CASC does not automatically award students loans. To request a student loan you must complete a Student Loan Request Form located here in the section labeled Optional Documents. Print and return the completed loan request form and a loan summary (if you previously had a loan) to the Financial Aid Office. If our office determines that you are eligible for a student loan, you will receive an award letter with the amount you can borrow. You must be enrolled in at least 6 hours to be eligible for a student loan.
If you have been awarded a Federal Direct Student Loan you must be aware of the following information:
You must complete Entrance Counseling (EC) before your loan will be processed. Entrance Counseling is completed online at https://StudentLoans.gov. The CASC Financial Aid Office will be notified electronically when you have completed your counseling information.
You must complete a Master Promissory Note (MPN) with the Department of Education before your loan will be processed. The Mastor Promissory Note is completed online at http://StudentLoans.gov. You will need your FSA ID to sign in. The CASC Financial Aid Office will be notified electronically when you have completed your MPN. If you have previously completed a Master Promissory Note with the Department of Education for a Direct Loan at another Institution within the last 10 years, it will not be necessary for you to complete another one but you must notify CASC that you have previously completed an MPN.
There is a DEADLINE for student loans. The Financial Aid Office must receive the Student Loan Request Form, EC, MPN, AND signed award letter by the Friday before finals week in order to receive the loan awarded for that semester.
Once we have received confirmation of your completed EC, MPN, and your signed Award Letter, we will submit your information electronically to the Department of Education. Your loan funds will be disbursed to you at the CASC Business Office in the earliest possible disbursement after we have received your funds. Disbursement dates are available under Disbursement Information.
The loan amounts shown on your Award Letter are the amounts you are eligible to borrow for the semester or academic year you requested based on full-time enrollment. If you do not want to borrow the full amount you may accept a reduced amount online by logging into the CASC VikeConnect. You may also print the emailed award letter, mark through the amounts shown, write in the reduced amounts you are requesting, and initial each change. Sign and date the award letter and return to the Financial Aid Office. Keep a copy for your records.
If you are enrolled less than full time, the amount of your loan could be reduced based on your total Cost of Attendance. If you drop below six hours before your full loan for the semester has been disbursed you may not be eligible for any or part of the remaining loan you were awarded.
*Please note that if you receive a loan for one semester only, your loan will be split into two disbursements. One in the disbursement closest to the completion of your Entrance Counseling and MPN and one after the midpoint of the semester. For first time borrowers, Federal Regulations require CASC to delay the first disbursement of a loan 30 calendar days from the first day of classes. You will receive your disbursement in the disbursement date closest to this time frame.*
EFFECTIVE JULY 1, 2010 due to changes in Federal Regulations, students receiving their full loan eligibility during the Fall and Spring semesters may not have any remaining eligibility for the Summer semester. If you are planning to attend and receive a student loan during the Summer semester and have any questions please contact the CASC Office of Financial Aid at (918) 647-1343 or come by Hemphill Hall room 102.
There is a 150% Limit on Subsidized Loans. Due to the Moving Ahead for Progress in the 21st Century Act, a new borrower on or after July 1, 2013 cannot receive subsidized loans for more than 150% of the published length of the borrower’s educational program. The law also provides that a borrower who becomes ineligible for subsidized loans because of the 150% limit is ineligible for interest subsidy benefits on all subsidized loans first disbursed to that borrower on or after July 1, 2013. Students can access their Subsidized Usage Limit and other loan information at www.nslds.ed.gov.
Additional information about the types of student loans, interest rates, and fees is available at Student Aid.
Information for prospective and current borrowers – Cohort Default Rate
Carl Albert State College is in good standing with the Department of Education regarding our official cohort default rate. Carl Albert State College has a default prevention committee in place. The committee is devoted to working in many areas of student life to educate students regarding the repayment of direct loans. To view CASC’s official cohort default rate visit National Center for Education Statistics.
|CASC Cohort Default Rates|
Some families turn to private education loans when the federal loans do not provide enough money or when they need more flexible repayment options. However, since federal education loans are less expensive and offer better terms than private student loans, you should exhaust your eligibility for federal student loans before resorting to private student loans. More information is available at Private Student Loans.