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 William D. Ford Federal Direct 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 normally split between fall and spring, but students attending in a single-term will receive a disbursement at the beginning of the term and at mid-term.

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 it is disbursed. 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
• Parents borrowers are responsible for repaying the loan, not the student
• Graduate must first use any unsubsidized loan offers (lower interest rate) before Plus loans will be processed
• Credit based application required, but endorser (co-signer) may be obtained if 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 fill out a Master Promissory Note (MPN), which is a legal document you electronically sign to promise you will 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 sources if they are ineligible for federal loans, have reached their federal loan aggregate, or have exceeded their annual loan limit but are still in need of additional funding. Federal laws do not regulate these loans, so they can sometimes be more costly to the borrower. 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 are able to process your loan.