MSU OFA News

 

August 9, 2013

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faq

Q: I received a letter in the mail saying I borrowed a federal student loan, but I didn't accept a loan. Why am I receiving this letter?

A: If a student loan is offered to a student and they have not declined it in StuInfo they will receive a disclosure statement from a federal loan servicer. It discloses the terms of the loan and the amount that was offered.

If you do not plan to borrow that loan we recommend that you log into StuInfo and decline the loan. You can always reinstate it up until the last day of classes for that semester in case you need it later. If you never accept the loan and do not complete a Master Promissory Note (MPN) then that loan will never be fully processed and you will not have to repay those funds.

Q: I borrowed a Parent PLUS Loan, but I think I borrowed more than I needed, what can I do?

A: You can send a check to the Office of Financial Aid for loans that were borrowed for this aid year (2013-2014). Be sure to include the student's PID in the memo of the check. Please include that this is a "voluntary repayment" of the Parent PLUS Loan in writing or on a letter to be sure that the check is applied appropriately. Your loan will then be reduced by the amount of the check.

fanews

 

 

The U.S. Has a Really Helpful Student Loan Repayment Program—and No One's Using It

"The menu of repayment options available for struggling borrowers is a key benefit of taking out federal instead of private student loans, but new data show that many students aren’t taking advantage of the government’s programs."

Read more of the article here: http://www.businessweek.com/articles/2013-08-07/the-u-dot-s-dot-has-a-really-helpful-student-loan-repayment-program-and-no-ones-using-it"

 

FA Videos

We have added a video about the Parent PLUS Loan process. Check out our Financial Aid Video Library at https://vimeo.com/user19079518. We will continue to add new videos weekly.

Contact Us

Office of Financial
www.finaid.msu.edu
E-mail: finaid@msu.eduMSU Seal
Phone: 517-353-5940
Fax: 517-432-1155
In-Person or Mail:
556 E Circle Dr, Room 252

East Lansing, MI 48824

Walk-In Advising Hours:
Monday-Friday
9:00am to 4:45pm

Phone Hours:
Monday-Thursday
8:00am to 5:00pm
Friday
9:00am to 5:00pm

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