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Financial Aid: Frequently Asked Questions
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Q: How do I know which lender to select?
- A list of Stafford loan lenders and guarantors with whom we most frequently do business will be included in the award package
mailed to new applicants. This information is also available online at Powerfaids NetPartner. We encourage your to review the
Federal Stafford loan borrower benefits offered by lenders at the EdFund Stafford Loan Portal at
edfund.org
However, you may use any lender or guarantor of your choice. If you have prior loans, you may wish to remain with the same lender.
Applicants must apply for Stafford loans through the Financial Aid Office Students may apply for alternative loans on the Internet or
by phone directly with the lender of choice or within Powerfaids NetPartner. For further information, see the program section on
Alternative Loans or review the EdFund Private Loan portal at
edfund.org.
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Q: How do I complete my pre-loan Entrance Counseling if I am a first time borrower?
- For Federal Stafford Loan, regardless of lender, we use the All Student Loans
(go to "Borrower Resources" > "Loan Counseling" > "Entrance Counseling Interview")
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Q: How do I complete my loan Exit Counseling when I graduate, withdraw or take time off from school?
- Visit CollegExit.com we use this site preferentially for all loan exit counseling irrespective of lender.
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Q: How do I complete the Federal Stafford Loan Master Promissory Note?
- If you are a first time borrower with your lender of choice, your lender or your lender's designated agent will send you a Master Promissory
Note for completion once Saybrook has certified your eligibility to borrow. Completion of the Note is normally the last step in the Federal
Stafford Loan application process.
Many lenders allow the Master Note to be completed electronically. Your lender or your lender's designated agent will advise you if this
service is available.
* NOTE
Applicants who select All Student Loans as lender, may complete the Note online.
(go to "Student" > "All Saver Zero Fee Stafford" > "Apply")
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Q: How are funds DISBURSED?
- Federal Stafford loan and alternative loan funds are normally received at
Saybrook electronically at the beginning of each semester or two to three
weeks after submission of the loan request whichever is later. Federal
Perkins Loan funds are disbursed to the student account after the Federal
Perkins Loan Promissory note is signed for each semester's advance.
Loans are disbursed in equal amounts for each semester included in the loan
period. Refund of any resulting credit balance after deduction of tuition
and fees is available at the Orientation for new students who are timely
applicants and is issued to continuing students who are timely applicants no
later than the 14th day of the semester or 14 days from date of application
of funds to the student account whichever is later. Direct deposit of credit
balances to a designated bank account is available by completing the
Financial Aid Credit Refund Direct Deposit Authorization form PDF 3mb.
Federal Work-Study funds are disbursed by the normal payroll process when
earned.
Tuition Assistance,
Saybrook scholarships and tuition discounts of any kind,
including the Saybrook Dissertation Grant, are applied directly to the
student account by the Business Office.
Veteran's benefits are disbursed monthly to the recipient by the Veteran's
Administration. Americorps grants are disbursed to Saybrook in one to two
warrants per year by the National Service Trust.
Other aid is disbursed as specified by the donor.
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Q: What about other resources such as scholarships and grants?
- Saybrook posts a variety of financial aid opportunities:
Current Opportunities: Financial Aid Home page
Saybrook's grants and scholarships: Financial Aid Programs page
Other resources: Financial Aid External Resourses
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Q: I need more money than I was awarded-what do I need to do?
- You may contact the financial aid office to request an increase in your alternative loan award by submitting a written
or emailed request together with to a written explanation of the reason
funds are needed
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Q: I'm an EXITING STUDENT, what do I need to do?
- If you graduate, withdraw or take time off from school for any reason, you
will need to complete loan exit counseling. Visit CollegExit.com We use this
site preferentially for all loan exit counseling irrespective of lender.
Look for Loan Counseling on the top left of the CollegExit.com website. This
site also contains information about both federal and private loan
consolidation.
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Q: I have a specific question, who can I CONTACT?
- See the Financial Aid contact us page.
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Please direct all questions and comments to
Financial Aid Office
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