LOAN PRORATION POLICY (FEDERAL DIRECT LOANS)

View Kent State's loan proration policy.

Federal regulations require that the annual maximum loan amount an undergraduate student may borrow must be prorated in certain situations:

• When the student is enrolled in a program that is shorter than a full academic year. 
• When the student is enrolled in a program that is one academic year or more in length, but the remaining period of study is shorter than a full academic year. 

It is important to notify the Student Financial Aid Office if you are graduating in the summer or fall terms.  Loans adjusted after disbursement may result in a balance being owed to the university.

DIRECT LOAN HELPFUL HINTS

• Accept, reduce or decline your loan award(s) through FlashLine.
• Follow directions on your offer letter if you choose to adjust or decline the loan.
• Complete Entrance Counseling.
• Sign your Direct Loan MPN.
• Annual Student Loan Acknowledgement (ASLA) is a tool to help you keep track of how much you owe while you are still in school.

KNOW YOUR RESPONSIBILITIES AS A BORROWER OF A FEDERAL DIRECT LOAN

• View a video from Federal Student Aid if you are looking for help with your student loan decisions.
• Contact the servicer of your Direct Loan if you transfer from Kent State, drop below half-time status, or there is a change in your name, permanent address, telephone, or email information. A servicer is a company that the Department of Education hires to handle the repayment process of your loans. To find you servicer, visit StudentAid.gov and log in using your FSA ID.
• Maintain copies (either electronic or paper) of all documents related to your Direct Loan.
• Borrow only what you need. Begin a budget and stick to it. 

PRIVATE LOANS

Financing a college education is a concern for many families. Most financial aid packages will include student loans; however, federal subsidized and unsubsidized loans may not cover the total cost of college expenses. Consequently, families are faced with the challenge of meeting the cost of their expenses.  

Learn more about Private Loans