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Loan Information
Loan Information
Entrance Loan Counseling
If this is your first time to take out Stafford, Perkins, or Graduate PLUS Loans at The University of Tulsa, you will need to complete the corresponding Entrance Loan Counseling.
Online Student Loan Counseling
Exit Loan Counseling
If you have taken out Stafford, Perkins, or Graduate PLUS Loans at The University of Tulsa and are graduating, you will need to complete the corresponding Exit Loan Counseling.
Online Student Loan Counseling
Disbursement Procedures
Federal Perkins Loan are credited to the student's account once the entrance interview and signature on the master promissory note are complete. Perkins sessions will be held during orientation in August and during the first two weeks of school for the fall semester. Contact the Business Office for exact dates and times. If the master promissory note is not signed before the end of a semester, the loan will be canceled. Midyear recipients should contact the Business Office to schedule the entrance interview.
Federal Stafford Loans (subsidized and unsubsidized) are credited to the student's account once the Electronic Funds Transfer (EFT) or check(s) is received (check must be endorsed by the student). A notification will be mailed to the student's local address when funds are received. If the notification is marked that a check was received, please stop at the Business Office to endorse your check(s) immediately. Checks can be held only for 30 days before they are returned to the lender and the loan canceled. If your funds are sent by EFT, the loan will be credited to the student's account at the time the EFT is received in the Business Office. Entrance loan counseling should be completed before funds are received at TU. Failure to complete an entrance interview within 10 days of the funds being received at TU, will necessitate the funds being returned to the lender. A student has the right to cancel all or any portion of the loan within 14 days of the loan crediting the account. A lender will not disburse funding unless there is record of a MPN on file.
University Awards will credit to the student's account no earlier than the first day of classes when the award notification is accepted and returned to the Office of Student Financial Services and all required documents are received.
Other Scholarship Awards from sources outside the University will credit to the student's account no earlier than the first day of classes upon receipt of the funds. In the event that you are receiving a full-tuition scholarship from TU, we reserve the right to apply all outside scholarships first toward tuition, then we will award the difference up to full-tuition. It is necessary to report to the Office of Student Financial Services any change in circumstances, including outside scholarship awards not considered in the offer of assistance. By law, the Office of Student Financial Services must make adjustments to prevent or correct "over awards" that may result from the receipt of these outside sources of financial assistance. Adjustments will be in both gift aid (grants/scholarships) and self-help aid (work/loans). If outside aid is terminated, the Financial Aid Committee will reevaluate your financial assistance upon request.
Refunds due students as a result of financial aid funds exceeding TU charges will be processed by the Business Office. Students should have personal funds to meet necessary initial expenses such as books and supplies. Many families make funds available by establishing a checking account at a local bank.
How Student Loans Are Processed
If the student indicated on the FAFSA that they are interested in student loans, the loans are being processed through the lender at the time the award letter is mailed to the student. It is the student's responsibility to notify the Office of Student Financial Services, in writing, if they wish to reduce or cancel the student loan. You will receive a Master Promissory Note (MPN) from the lender that you selected. If you wish to change your lender, you will need to notify the Office of Student Financial Services in writing.
This loan is funded by the federal government. The University of Tulsa adds a matching share, plus repayments from alumni. Aggregate loan ceilings have been established at $40,000 for graduate students (including undergraduate loans) and $20,000 for undergraduates. The maximum annual loan amount limit is $6,000 for a graduate student or $4,000 for an undergraduate student. The size of the loan depends on financial need and funds available. Interest is 5 percent.
Your Federal Perkins Loan amount will not be reflected on your semester bill. Students must complete entrance loan counseling online at http://mappingyourfuture.org and attend a Perkins Loan session during orientation in August to sign a Master Promissory Note (MPN). Additional sessions will be held the first two weeks of the fall semester. Contact the Business Office for more information. Midyear students must contact the Business Office to sign the MPN.
Prior to the initial semester's disbursement, students are required to go through an entrance interview to learn their rights and responsibilities regarding the issuance, disbursement, and repayment of the loan. Repayment (beginning nine months after completion or termination of degree program) of at least $50 monthly is made to the University, which uses the funds for aid to students in succeeding years. Repayment is deferred if the student enters community or national service.
Some cancellation of both interest and principal is allowable for teaching the handicapped, for teaching in areas of high concentration of lower income families, for teaching math, science, and foreign languages, for working in a child or family service agency providing services to high risk children in low income communities, for working full time as a nurse, medical technician, law enforcement or corrections officer, and for military service in areas qualifying for special pay.
Graduating students will pick up instructions on how to complete exit counseling online during Senior Salute. Please contact the Business Office regarding what dates you can complete exit counseling at www.uasexit.com.
The University of Tulsa requires that the borrower of a Federal Perkins Loan complete exit counseling just prior to leaving the University. This exit online session, conducted by the Business Office, discusses the borrower's rights and responsibilities and includes information such as grace period, deferment privileges, partial cancellation privileges, interest charges, timely remittances, etc. If you default on your Federal Perkins Loan, the credit bureau must be notified.
This loan is administered by banks and other major lending institutions throughout the country. A processing fee may be deducted from the loan proceeds. To qualify for a subsidized Federal Stafford Loan, the student must show a financial need. Students showing no financial need or no remaining need after other aid sources may qualify to borrow an unsubsidized Federal Stafford loan.
The difference between a subsidized and an unsubsidized loan is that the federal government pays the interest on a subsidized loan. Unsubsidized loans begin accruing interest at the time the loan is obtained. Aggregate loan amount for dependent undergraduate students are $23,000. Aggregate loan amount for independent undergraduate students are $46,000 (not to exceed $23,000 in Subsidized Stafford funds). Aggregate loan amount for graduate/professional students is $138,500 (not to exceed $65,500 in Subsidized Stafford funds).
Borrowers are required to attend an entrance interview prior to receiving their first loan and an exit interview upon leaving the University. Students may complete the entrance interview online at http://mappingyourfuture.org.
The loan must be disbursed in two equal payments. At least one-half of the loan period must elapse before the second installment can be disbursed. Repayment begins six months after the student is no longer enrolled in at least a half-time basis.
Student Loans are set to be disbursed to TU by the lender 3 days before classes begin. View our "Lender Information" page for more information.
Parents must complete and submit a separate PLUS Master Promissory Note (MPN) to initiate the loan process. The PLUS MPN is similar to the Stafford, including its use for multiple loans for the same borrower. The PLUS MPN is valid for loans made for a single dependent student. To obtain loans for another dependent student, the parent must complete a separate PLUS MPN. Contact the lender or our TU Financial Aid website for an application and pre-approval.
A processing fee will be deducted from the loan proceeds. Federal PLUS loans are made in two disbursements co-payable with the University. At least one-half of the loan period must elapse before the second installment can be disbursed. If your funding comes by check, it will be mailed to the parent for endorsement and must be returned to the University. The amount will be credited to the student's account and any excess will be refunded to the parent. If your funds are received by Electronic Funds Transfer (EFT), the money will be directly applied to the student account, and any excess will be refunded to the parent. Federal PLUS repayment begins immediately after it has been fully disbursed.
Click here to view our "Lender Information" page.
Students must complete and submit a separate PLUS Master Promissory Note (MPN) to initiate the loan process. These loans are administered by banks and other major lending institutions and are dependent on credit worthiness.
Contact the lender of your choice for an application and pre-approval. A processing fee will be deducted from the loan proceeds. Federal Grad PLUS loans are made in two equal disbursements with the second being made after one half of the loan period has elapsed. If the funding arrives by check, the student must endorse it at the business office in order to have the proceeds credited to the account. If the loan creates a credit balance on the account the excess fund will be refunded to the student by the cashier's office. If the loan proceeds are received by Electronic Funds Transfer (EFT), the money will be directly applied to the account and any excess will be refunded to the student by the cashier's office.
Repayment on this loan will begin immediately following the second disbursement. Please check with your lender as they may be able to offer you forbearance while you are enrolled in school. This loan has a fixed rate of 8.5% as of July 2006.
Click here to view our "Lender Information" page.
Applicants must complete and submit a separate online loan application or to apply for pre-approval to initiate the loan process. These loans are administered by lending institutions and are dependent on credit worthiness. Cosigners can be used to either reduce the interest rate or help obtain the loan due to credit problems. A processing fee may be deducted from the loan proceeds. These loans will be made in two disbursements.
The choice of a student loan lender will affect students long after the students receive their funds. The lenders listed have the largest loan volume at TU and were chosen by the student population. Our intention in providing you this information is to only assist students and parents in navigating the complex loan industry. Links to these lender's web pages are provided on our web page in order to give you some insight to each lender's specific benefits.
Our institution does not endorse any one lender, however, we are providing a list of experienced lenders who have demonstrated a commitment to provide efficient service to any of our students and have established electronic processing with our institution. (You may select another lender or choose a paper application process but be advised that delays may occur as these lenders may not process with us electronically.)
The University of Tulsa does not receive any monetary or material benefit for recommending these lenders.
Lender Information for Stafford, Grad PLUS, and Parent PLUS Loans
Citibank
Servicing Partner - Citibank
Stillwater National Bank
Servicing Partner - Sallie Mae
Chase
Servicing Partner - Chase
Wachovia
Servicing Partner – ACS
Arvest
Servicing Partner – Arvest
Nelnet
Servicing Partner – Nelnet
Sallie Mae
Servicing Partner – Sallie Mae
Nellie Mae
Servicing Partner - Sallie Mae