I am transferring to CSU and have a Direct Federal Loan with my current school. Can the remaining loan money for this year be transferred to CSU?
- No, you must cancel the remainder of your loan at your current school so that CSU can originate a new loan for you. You must notify your current school in writing that you are transferring to another school and would like to have the remainder of your loan cancelled. Be sure you notify your loan guarantor and report any changes in the anticipated graduation date. Once the remainder of the loan has been cancelled, CSU can process your new loan.
I am transferring to CSU and already have a Master Promissory Note (MPN) on file for my loans. Do I have to complete another one?
- No. You only need to complete a new Master Promissory Note (MPN) if you have not received loan money within the last year or if it has been 10 years since you signed an MPN; all students must file a new MPN every 10 years. However, you will have to complete Loan Entrance Counseling (LEC) as it is required for each school you attend. If you do not complete your LEC, CSU cannot disburse your loan(s).
What type of loans are degree-seeking graduate and law students eligible for?
- Graduate and Professional/Law students are eligible to receive Federal Direct Unsubsidized Stafford loans and Direct Graduate Plus loans, the latter requiring approved credit at the time of application. As of July 1, 2012, graduate and law students are not eligible for Federal Direct Subsidized Stafford loans.