STEPS TO APPLY FOR A LOAN

1. Determine the total amount you need to borrow for the entire academic year.  Please reference to the following website to obtain budget information: http://www.musc.edu/em/financialmanagement/budgets.html

2. Complete a Loan Request form. Additionally, if this is your first loan or you are changing lenders, you must complete a Master Promissory Note. It is your responsibility and right to select your student loan lender.

3. If this is your first time borrowing student loans, you must complete an Entrance Counseling Session before your loan funds can be disbursed.  Entrance Counseling can be done on line at: www.mapping-your-future.org/entrancecounseling 
You will also need to complete the Student Loan Counseling sheet on the following website: http://www.musc.edu/em/financialmanagement/formtypes.html

4. Once your loan request is processed, you will receive a disclosure agreement from your lender regarding your loan.  You will also, receive an award letter listing all the aid programs (loans, scholarships, etc) for which you have eligibility.  The maximum amount that you are eligible to receive will be listed by term for the entire academic year.

5. When funds are received, the Financial Aid Office will review all eligibility requirements and then the Student Accounting Office will post the funds to your account.  If loan funds create a credit balance, the Student Accounting Office will transfer the funds to your bank account or mail you a check.  Refunds are generally processed weekly, but always within 14 business days.