Pay close attention to all the instructions since changes can occur throughout the year. Students and parents unfamiliar with loans should select the loan name link to learn more.
Students should take full advantage of federal student loans before borrowing private loans, and should consider their budgets carefully to avoid overborrowing.
The process for these loans are through the federal government website: www.studentloans.gov. The student, parent or endorser will need to access under their own login and federal pin number.
SAFARI USERS: please use either firefox or internet explorer
Some information you may need before you get started:
You will need two references for your Master Promissory Note (Name, Address & Phone Number)
Loan Period:
Spring 2013 - Summer 2013: 01/11/2013 - 08/03/2013
Fall 2013 - Spring 2014: 08/30/2013 - 05/10/2014
Requested Loan Amount for PLUS Loan: Parents and Graduate Students can borrow up to the Cost of Attendance minus any other accepted aid. Funds are disbursed to the student's Otis account on the first day of every semester in equal disbursements.
Student Federal Stafford Direct Loan
Parent or Graduate Student Federal PLUS Direct Loan
Click on "Start PLUS Application Process" to apply for the PLUS loan, this will generate a credit check and complete the Master Promissory Note.
Graduate students also needs to complete the entrance counseling for the Graduate PLUS Direct Loan.
Graduate Students will need both MPNs for the Stafford and Graduate PLUS Loan. Students will also need an Entrance Counseling so that the student knows their rights and responsibility.
Students who graduate or drop below half time status are required to complete an Exit Counseling for their Stafford Loans and or Graduate PLUS Loan.
Loan disbursement information is submitted to the National Student Loan Data System (www.nslds.ed.gov). Information will be made accessible to guaranty agencies, lenders, and schools determined to be authorized users of the data system.
Students need to be approved for the Private loan every academic year. Private loans are typically taken out by undergraduate students. Graduate students should borrow the Graduate PLUS Loan.
It is highly recommended that students eligible for federal loans should take advantage of those resources first before borrowing private loans.
The Otis FastChoice Tool is available for the Private Loan program to help in making a private loan lender decision. Each family situation is unique so select a lender who best meets your needs. Otis will accommodate any lender who will work with Otis. The school typically will receive a certification request a day after the lender has received all the required documentation.
Each lender will have their advantages and disadvantages. Students must complete the loan paperwork with the lenders for funds to pay to the school.
A private loan self certification will be required before lenders will send your approval to the school. You will need a few information for the self certification in "Section 2: Cost of Attendance and Estimated Financial Assistance". The information needed is located in the Otis Self Service. Use your Otis X Number and Otis PIN.
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