Loan Application Process
When you "Accept" your Federal Stafford and/or Graduate PLUS loan on student self-serve, the Federal Stafford and/or Graduate PLUS loan is automatically originated and begins processing. You will be instructed to complete an on-line Master Promissory Note, and our office will be notified as to where you are in the process. As a reminder, all first time Caruso School of Law Federal Stafford and/or Graduate PLUS loan borrowers must conduct an on-line Entrance Counseling session before federal loans can be disbursed to your student account. You can access Entrance Counseling directly from our website.
If you are a Private/Alternative loan borrower, you will need to apply for the loan directly from your lender's website. Once you apply for a private loan and pass the credit check, our office will receive a certification request from your lender. Private loans are not originated through student self-service when you "Accept" the private loan, as with the Federal Stafford and Graduate PLUS loans. Our office will originate the private loan upon receipt of the lender certification request.
Beginning in the 2010-2011 academic year, returning students must sign a new Direct Loan Master Promissory Note because you will now have a new lender, the federal government. The Federal Direct Loan Master Promissory Note (MPN) process is completed on-line. You will be required to use your U.S. Department of Education issued PIN to complete an electronic MPN. If you borrow from both the Stafford and Graduate PLUS loan programs, you will need to sign two MPN's, one for the Stafford loan and one for the Graduate PLUS loan. More information will follow over the next few months, please refer to your "To Do List" and your Pepperdine email.