How do I secure my Federal Direct Student Loans?

To secure your Federal Direct Student Loans (Subsidized and/or Unsubsidized) at the School of the Art Institute of Chicago (SAIC), follow these steps:

1. Submit the FAFSA
   • Complete the Free Application for Federal Student Aid (FAFSA) for the appropriate academic year and include SAIC's school code.
   • Your eligibility for Federal Direct Loans is determined from your FAFSA.
2. Review and Accept Your Loan Offer
   • Once SAIC processes your FAFSA, your financial aid offer will be available through your student portal.
   • Accept the amount of your Federal Direct Subsidized and/or Unsubsidized Loan that you wish to borrow.
3. Complete Entrance Counseling (First-Time Borrowers Only)
   • If this is your first time borrowing a Federal Direct Loan, complete Entrance Counseling at StudentAid.gov using your FSA ID.
   • This is a one-time federal requirement that explains your rights and responsibilities as a borrower. SAIC cannot disburse your loan until this step is complete.
4. Complete the Master Promissory Note (MPN)
   • Complete your Federal Direct Loan Master Promissory Note (MPN) at StudentAid.gov using your FSA ID.
   • The MPN is your legal agreement to repay your federal student loans. It is generally only required once while attending SAIC.
5. Maintain Eligibility
   • To receive your loan funds, you must:
     • Be enrolled at least half-time.
     • Continue to meet all federal financial aid eligibility requirements.
     • Complete any additional documentation requested by SAIC's Student Financial Services Office.

After all requirements have been completed, SAIC will certify your loan and apply the funds directly to your student account. If your financial aid exceeds your institutional charges, any remaining credit balance will be refunded to you according to SAIC's refund procedures