applying for loans

Loan information for the 2014-15 school year

If you plan on securing loan to cover all, or part of your balance for the 2014-15 school year, please review the information below and complete the necessary steps.

For more information on billing amounts and due dates, see the Financial Services billing webpage.


Federal Direct Loan Program

Colby-Sawyer participates in The William D. Ford Federal Direct Loan Program. Federal loans include Direct Subsidized and Unsubsidized Stafford Loans and Direct PLUS Loans.

Direct Stafford Loans – Federal Student Loans

Direct Stafford Loans are available to all students who submit a FAFSA. Please review your Colby-Sawyer Financial Aid award letter for the amounts you qualify for. For more information on terms and interest rates, please go to the Federal Student Aid website.

Stafford Loan Instructions:

If you are a first-time borrower at Colby-Sawyer:
Step 1: Complete a Master Promissory Note (MPN)

  • The student must go to www.studentloans.gov and log in using the student's federal PIN.*
  • Select "Complete MPN" or "Complete Master Promissory Note"
  • Select the "Subsidized/Unsubsidized" link.
  • Enter your personal information and references, review the terms and conditions and then sign and submit the form.
  • Colby-Sawyer will receive notification within 24 hours that this has been completed.

Step 2: Complete Entrance Counseling session

  • The student must go to www.studentloans.gov and log in using the student's federal PIN.*
  • Select "Complete Entrance Counseling"
  • Start the entrance counseling – It should tale about 30 minutes to complete.
  • Select "I am an undergraduate student"
  • Read the "Guidelines" and enter the "School Information"
  • Complete the "Counseling Session and Quiz"

*If you do not remember your PIN, you can access it online at www.pin.ed.gov

If you are a returning student and have already completed an MPN in the past, you will not need to complete a new MPN or Entrance Counseling.

Declining Stafford Loans

If you were awarded a Stafford Loan and are choosing to decline all or part of it, please complete an online Stafford Loan waiver, or email the Financial Aid Office, cscfinaid@colby-sawyer.edu, specifying which portion you are declining (unsubsidized, subsidized, or both) and we will update your award.

Direct PLUS Loans - Federal Parent Loans

*The PLUS Loan application for Colby-Sawyer will be available starting June 9, 2014
The Direct PLUS Loan is a federal loan for parents of dependent under-graduate students. It is a fixed interest rate loan (6.41%) and has minimal credit requirements. Parents may borrow up to the cost of attendance minus any other financial aid the student receives. For more information on terms, interest rates, and repayment options, please go to the Federal Student Aid website.

PLUS Loan Application Instructions

Step 1: Complete a PLUS Loan Application

  • The parent must go to www.studentloans.gov and log in using the parent's federal PIN.*

  • Select "Request a Direct PLUS Loan".

  • Select "Parent PLUS". Note: DO NOT select "Graduate PLUS". These are not available through Colby-Sawyer.

  • Complete the required fields – Personal Information, Student & Loan Info, Review Application, and Credit Check & Submit.

  • Note: Please make sure you select a loan for the 2014-2015 year.

Step 2: Complete a Master Promissory Note (MPN)

  • The parent must go to www.studentloans.gov and log in using the parent's federal PIN.*

  • Select "Complete MPN" or "Complete Master Promissory Note"

  • Select "Parent PLUS"

  • Complete the required fields – Personal Information, Personal References, Terms and Conditions, and Review & Sign.

*If you do not remember your PIN, you can access it online at www.pin.ed.gov

PLUS Loan options

Loan amount: When completing the PLUS Loan application, you will have the option of entering a specific loan amount, or you can select the “maximum” option.

  • Exact amount: The government charges a 4.204% fee on these loans. If you are applying for your exact balance, please factor in this fee to avoid a shortage.

  • Maximum loan: If you select the “maximum amount” option on your PLUS loan application, we will calculate the exact amount needed to cover your remaining balance, factoring in the 4.204% fee.

NOTE: We may need to reduce Work Study eligibility to fit the entire loan amount into your award with either of these options. Please see the FAQ portion of our webpage for further information.

Denial Options: If you are denied a PLUS loan you have several options.

  • Pursue endorser: You can re-apply with an endorser (cosigner).

  • Appeal: You can appeal the reason your credit was denied.

  • Stafford loan increase: You can choose to increase your student's Unsubsidized Stafford loan by $4,000 (for Freshmen and Sophomores) or $5000 (for Juniors and Seniors).

  • You can choose to not pursue the PLUS loan or further Unsubsidized Stafford Loan.


Private Loan Recommendations

Private loans are student loans that typically require a credit worthy co-signer. We are providing a list of lenders who may serve your needs, however, you are not obligated to choose from our suggested lenders and may secure private loans at any time with the lender of your choice.

Our list of alternative loan lenders has been researched using a variety of criteria. These factors include customer service, borrower benefits, interest rates, fees, repayment options, and lender stability; lender information on these topics is available upon request. Borrowers are encouraged to review the terms and conditions of each program prior to selecting a lender. Please do not hesitate to contact our office to discuss alternative loans in greater detail.

Citizens Bank Student Loans
Apply Now, Interest Disclosure Information

Discover Student Loans
Apply Now, Interest Disclosure Information

Sallie Mae Student Loans
Apply Now, Interest Disclosure Information

Wells Fargo Student Loans
Apply Now, Collegiate Loan Interest Disclosure Information, MedCAP Loan Interest Disclosure Information


Who should you contact with questions?

Financial Aid Office
Questions about your award letter, student/parent loans, tax verification
Phone: (603) 526-3717 or (800) 272-1015
Fax: (603) 526-3737
E-mail: cscfinaid@colby-sawyer.edu

Financial Services Office (Billing)
Questions about your tuition bill, making a payment, receiving a credit, your SmartCard, 1098T tax forms
Phone: (603) 526-3744
Email: billing@colby-sawyer.edu

Direct Loan Applicant Services
Questions about your online Direct Loan application
Phone: (800) 557-7394
Email: CODsupport@acs-inc.com

Direct Loan borrowers
Questions about: Your loan, Address/name changes, Repayment estimates, Repayment plan changes, Deferment and forbearance forms
Phone: (800) 848-0979 or (315) 738-6634
Web: www.myedaccount.com

Colby-Sawyer Helpdesk
Questions about logging into your account, creating parent accounts
Phone: (603) 526-3800
Email: helpdesk@colby-sawyer.edu