Loans FAQs
How do I become eligible to receive federal student loans?
You must complete the Free Application for Federal Student Aid (FAFSA) to demonstrate eligibility for federal loans.
My loan funds have not yet been disbursed to my student account. What do I need to do to accept them?
In order for your federal direct loan funds to disburse to your student account, you need to complete entrance loan counseling and sign a master promissory note. If you have also been awarded an institutional loan, a separate master promissory note is required for each loan program.
How long does it take for the Financial Aid Office to receive confirmation that I have completed the entrance loan counseling and master promissory note steps?
It typically takes our office one to three business days to receive confirmation that you have completed these necessary steps. Once this confirmation is received, you will no longer see these items on your To-do List in the Student Center in LOCUS.
If I am not interested in borrowing loans, how do I decline them?
You can decline your student loans online through LOCUS, under your Student Center. You may either decline the entire loan or reduce the offered loan amounts.
What are federal direct unsubsidized loans?
Unsubsidized federal direct loans are federal loan programs available to students enrolled in eligible programs. Interest accrues while you're enrolled in school.
What are the interest rates of federal loans?
Interest rates for the Federal Stafford Loans are reviewed annually on July 1. Learn more about interest rates and fees for federal student loans.
How much can I borrow in federal Direct Unsubsidized Loans in a year?
Your eligibility for Federal Stafford Loans depends on your academic level, the date on which you received your first disbursement of federal aid for your MD program at Stritch School of Medicine, and your prior borrowing history. Read more about available loans.
How can I apply for more loans?
There are a variety of loan options available for students. Learn more about your financing options and start the application process.
When do I need to repay my loans?
Repayment for federal direct loans begins six months after you complete your program or cease to maintain half-time enrollment. Repayment for institutional loans begins six to nine months after you complete your program or cease to maintain half-time enrollment. Repayment of the principal and interest on federal PLUS loans begins within 60 days of the disbursement of the loan funds, but students are generally approved for a six-month post-enrollment forbearance for PLUS loans after ceasing attendance.
How can I find out the total amount of student loans I have taken out?
You can log in to your account at studentaid.gov for a complete listing of the federal loans that you have borrowed. You will need your FSA ID and password in order to access the website. If you have borrowed alternative loans, you should contact your private loan servicer for a comprehensive list of those loans.
How do I become eligible to receive federal student loans?
You must complete the Free Application for Federal Student Aid (FAFSA) to demonstrate eligibility for federal loans.
My loan funds have not yet been disbursed to my student account. What do I need to do to accept them?
In order for your federal direct loan funds to disburse to your student account, you need to complete entrance loan counseling and sign a master promissory note. If you have also been awarded an institutional loan, a separate master promissory note is required for each loan program.
How long does it take for the Financial Aid Office to receive confirmation that I have completed the entrance loan counseling and master promissory note steps?
It typically takes our office one to three business days to receive confirmation that you have completed these necessary steps. Once this confirmation is received, you will no longer see these items on your To-do List in the Student Center in LOCUS.
If I am not interested in borrowing loans, how do I decline them?
You can decline your student loans online through LOCUS, under your Student Center. You may either decline the entire loan or reduce the offered loan amounts.
What are federal direct unsubsidized loans?
Unsubsidized federal direct loans are federal loan programs available to students enrolled in eligible programs. Interest accrues while you're enrolled in school.
What are the interest rates of federal loans?
Interest rates for the Federal Stafford Loans are reviewed annually on July 1. Learn more about interest rates and fees for federal student loans.
How much can I borrow in federal Direct Unsubsidized Loans in a year?
Your eligibility for Federal Stafford Loans depends on your academic level, the date on which you received your first disbursement of federal aid for your MD program at Stritch School of Medicine, and your prior borrowing history. Read more about available loans.
How can I apply for more loans?
There are a variety of loan options available for students. Learn more about your financing options and start the application process.
When do I need to repay my loans?
Repayment for federal direct loans begins six months after you complete your program or cease to maintain half-time enrollment. Repayment for institutional loans begins six to nine months after you complete your program or cease to maintain half-time enrollment. Repayment of the principal and interest on federal PLUS loans begins within 60 days of the disbursement of the loan funds, but students are generally approved for a six-month post-enrollment forbearance for PLUS loans after ceasing attendance.
How can I find out the total amount of student loans I have taken out?
You can log in to your account at studentaid.gov for a complete listing of the federal loans that you have borrowed. You will need your FSA ID and password in order to access the website. If you have borrowed alternative loans, you should contact your private loan servicer for a comprehensive list of those loans.