Financial Aid Office
STUDENT LOANS
How to Apply for a Student Loan
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STEP 1 • APPLY TO EASTERN:
Students are required to be officially admitted to Eastern Oregon
University. Please refer to the Admissions Office.
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STEP 2 • FILL OUT A FAFSA:
In order to receive an award package, students are required to complete the Free Application for Federal Student Aid (FAFSA) from the U.S. Department of Education. Eastern's federal Title IV school code is: 003193. Before completing the FAFSA, you will need to apply for a PIN (personal indentification number).
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STEP 3 • RECEIVE YOUR AWARD:
Based on the information from your FAFSA, the financial aid office will be able to provide a financial aid award package. This package may include the following: grants, work-study, scholarships, and loans that you are eligible for.
To receive student aid, you must meet certain requirements. You must:
*Be a U.S. Citizen or eligible non-citizen
*Have a valid Social Security Number (unless you're from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau).
*Register with Selective Service if you are male and 18 to 25 years of age (go to www.sss.gov for more information).
*Have a high school diploma or a General Education Development (GED) Certificate or pass an exam approved by the U.S. Department of Education.
*Be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program at a school that participates in the federal student aid programs.
*Not have a drug conviction for an offense that occurred while you were receiving federal student aid (such as grants, loans, or work-study).
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STEP 4 • ACCEPTING YOUR AWARD:
If there are any discrepancies regarding your award (selected for verification, C Code, rejected record), the financial aid office will notify you either by email or through correspondence. You will need to submit the necessary documents to the financial aid office.
A student can view and accept their award(s) on Webster (on-line student access).
If you are awarded a Federal Stafford Loan and would like to apply for it, you will need to complete an entrance interview and complete a Master Promissory Note (MPN).
*Complete Entrance Interview: you are required by federal regulations to complete an entrance interview. This interview basically lets you know what your rights and responsibilities are for taking out a Stafford Loan. Complete your interview with EdTest. We will receive your response via email. You must score 90% to satisfy the entrance requirement. If you do not pass, you can retake the test.
*Complete Master Promissory Note (MPN): Eastern participates in the Federal Family Education Loan (FFEL) Program. Loans that are processed through this program provided by private lenders.
Perkins Loan: The Perkins Loan is offered to undergraduate students who demonstrate financial need. This loan has an interest rate of 5%, and a 9 month grace period. This loan is administered by the Business Office. A student must complete the Perkins Master Promissory Note and Entrance Interview.
Stafford Loans: The FFEL Loans includes subsidized and unsubsidized Stafford Loans. Eastern has a Suggested Lender List that is composed of lenders based upon quality of service, technological resources, borrower benefits and a strong working relationship with the financial aid office. As a result, the process is quick, efficient and minimal.
PLUS Loans: The Federal PLUS Loan (Parent Loan) is a loan that a parent takes out on behalf of their college-bound child. This loan does require a credit check through the lender.
To apply for a Stafford Loan and e-sign your master promissory note online with the lender, click here to view Eastern's Suggested Lender List.
**If you would like to use another lender, please contact the Financial Aid Office.
To apply for a PLUS Loan and e-sign your master promissory note onlne with the lender, please refer to the PLUS Loan process.
**If you would like to use another lender, please contact the Financial Aid Office.
Grad PLUS Loans: The Federal Graduate PLUS Loan are for graduate students to supplement their subsidized and unsubsidized loan limits. Similar to the PLUS loan program for parents, borrowers must complete a credit check with the lender. Please contact the Financial Aid Office.
Alternative Loans: Alternative loans are private loans through various lenders. This loan is not a part of the federal loan program. Interest rates are variable and slightly highter than the stafford loans. A student applying for this type of loan must be credit worthy and often times may require a cosigner. Click on Alternative Loans for more information.
