New
Accepting and Declining Student and Parent Loans- Log into your MyBelmont account. Please note: You will create a MyBelmont once your enrollment deposit has been received.
- Select the Banner Web Icon located in the upper left hand corner
- Select the Student Services and Financial Aid tab
- Select Financial Aid
- Select Award
- Select Award by Aid Year
- From the drop down box, select the appropriate Aid Year. Click the submit button.
- Select the accept award offer tab.
- From the drop down box located next to each Direct Subsidized/Unsubsidized Loan, select Accept or Decline. Click the submit button.
If you plan to borrow Direct Student loans, you must accept those loans through your MyBelmont account.
PLEASE NOTE: You will need to accept your student loans each year you receive a financial aid offer.
New
Student Loan Acknowledgement
The Annual Student Loan Acknowldegement process continues to be available on studentaid.gov. However, borrower completion of the Annual Student Loan Acknowledgement prior to disbursement will not be required for the 2022-23 award year and beyond.
New
Entrance Counseling- Complete entrance counseling online at https://studentaid.gov/entrance-counseling/.
- Sign in using your (the student) FSA User ID
ENTRANCE COUNSELING
Students must complete entrance counseling before the first disbursement of your loan can be applied to your account. Entrance counseling helps you to understand your responsibilities as a loan borrower. Graduate students must complete Entrance Counseling as Graduate Students in order to receive loan funds.
New
Direct Subsidized/Unsubsidized Student Loans- To borrow a Direct Loan for the first time, you must complete a Master Promissory Note (MPN) online at https://studentaid.gov/mpn/ .To complete an MPN online, you will be required to use your (the student) FSA User ID. If you do not have a FSA User ID, you may request one through https://fsaid.ed.gov.
- The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees. Go to https://studentaid.gov/mpn/ Choose MPN for Undergraduates, and then complete the Subsidized/Unsubsidized Loan MPN.
- If you wish to borrow less than the amount listed on your award letter, complete the Loan Change Form. You may access this form online at https://www.belmont.edu/sfs/forms.html under Loan Related Forms.
- In most cases, once you've submitted the MPN and it’s been accepted, you won’t have to fill out a new MPN for future loans you receive. You'll receive a disclosure statement with specific information about any loan that will disburse under your MPN, including the loan amount, fees, and the expected disbursement dates and amounts.
- Complete entrance counseling online at https://studentaid.gov/entrance-counseling/
- Sign in using your (the student) FSA User ID
- Choose the first option to complete counseling as an Undergraduate Student
HOW TO APPLY FOR DIRECT SUBSIDIZED/UNSUBSIDIZED LOANS
Please note: All Student loan paperwork must be completed by the student borrower
ENTRANCE COUNSELING
Students must complete entrance counseling before the first disbursement of your loan can be applied to your account. Entrance counseling helps you to understand your responsibilities as a loan borrower.
Freshman 0-29 Sophomore 30-63 Junior 64-93 Senior 94+
Subsidized and Unsubsidized Loan Eligibility
| Dependent Student * | Independent Student** | |
| 1st year undergraduate (Freshman) | $5,500 maximum (up to $3,500 subsidized) | $9,500 maximum (up to $3,500 subsidized) |
| 2nd year undergraduate (Sophomore) | $6,500 maximum (up to $4,500 subsidized) | $10,500 maximum (up to $4,500 subsidized) |
| 3rd & 4th year undergraduate (Junior & Senior) | $7,500 maximum (up to $5,500 subsidized) | $12,500 maximum (up to $5,500 subsidized) |
| Graduate/Professional/Law | N/A (All graduate and professional students are considered independent) | $20,500 (no subsidized eligibility) |
| Pharmacy | N/A (All graduate and professional students are considered independent) | $33,000 (no subsidized eligibility) |
*As determined by the FAFSA Dependency Status Questions - except for those students whose parents are denied for a Parent PLUS loan
**As determined by the FAFSA Dependency Status Questions 0 These limits also apply to dependent students whose parents are denies for a Parent PLUS loan
New
Direct Parent PLUS Loans- To apply for a Parent PLUS loan, parent borrowers are required to use their FSA User IDs(not their student's FSA ID). If a parent does not have a FSA User ID, please visit https://studentaid.gov/fsa-id/create-account/launch to create one.
- To take out a Direct Loan, the parent borrower must complete both a PLUS Credit Application and Master Promissory Note (PLUS MPN).
- Complete the Parent PLUS Loan Credit Application online at https://studentaid.gov/plus-app/parent/landing . As you (the parent borrower) complete the Credit application, please indicate the amount of PLUS loan funds you wish to borrow. If you choose the Maximum loan amount, we will process your loan for the full Cost of Attendance, most likely creating a refund.
- Complete the Parent PLUS MPN online at https://studentaid.gov/mpn/ . PLUS MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s).
HOW TO APPLY FOR A FEDERAL DIRECT PLUS LOAN
New
Direct PLUS Loans for Graduates- To apply for a Graduate PLUS loan, you will be required to use your FSA User ID. If you do not have a FSA User ID, please visit https://studentaid.gov/fsa-id/create-account/launch.
- To borrow a Graduate PLUS loan for the first time, you must complete both a PLUS Credit Application and Master Promissory Note (PLUS MPN).
- Complete the Grad PLUS Loan Credit Application online at https://studentaid.gov/plus-app/grad/landing . As you (the student) complete the Credit application, please indicate the amount of PLUS loan funds you wish to borrow. If you choose the Maximum loan amount, we will process your loan for the full Cost of Attendance, most likely creating a refund.
- Complete the Grad PLUS MPN online at https://studentaid.gov/mpn/ .Select the MPN for Graduate/Professional Students. The PLUS MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. It also explains the terms and conditions of your loan(s).
- If you wish to change your loan amount after you complete the loan application, please complete the Loan Reduction Form. You may access this form online at www.belmont.edu/sfs by selecting the Forms link.
- Complete entrance counseling online at https://studentaid.gov/entrance-counseling/
- Sign in using your (the student) FSA User ID
- Choose the second option to complete counseling as a Graduate Student
HOW TO APPLY
ENTRANCE COUNSELING
You must complete entrance counseling as a graduate student before the first disbursement of your loan can be applied to your account. If you've borrowed Direct Loans as an undergraduate student, you will still need to complete Entrance Counseling as a graduate student before any graduate loans will disburse.
Entrance counseling helps you understand your responsibilities regarding your loan.
New
Student Loan FAQs
What are the interest rates for Direct Loans? Are there any fees associated with my loans?
All Direct Loans do have origination fees assessed by the Department of Education (DOE) at the time of disbursement. The DOE will disburse to Belmont the net amount of your borrowed loan (the total minus the origination fee) each semester. These fees change annually on October 1st. Direct Loans have fixed interest rates, but the interest rates for any new loans change each year on July 1st. Please visit https://studentaid.gov/understand-aid/types/loans/interest-rates for more information on the current interest rates and origination fees.
How do I know who my servicer is?
Students and parents will be assigned a Direct Loan servicer soon after the first disbursement of a loan. The servicer will contact you via email or letter, and you can also view servicer information through https://studentaid.gov using FSA User ID Information.
Why can’t I borrow any amount I want as I’ll be responsible for repaying the loans?
Federal guidelines require schools to create a yearly Cost of Attendance that includes allocations for living expenses, personal expenses and transportation, as well as tuition, fees and books. Your total financial aid package cannot exceed this Cost of Attendance.
How much should I borrow in a PLUS loan?
Parents and Graduate Students may borrow a PLUS loan up to the student’s Cost of Attendance minus any other financial aid resources-grants, scholarships, other loans, etc.. If you select the maximum mount during the credit application process, we will process your Parent or Graduate PLUS loan up to the full Cost of Attendance, likely creating a refund. If you chose Unknown Loan Amount during the credit application process, the borrower will need to contact our office to notify us of the amount to process. We encourage you to only borrow what you need. Please see the Loan Repayment section of our website at http://www.belmont.edu/sfs/loans/repayment.html for the Loan Repayment Estimator and other repayment information.
When should I complete my MPN and credit applications for Direct Loans?
New MPNs and credit applications should be completed by July for the fall, November for the spring, and May for the summer.
Do I need to complete a new MPN each year?
You may borrow under the same MPN for up to 10 years in most cases. However, for Parent PLUS and Graduate PLUS loans, you must complete a Direct PLUS Loan Credit Application each year for a new pre-approval and credit check. Each time an endorser is added to a Parent or Graduate PLUS loan, the borrower must complete a new MPN and PLUS Credit Counseling.
How long does it take for the loan to be processed once received by Belmont?
Please allow three to four weeks for loan processing.
Why do I need to complete a FAFSA?
Your FAFSA determines what type of financial aid you receive. Direct Loans, Pell Grants, Institutional Aid, and many other programs are dependent upon your level of financial need. Completing a FAFSA will allow you access to the broadest range of financial assistance.
If I previously borrowed federal loans at another university, do I need to complete a new MPN?
Unless you have previously borrowed through the Federal Direct Loan program and have an active MPN on file with the Department of Education, you will need to complete a new MPN. You will need to complete entrance counseling to receive loan funds at Belmont.