12/27/2022 0 Comments Csu timeplusWhen all steps have been completed, ECSI will notify our office (within 3 business days), after which we will remove the items from your To Do List, and will be able to release the DREAM Loan funds to your student account. Any amount received in excess of outstanding CSULB charges will be refunded to you. Be sure to complete all items prior to the deadline listed in your To Do List. You will receive an email from ECSI, the loan servicer, with instructions for completing these items. These will be posted on your To Do List on your M圜SULB Student Center. You will need to complete the Promissory Note each year that you borrow a DREAM loan.Once you have accepted your loan, you will need to complete the following requirements: Complete Entrance Counseling and Promissory Note You may choose to decline the loan offer or accept less than what is offered to you, but funds are limited and you may not be able to increase your loan at a later time. Accept your loan offer on M圜SULB by the deadline listed in your email notification. If you are eligible for the Dream Loan, you will be notified by email after the loan has been added to your Award Summary on your M圜SULB Student Center. If you are interested in borrowing a Dream Loan, make an appointment with a financial aid counselor in Beach Central to talk over next steps. The California Dream Loan Program provides eligible AB540 students with the option to borrow a loan to help cover the cost of attending CSULB. Our office will email you about any requirement to complete Exit Counseling. Exit Counseling For Direct Loan BorrowersĮxit counseling provides important information to prepare you to repay your Direct loan(s). If you have borrowed a Direct Loan, you must complete exit counseling each time you drop below half-time enrollment graduate or leave school. You can use the Department of Education's Loan Simulator to see your repayment options. There are a variety of repayment options available for Direct Loans. You can pay off your loan earlier without any penalty. You will have a 6-month grace period at the start of repayment there are no payments required during the grace period and interest does not accrue on your loans. You will enter repayment any time you drop below half-time, whether that is due to graduation, withdrawal, or enrolling in less than half-time. You might be asked to re-complete a Master Promissory Note if the system indicates that your MPN has expired.A Master Promissory Note is valid for ten years, so you don't need to complete one each year you borrow.Master Promissory Note for a Subsidized/Unsubsidized Loan (MPN).You only need to complete Entrance Counseling the first time you borrow a Direct Loan at CSULB.Entrance Counseling will explain your rights and responsibilities as a borrower and the MPN is an agreement by which you agree to repay the loan, including any interest and fees, to your lender.If you are a first-time Direct Loan borrower at CSU Long Beach, you will need to complete two requirements online before your loan funds can be released: Accept your loanĭetermine how much of your offered loans you would like to accept, and then accept that amount on your M圜SULB Student Center. You can review the maximum eligibility amounts on the Student Aid website and then check your own lifetime and annual borrowing by logging in to your account on. There are limits on how much you can borrow based on your grade level enrollment your dependency status and your overall lifetime borrowing. Watch this short video on the differences between Subsidized and Unsubsidized loans. Depending on your eligibility, as determined by your FAFSA, you might be offered either or both types of loans. You will have been offered Direct Loans in your financial aid package, if you are eligible for the funding. The Direct Loan program offers two types of loans: Subsidized and Unsubsidized. They have a fixed interest rate and a variety of repayment options. Understanding Return of Federal Aid due to Withdrawalsįederal Direct Loans are loans offered by the Department of Education to help you pay for your education.Understanding Repeat Coursework and Aid Eligibility.Understanding State University Grant Eligibility.Understanding Satisfactory Academic Progress.College of Professional and Continuing Education.Additional Bachelor's Programs Information.
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