Goucher College Code of Conduct for Education Loans

Steps for Applying for a Student Loan

Student (Undergraduate) Borrower

(Federal Direct Student Loans - Also referred to as "Stafford" or "William D. Ford" loans)

Step 1 - Submit a FAFSA Application online
Step 2 - Submit any required documents to the Goucher College Office of Student Financial Aid
Step 3 - Allow 2 weeks for processing
Step 4 - Accept loans in FASTS

*New or First-Time Borrowers continue with:
Step 5 - Complete Loan Entrance Counseling
Step 6 - Complete Master Promissory Note (MPN)

* Budget 45-60 minutes for you to complete Steps 5 and 6! Please see the Step-By-Step instructions for completing Entrance Counseling and the MPN on our forms page if you require additional help.

Parent Borrower
(Federal Parent PLUS Loans)

Step 1 - Submit a FAFSA application on line (see Steps 1 through 3 in Student Borrower section above)
Step 2 - ** Apply for a Parent PLUS Loan at studentloans.gov
Step 3 - First time PLUS borrowers should complete a Parent PLUS Master Promissory Note (MPN) 
Step 4 - Complete and submit a Parent PLUS Loan Form to Goucher College's Office of Student Financial Aid.

** Please review the first page of the Parent PLUS Loan form for more detailed instructions.

Graduate Student Borrower
(Federal Direct Loans, and Federal Graduate PLUS Loans)

Step 1 - Submit a FAFSA Application online
Step 2 - Submit any required documents to the Goucher College Office of Student Financial Aid
Step 3 - Allow 2 weeks for processing
Step 4 - Accept Loans in FASTS

New or First-Time Borrowers continue with:
Step 5 - Complete Loan Entrance Counseling
Step 6 - Complete Master Promissory Note (MPN)

If your borrowing needs are more than the federal limit for a Direct Loan, then continue with applying for a Graduate PLUS loan:

Step 7 - Apply for a Graduate PLUS Loan at studentloans.gov
Step 8 - Complete Graduate PLUS Loan Entrance Counseling as needed
Step 9 - Complete a Graduate PLUS Loan Master Promissory Note (MPN) as needed
Step 10 - Complete and submit a Graduate PLUS Loan Form to Goucher College's financial aid office

Student Loan Resources and Links

Federal Direct Subsidized or Unsubsidized Loan

Accept or decline a loan in FASTS

Federal Direct Loan Overview

Federal Direct Loan Limits

Student's Step By Step Instructions for Loan Entrance Counseling and for Signing a Master Promissory Note (MPN)

Complete and Sign Master Promissory Note (MPN) for Unsubsidized/Subsidized Loan 

Complete Student Loan Entrance or Loan Exit Counseling

Federal Direct Subsidized or Unsubsidized Loan Repayment

Federal Loan Origination Fees

Federal Direct PLUS (Parent Loan for Undergraduate Students)

Federal PLUS Loan overview, credit guidelines, and information

Complete and Sign Direct PLUS Loan Master Promissory Note (MPN)

PLUS Loan Process-Request a Direct PLUS loan at studentloans.gov

Complete Goucher's Parent PLUS Loan Request Form

Federal Direct PLUS Loan Repayment

Federal Loan Origination Fees

Federal Direct GRAD PLUS (Loan for Graduate Students)

Federal PLUS Loan overview, credit guidelines and information.

Complete and Sign Federal PLUS Master Promissory Note (MPN)

PLUS Loan Process--Request a Direct PLUS loan at studentloans.gov

Complete Goucher's GRAD PLUS Loan Request Form

Complete Student Loan Entrance  or Exit Counseling

Federal GRAD PLUS Loan Repayment

Federal Grad PLUS Loan Origination Fee

Federal Perkins Loan

Accept or decline offer of Federal Perkins need-based loan

Federal Perkins loan overview

Federal Perkins Master Promissory Note

Complete Perkins Loan Entrance Interview/Counseling

Complete Student Loan Exit Counseling

Federal Perkins Loan Repayment

Private Educational loan

Private Loan Application Information

Private Education Self-Loan Applicant Certification

We suggest completing a Free Application for Federal Student Aid (FAFSA) and considering the Federal Stafford or Federal PLUS before applying for this type of loan. 

Goucher Study Abroad Loan

How to Apply for the Goucher study abroad loan.

Accept or decline the offer of Goucher study abroad loan www.goucher.edu/FASTS.

Complete Goucher loan master promissory note.

Complete (1) Solicitation and Application Document (2) First Disclosure Approval Document (3) Self-Certification form and (4) Disclosure Approval on E-Sign on line.

Loan Cancellation Policy

You have the right as a Federal loan borrower  to cancel all or part of a Federal loan within 14 days of disbursement.  If you do wish to cancel any part of the loan, please notify the Office of Student Financial Aid.

Borrow wisely.

  • Your Award Notification lists the maximum amount you are eligible to borrow from each loan program.
  • Please borrow only what is needed to cover your educational and living expenses for this academic year.
  • If you choose to borrow less than you are offered, you will be eligible to request the remaining funds later in the semester.
  • Requests for additional loans should be submitted at least 30 days before the last day of classes.
  • Set a realistic budget and stick to it.
  • Exhaust all alternatives before borrowing.
  • Understand the features and benefits of your loan.
  • Stay in touch with your lender and the Office of Student Financial Aid.
  • Avoid interest accrual on unsubsidized loans.
  • Keep records of all correspondence with your lender and keep a log of whom you talk to about your loan.
  • Speak to your lender about payment options if you can't make a payment.
  • Borrow for the year, not the semester.
  • PLUS loan borrowers should determine the annual amount needed and remember that your lender will charge a fee before disbursing funds.
  • Learn to control and manage your debt
  • For more information on financial literacy.

RESOURCE LINKS

Taxability of Certain Loan Forgiveness and Discharge Provisions

Learn more information on Federal student loan programs and repayment terms.

Time Limitation on Federal Subsidized Direct Loans beginning on or after July 1, 2013

Federal Loan Income Based Repayment Plan

Student Loan Borrower Assistance & Counseling

National Student Loan Data System (NSLDS)

Students receiving a Federal Direct or Federal Parent Loan for Undergraduate Students (PLUS), Federal Grad PLUS or Federal Perkins loan while attending Goucher may access their information at any time using the NSLDS and the Free Application for Federal Student Aid personal identification number. This information includes the type of loan, amount, status of student loan and lender information.