Please use the following steps to access your financial assistance account:
You will not receive a paper award letter for your financial aid award. You will need to view and respond to your award offer via your myNKU account.
It is important to note that some awards have informational messages. The financial assistance listed is based on information submitted on the Free Application for Federal Student Aid (FAFSA). These awards are based on full-time enrollment and may be prorated according to a student's enrollment.
This aid will be accepted on your behalf and does not need to be repaid.
IF YOU ARE A FIRST TIME LOAN BORROWER, YOU MUST SIGN A MASTER PROMISSORY NOTE (MPN) AND COMPLETE LOAN ENTRANCE COUNSELING ON WWW.STUDENTLOANS.GOV!
To complete the MPN, you will need your FSA ID number that you used to sign the FAFSA. If you do not have it you will be able to create an FSA ID when visiting certain U.S. Department of Education websites.
To sign your MPN go to www.studentloans.gov . You will first need to sign in to the web site with your Federal Student Aid ID. Click on the tab that says Undergraduate Student or Graduate/Professional Student. Next, click on the link that says Complete Direct Subsidized/Unsubsidized Loan Master Promissory Note (MPN). Fill in the required information and submit. You will need the following information before going to the web site:
Once you have completed the MPN you need to complete Loan Entrance Counseling. This will help you understand your rights and responsibilities that come with your student loans. Complete the Entrance Counseling and print off a copy of the confirmation page for your records.
For Loan Entrance Counseling, go to: www.studentloans.gov and click on "Complete Entrance Counseling".
Federal Parent PLUS Loans are available for parents of dependent undergraduate students who are enrolled at least half-time and are meeting satisfactory academic progress requirements. The parent must be the biological, adoptive or stepparent of the student for whom they are borrowing. Parents may borrow up to the cost of attendance minus any other financial aid the student will receive. The FAFSA is required. PLUS loans are subject to a credit check.
Interest begins to accumulate on the date of the first loan disbursement. The repayment period begins on the date the loan is fully disbursed. The first payment is due within 60 days after the final loan disbursement. There are deferment options that will allow you to defer the loan while the student is enrolled at least halftime. You will receive further information about repayment and deferment options from the Direct Loan Servicer. Borrowers who have no outstanding PLUS Loan balance and who receive funds for the first time after July 1, 1994, will have a rate of interest not to exceed 9 percent on new Federal Parent Loans.
If the eligible parent of an undergraduate student accepts the Federal Direct Parent PLUS Loan, the following steps MUST be completed in order to process the loan. The parent borrower must be listed on the student's FAFSA. Upon credit approval and completion of all requirements, the loan funds will be disbursed to the school at the appropriate time.
*Parent PLUS Loan Eligibility Confirmation Form
If the parent who is borrowing the Parent PLUS loan is not listed on the student’s FAFSA, the *Parent PLUS Loan Eligibility Confirmation Form and required documents are required to process this loan.
PLUS credit counseling is available at www.studentloans.gov. PLUS credit counseling may be completed voluntarily at any time. PLUS credit counseling is REQUIRED if the U.S. Department of Education has informed you that you have an adverse credit history and
a. You have obtained an endorser
Or
b. You documented to the satisfaction of the U.S. Department of Education that there are extenuating circumstances related to your adverse credit history.
If the Parent PLUS loan has been accepted, the following steps must be completed in order to process the loan. The parent borrower* must be listed on the student's FAFSA. Upon credit approval and completion of all requirements, the loan funds will be disbursed to the school at the appropriate time.
Step 1 - Credit Check: The PARENT will need to go to www.studentloans.gov and sign in with THEIR information. Click on the tab that says “Parent Borrower” and select "Apply for PLUS loan". Complete the application and submit. This process will immediately tell you if you have been approved or denied. If the loan is APPROVED, go on to step 2. If the loan is DENIED, the parent can choose to have the decision reconsidered, choose to get an endorser/cosigner, or they can have the student contact our office about additional aid eligibility. *Credit check expires after 180 days.
**PLUS Loan Counseling is only required for borrowers who have obtained an endorser or for borrowers who had an adverse credit history but were determined to be PLUS loan eligible because of satisfactorily meeting the “extenuating circumstances” provision. PLUS counseling is completed on www.studentloans.gov.
Step 2 - Master Promissory Note: PARENT needs to go to www.studentloans.gov. Click on tab that says “Parent Borrower”and select “Complete PLUS Loan Master Promissory Note (MPN)” and follow the instructions. Be sure to complete process by submitting MPN.
Step 3 - PLUS Authorization Form: This can be found at: Parent PLUS Authorization Form. Print the PLUS Loan Authorization Form, complete and submit the form to our office. This form must be physically signed and a dollar amount must be included. Typed signatures are not accepted. Please be sure the form completed is for the correct academic year.
*Parent PLUS Loan Eligibility Confirmation Form
If the parent who is borrowing the Parent PLUS loan is not listed on the student's FAFSA, the *Parent PLUS Loan Eligibility Confirmation Form and required documents are required to process this loan.
If a Graduate PLUS Loan has been accepted, the following steps must be completed to process the loan. Upon credit approval and completion of all requirements, the loan funds will be disbursed to the school at the appropriate time.
There are important policies, federal regulations, and definitions concerning financial assistance that students need to know. Please become familiar with this information found in the Financial Aid Guide section of the Financial Assistance web page.
For alternative loan options, visit FASTChoice. Here you can learn more about alternative loans, find details about different lenders and loan programs, and even select the loan that's right for you.
