Loans

If you find that you will need to borrow money to assist in covering the complete cost of your college education, there are loans available to you. Federal loans can be obtained through the FAFSA, and private loans can be applied for directly through the third-party lender. Cameron University does not offer any institutional loan programs.

Federal Student and Parent Loans

Cameron University participates in the Federal Direct Student Loan Program, where students borrow directly from the federal government. Students must be enrolled at least half-time to receive federal loan disbursements.

We are required to disburse all federal loans in two equal payments. Payments are generally split between fall and spring, but students who accept loans for a single term will receive a disbursement at the beginning of the term and at midterm.

Just like any other loan, these loans must be repaid with interest. There is also a small origination fee that will be deducted from the accepted loan amount before disbursement. We encourage you to carefully review your expenses and resources, and borrow only what you need. Three types of federal student loans are:

Direct Subsidized Loan

• Need-based loan available to undergraduate students
• U.S. Department of Education pays the interest while you are in school at least half-time
• Payments deferred until 6 months after you drop below half-time enrollment

Direct Unsubsidized Loan

• Non-need-based loan available to undergraduate, graduate, and professional students
• Payments deferred until 6 months after you drop below half-time enrollment

Direct PLUS Loan

• Non-need-based loan available to graduate students and parents of dependent students
• Parent borrowers are responsible for repaying the loan, not the student
• Graduate students must first use any unsubsidized loan offers (lower interest rate) before Plus loans will be processed
• A credit-based application is required, but an endorser (co-signer) may be obtained if the application is denied due to credit

First-Time Direct Loan Borrowers

If you have not previously received a Direct Loan, there are a few additional things that apply to you:

• First-year undergraduate loan disbursements are delayed 30 days from the time the student began attending.
• You must complete Loan Entrance Counseling to understand the terms and conditions of your loan as well as your rights and responsibilities.
• You must also complete a Master Promissory Note (MPN), a legal document you electronically sign to promise to repay your loan(s). An MPN is good for up to 10 years.

Private/Alternative Loans

Students and parents may apply for private loans through third-party lenders if they are ineligible for federal loans, have reached their federal loan aggregate, or have exceeded their annual loan limit and still need additional funding. Federal laws do not regulate these loans, so they can sometimes be more costly for borrowers. We encourage students and parents to be informed about private loans before borrowing. 

Cameron University processes private loans through an electronic system called ELM Resources, so be sure the lender you choose has this capability. If not, please contact our office to ensure we can process your loan.