Southwestern—complete Entrance Counseling online

Entrance and Exit Counseling

Direct Loan Entrance Counseling provides students with their rights and responsibilities as borrowers. It is a federal regulation that entrance counseling be completed by first-time loan borrowers before any loan proceeds can be credited to a student’s account. Entrance counseling can be completed in person with a member of the Financial Aid Office or online.

Direct Loan Exit Counseling must be completed by students who are leaving Southwestern or dropping below half-time enrollment. It is a federal regulation that Southwestern provide specific loan information to students before they leave the institution, even if they will be re-enrolling at another school. Exit Counseling may be completed online at www.dl.ed.gov; however, your federal PIN is required to access your specific loan account information.