Federal Loans
All federal student and parents loans require the completion of the FAFSA each academic year.
Casper College School Code: 003928
As a new or returning student at Casper College, it is important that you borrow smart and understand what your responsibilities are.
We recommend that you read the below details closely to ensure your comprehension of the Direct Loan program and the loans that you may be eligible for. All Federal Direct Loans require students to complete a Master Promissory Note and Direct Loan Entrance Counseling as a first-time borrower at Casper College.
More details
Casper College is a Direct Lending school, which means Casper College offers Direct Stafford and Parent PLUS loans directly through the Department of Education, rather than through individual banks. Unlike grants or work-study, a loan is money that must be repaid. You, the student, must repay your loans even if you do not complete your academic program. You are legally obligated to repay your loans.
Details about Federal Financial Aid and Casper College
Looking for even more details? To learn more about the different loan types, interest rates, repayment options, etc., visit the U.S. Department of Education website for up-to-date info.
Types of Federal Loans
Federal Direct Subsidized Loans (for students)
Federal Direct Subsidized Loans are need-based loans for undergraduate students. The amount you can borrow is determined by your academic level and the amount of financial need based on a completed FAFSA each academic year. For Subsidized loans, the loan does not accrue interest while the student is enrolled at least half-time, for the first six-months of grace period, and during a period of deferment. To request a subsidized loan, see details below.
Federal Direct Unsubsidized Loans (for students)
Federal Direct Unsubsidized Loans are non need-based loans for undergraduate students. The amount you can borrow is determined by your dependency status and your cost of attendance minus other financial assistance received. For Unsubsidized loans, you are charged interest on this loan from the time the loan is disbursed until it is paid in full. To request an unsubsidized loan, see below.
Federal Direct PLUS Loans (for parents)
Parents of dependent age undergraduates who are enrolled at least half-time can apply for PLUS loans to help pay for educational expenses at CC. The annual limit is the student’s Cost of Attendance, as shown in the student’s financial offer letter (available through their myCCinfo account), minus any estimated or accepted financial aid. Parents are financially responsible for paying this loan back and will be charged interest on this loan from the time the loan is disbursed until it is paid in full. To apply for a parent PLUS loan, see details below.
Requesting a student loan or applying for a parent loan
How to request a federal student loan at Casper College:
Your financial offer letter may contain an estimated amount of Direct Stafford Loan eligibility. Borrowing less than the amount listed on the financial offer letter is encouraged. There is a four-step process to obtaining a student loan at Casper College:
- Complete the FAFSA using your FSA ID (Casper College School Code: 003928)
- Complete Entrance Counseling:
• HOW: Log into the Federal Student Aid website, and look for the link to “Complete Entrance Counseling.”
• This is a mandatory information session you must complete before funds are added to your account. Have your FSA ID handy! - Complete a Master Promissory Note (MPN), which is a loan agreement for a subsidized/unsubsidized loan:
• HOW: Log into the Federal Student Aid website, and look for the link to “Complete Loan Agreement for a Subsidized/Unsubsidized Loan (MPN).”
• This is a legal document in which you promise to repay your student loans. - Accept loans in the MyCCinfo portal.
• DO NOT complete a student loan request form until you have completed Entrance Counseling and Master Promissory Note.
• Once you have completed Entrance Counseling and a MPN, accept your loans in MyCCinfo and tell us how much you want to borrow. Refer to your financial offer letter for your estimated amount of Direct Stafford Loan eligibility; again, only borrow what you need!
How to apply for a Parent PLUS Loan at Casper College:
- Complete the FAFSA using the student’s FSA ID (Casper College School Code: 003928)
- Navigate to studentloans.gov
- Log in with your FSA ID
- Under the “Parent Borrowers” section, click “Apply for a PLUS Loan“
- Complete PLUS Credit Counseling under “PLUS Loan Process”
- Complete PLUS MPN for Parents under “Master Promissory Note”
You’ve applied for a loan, now what’s next?
Keep in mind, all loans will have at least two disbursements. After your loan has been processed you will receive a loan delivery letter with your disbursement dates. Also, if you are a first-time college student and a first-time student loan borrower, regulations require that your first loan disbursement be delayed until 30 days after the start classes. Contact Enrollment Services if you are not sure when to expect your student/parent loan disbursements.
After you graduate or stop attending Casper College:
Students are required to complete Exit Counseling
- HOW: Log into the Federal Student Aid website and look for the link to “Complete Exit Counseling.”
- The federal government requires you to complete loan Exit Counseling session prior to graduating or stopping at least half-time attendance.
- The purpose is to help you understand your rights and responsibilities as a student loan borrower.
- An Exit Counseling session will offer repayment information as well as contact information for student loan servicers.
Need help managing your federal loan(s)?
Student Connections
Casper College has a partnership with Student Connections, which provides federal student loan debt management counseling.
Questions about how to best manage your federal student loans can be answered by contacting Student Connections: 866-311-9450 or intouch@studentconnections.org.
Looking for repayment options that best fit your current budget? Student Connections can assist you with that, too! Student Connections works on behalf of Casper College to help you successfully repay your federal student loans. Student Connections may also contact you periodically about your loans to offer support.
Consolidating Loans
If you have multiple federal education loans, you can combine them into a single Direct Consolidation Loan. This may simplify repayment if you are currently making separate loan payments to different loan holders, as you’ll only have one monthly payment to make. There may be tradeoffs, however. So before you consolidate, you’ll want to learn about the advantages and possible disadvantages of consolidation. To learn more, visit the Direct Consolidation Loan website.
Other resources
Calculators
- This Budget Calculator will help you determine your expenses and estimate your total available income.
- Visit Direct Consolidation Loans for a repayment estimate calculator that can help determine if a consolidation loan would be right for you.
Helpful Websites
Remember to complete the FAFSA every year!
Complete the FAFSA online using your FSA ID (Casper College School Code: 003928). The priority deadline for applying for federal financial aid is early March for the fall semester and early October for the spring semester.