Loans

How to Apply for a Federal Direct Loan

• Step 1: You must complete and submit a Free Application for Federal Student Aid (FAFSA).
• Step 2: Before loan funds will be awarded, you are required to complete both the Entrance Counseling and Loan Agreement for Subsidized/Unsubsidized Loan (MPN) to agree with the terms of the loan.
• Step 3: Students who wish to receive federal loans at ASU-Beebe are encouraged to review the Annual Student Loan Acknowledgement for Federal Student Loans prior to the first loan disbursement. Parents interested in the Parent Loan (PLUS) must complete and submit the ASU-Beebe PLUS Loan Certification Request form to the financial aid office and apply for a Direct PLUS Loan.

Important Withdrawal Information (Voluntary or Involuntary): Students who are no longer attending school or drop below 6 credit hours in one semester begin a grace period and are required to complete Exit Counseling at that time.

Loan Information

You must be enrolled in at least 6 credit hours toward your ASU-Beebe degree at the time of awarding and at the time of each disbursement to be eligible for federal direct student loans.

• Direct Subsidized Loans are loans made to eligible students who have demonstrated financial need as determined by federal guidelines. The government pays the interest on these loans as long as the student remains enrolled in at least 6 credit hours. Interest does not accrue during enrollment but will accrue during the 6-month grace period.
• Direct Unsubsidized Loans are loans made to eligible students, but the student does not have to demonstrate financial need for the loan. The government does not pay the interest on these loans, and interest accrues during enrollment and the 6-month grace period.
• Direct PLUS Loans are loans made to parents of dependent undergraduate students and graduate or professional students to help pay for education expenses not covered by other financial aid.

Private student loans are recommended only for students who are not eligible for or have exhausted all of their eligibility for Federal Direct Loans.

Application Process

1. Complete your private loan application through FASTChoice.
2. Fill out the bottom section of the ASU-Beebe Private Loan Process form and submit it to the Office of Financial Aid.

Direct Loan Interest Rates  

If you receive a federal student loan, you will be required to repay the loan with interest. It is important that you understand how interest is calculated and the fees associated with your loan. Both of these factors will impact the amount you will be required to repay. 

Direct Loan Fees 

Most federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive while enrolled in school. This means the money you receive will be less than the amount you actually borrow. You’re responsible for repaying the entire amount you borrowed and not just the amount you received.