Applying for Student Loans

Federal loans and private lending are worthwhile investments to consider when financing your education. These funding options give you the freedom to pursue college now and the flexibility to repay your debt following graduation.

Federal Direct Loans are available to all students who submit a FAFSA. Please review your Colby-Sawyer Financial Aid award letter for your qualification amounts. For more information visit studentaid.ed.gov.

  • New Students
    To accept your Federal Direct Loans complete Step 1 and Step 2 (below) by July 1.
  • Returning Students
    If you completed a Master Promissory Note and Entrance Counseling previously, you will not need to resubmit these items.
  • Forgot Your Login
    Visit fsaid.ed.gov and click "Edit My FSA ID"
STEP 1: Master Promissory Note
To be completed by student.
Go to www.studentloans.gov and log in with your FSA ID.
Select "Complete Loan Agreement (Master Promissory Note)."
Select "MPN for Subsidized/Unsubsidized Loans." Follow the prompts to complete the MPN and submit.
Colby-Sawyer will receive notification within 1 to 2 business days after the MPN has been completed.
STEP 2: Entrance Counseling Session
To be completed by student.
Go to www.studentloans.gov and log in with your FSA ID.
Select "Complete Loan Counseling (Entrance, Financial Awareness, Exit)."
Select "Entrance Counseling (Required)."
Follow prompts to complete the counseling and submit, selecting "undergraduate" as your student type.
Colby-Sawyer will receive notification within 1 to 2 business days after the Entrance Counseling has been completed.
Declining Federal Direct Student Loans

If you were awarded a Federal Direct Student Loan and want to decline all or part of your loan, email the Financial Aid Office at cscfinaid@colby-sawyer.edu and specifying which portion you are declining (unsubsidized, subsidized, or both) to update your award.

The Federal Direct PLUS Loan is a federal loan for parents of dependent undergraduate students. It is a fixed interest rate loan and has minimal credit requirements. Parents may borrow up to the cost of attendance minus any other financial aid the student receives. For more information on terms, interest rates, and repayment options, visit the Federal Student Aid website.

STEP 1: Loan Application
To be completed by parent.
Go to www.studentloans.gov and log in using your parent FSA ID.
Select "Apply for a PLUS Loan."
Select "Direct PLUS Loan Application for Parents." Follow prompts to complete application and submit.
Colby-Sawyer receives notification within two business days after the application has been completed.
STEP 2: Master Promissory Note
To be completed by parent.
Go to www.studentloans.gov and log in using your parent FSA ID.
Complete the following only if you are approved for a parent PLUS Loan and wish to take the loan.
Select "Complete Loan Agreement (Master Promissory Note)."
Select "PLUS MPN for Parents." Follow the prompts to complete the MPN and submit.
Colby-Sawyer receives notification within two business days after the MPN has been completed.
PLUS Loan Options

When completing the Federal Direct PLUS Loan application, you will have the option of entering a specific loan amount, or you can select the maximum option.

  • Exact Amount
    The government charges a 4.264% origination fee on these loans. If you are applying for your exact balance, please factor in this fee to avoid a shortage.
  • Maximum Loan
    If you select the “maximum amount” option on your Federal Direct PLUS loan, Colby-Sawyer's Financial Aid Office will calculate the exact amount needed to cover your remaining balance, factoring in the origination fee.
Denial Options

If you are denied a Federal Direct PLUS loan you have several options.

  • Pursue Endorser
    You can re-apply with an endorser (cosigner).
  • Appeal
    You can appeal the reason your credit was denied.
  • Federal Direct Unsubsidized Loan Increase
    You can choose to increase your student's loan by $4,000 (for First-Year Students and Sophomores) or $5,000 (for Juniors and Seniors).

Private loans are student loans that typically require a credit worthy co-signer. Colby-Sawyer can provide a list of lenders who may serve your needs, however, you are not obligated to choose from these suggested lenders and may secure private loans at any time with the lender of your choice.

This list of alternative loan lenders has been researched using a variety of criteria including quality customer service, borrower benefits, interest rates, fees, repayment options and lender stability; lender information on these topics is available upon request. Borrowers are encouraged to review the terms and conditions of each program prior to selecting a lender. Please do not hesitate to contact the Financial Aid Office to discuss alternative loans in greater detail.

View private loan recommendations at the Elm Select website by searching for Colby-Sawyer College.