Loans

Money provided to students which must be repaid. Generally, student loans have low interest rates and permit a long term repayment. Southeastern participates in the following loan programs

  • Direct Loan Program
  • Federal PLUS Loan

Direct Lending

SOSU participates in the Federal Direct Lending Program. Through the Federal Direct Lending program, all students who apply for loans must complete the Entrance Counseling and a MPN (Master Promissory Note). These can be found at www.studentloans.gov. Students may complete the entrance counseling and MPN at anytime. Once an award has been made, the student must accept or decline his/her awards on Campus Connect. The Financial Aid office will then originate the loan to the Department of Education. Students must complete the necessary steps to ensure funds are disbursed properly. Students must be enrolled in a minimum of 6 hours to receive direct loans. This requirement is the same for the summer semester. Disbursements are currently given out once a week. Generally, initial disbursements for each semester are two weeks after the add/drop period. Loans received through the Direct Lending program are the subsidized, unsubsidized, and PLUS loans. These loans are received from the U.S. Department of Education through Southeastern. Under the Direct Lending program loan payments will be sent directly to the U.S. Department of Education. If a student graduates or completely withdraws from Southeastern, he/she will be required to complete Exit Counseling at www.studentloans.gov. If you would like further information regarding Direct Lending go to the U.S. Department of Education website at http://www.ed.gov/, call at (800)872-5327 or contact the Financial Aid Office.

Repayment

After six months of not attending for any reason (i.e. graduated, withdrawing, or dropping below 6hrs), all direct loans (excluding PLUS) will go into repayment. The monthly repayment amount depends on the total amount borrowed. Southeastern average indebtedness of students that attend sole at SE is $15,458. Based on a standard 10 year repayment plan schedule, looking at the average amount of $15,458 borrowed at SE the monthly payment would be approximately $180.00 per month with approximately 5900.00 in interested paid. For more information on your SE loans and any other student loans borrowed at other school you can access www.nslds.ed.gov. For more information regarding repayment options and financial tips please visit the following link https://www.studentoutreachsolutions.com/OKstudent/.

Direct Loan Application Process

  1. File a Free Application for Federal Student Aid (FAFSA)
  2. Complete the FAFSA file in the Student Financial Aid Office. You may view the documents needed to complete your file on Campus Connect if you have been admitted to Southeastern. (Students not able to view Campus Connect will be sent a document letter requesting the information to be returned.)
  3. Complete Entrance Counseling at studentloans.gov for processing to be continued. This process is for all students required for Direct Lending. .
  4. Once your entrance counseling is complete you will need to sign the MPN at www.studentloans.gov.
  5. The student will review their financial aid award summary on Campus Connect. Click Student Info-Accept/Decline Award. Select the year to view the financial aid awarded and then select the Accept/Decline aid award button.
  6. If all the previous steps have been completed, the Office of Financial aid will originate your loan to the Department of Education for processing.
  7. Southeastern will receive the loan funds from the Department of Education electronically. Once eligibility and enrollment are verified (must be enrolled minimum of 6 hours) from the Financial Aid Office, Auxiliary Business Services will disburse the funds to your SE debit card or the refund preference you chose on SEdebitcard.com. Disbursements are currently once a week. (Generally, the initial disbursement of each semester is two weeks after the add/drop period.)
  8. If you graduate or drop below half-time attendance, regulations require that you complete the Exit Counseling session.. Exit Counseling can be completed at www.studentloans.gov.

Direct PLUS (Parent Loan for Undergraduate Students)

If you are a dependent student and your financial aid doesn’t meet your full cost of attendance, your parent may be able to take out a Direct Parent Loan for Undergraduate Student (PLUS) if they choose. PLUS Loans are available to provide a parent with additional resources to help pay the educational expenses of an undergraduate child, who is enrolled at least half-time. Since the parent is the borrower, the responsibility of repaying PLUS Loans rests with the parent rather than the student. The Financial Aid Office will pursue other options of aid for you before calculating PLUS Loan eligibility. PLUS eligibility is a last resort.

To be eligible to receive a PLUS Loan, a parent will be required to pass a credit check. If for some reason the PLUS Loan is denied, you may have the option to borrow additional Direct Unsubsidized Loans in your own name. A copy of the PLUS Loan denial is required for us to confirm your additional unsubsidized loan eligibility. Repayment of a PLUS Loan is selected when the parent fills out the PLUS loan application. Your options are to start 60 days after the loan is taken out or to defer the payment until the student stops attending.

For more information concerning PLUS loans you can visit: http://www.direct.ed.gov/parent.html

PLUS Loan Application Process

  1. File a Free Application for Federal Student Aid (FAFSA)
  2. Complete the FAFSA file in the Student Financial Aid Office; indicating that you are interested in a Plus Loan on our Student Data Form. The student may view the documents needed to complete the file on Campus Connect if they have been admitted to Southeastern. Students not able to view Campus Connect will be sent a letter requesting the documentation needed.
  3. The student will review their financial aid award summary on Campus Connect. Click Student Info-Accept/Decline Award. Select the year to view the financial aid awarded and then select the Accept/Decline aid award button.
  4. Parents need to complete, Request a Direct PLUS Loan and a MPN (Master Promissory Note) at www.studentloans.gov for processing to be continued. Both of these should be completed in the parent’s name and with the parent’s PIN number.
  5. Once all previous steps are completed, the Financial Aid Office will originate the loan to the Department of Education for processing.
  6. Southeastern will receive the funds from the Department of Education electronically. Once eligibility and enrollment are verified from the Financial Aid Office, Auxiliary Business Services will disburse the funds to the student’s account balance (if any). Remaining funds will be disbursed to the parent.

NSLDS (National Student Loan Database)

www.nslds.ed.gov

The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s (ED’s) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. All federal loans (including PLUS Loans) submitted by Southeastern will be sent to the NSLDS system. This system will be accessible by the guaranty agencies, lenders and any school the Department of Education had deemed an authorized user of the data system.