How Loans Work
A loan is given to students who have demonstrated financial need with the understanding that it will be repaid at some future date, in accordance with the specific terms of the loan. Loans may be subsidized (need-based) or unsubsidized (non-need-based). With a subsidized loan, the federal government pays interest on the loan until repayment begins. With an unsubsidized loan, interest will be charged from the time the loan is disbursed until it is paid in full.
Loan funds are disbursed after you have completed loan counseling, signed the required promissory note(s) and are enrolled for the semester. Your total loan amount will be disbursed in two equal halves, one at the beginning of each semester. Loan funds will first be applied to the outstanding tuition balance. Once that obligation has been met, the excess loan amount will be mailed to your permanent address as a check.
For step by step instruction on applying for loans, please follow the steps listed here.
For loan terms and conditions please click here.
If you have followed the instructions and your loan(s) do not disburse the first week of classes, contact the Office of University Financial Aid at email@example.com or 216.368.4530.
Types of Loans
- Federal Direct Loan
- Federal Perkins Loan
- Graduate PLUS Loan
- Private Loan - A list of lenders can be found using FastChoice. These lenders were selected by an annual RFI that looks at areas such as customer service, financial stability and loan terms. If you chose a lender without using the FastChoice website, please e-mail firstname.lastname@example.org to have your loan certified. Disbursement of private loan funds can take up to 4 weeks after the University certifies the loan. Apply early to avoid late fees being charged to your student account.
Federal Loan Programs
Federal Direct Loan
Graduate or professional students may borrow funds each year through this program. The maximum unsubsidized loan available to most graduate and professional students is $20,500 per year. Students enrolled at the School of Medicine or Dentistry may be eligible to borrow up to $30,000 in unsubsidized funds.
Students must complete the FAFSA and the other application documents to be considered for a Federal Direct Loan. Students interested in a Federal Direct Loan must complete a FAFSA and a Federal Direct Loan application to have their eligibility determined. Repayment of these loans begins six months after graduation or after a student withdraws or drops below half-time enrollment, as determined by the school.
Federal Perkins Loan
The Federal Perkins loans are awarded by CWRU to select high-need students. Repayment of Perkins loans is deferred until nine-months after you cease attending school on at least a half-time basis. There are also additional deferment options for residency/fellowship periods.
Health Professions Student Loan (HPSL) Program
(available only for Medicine and Dentistry Students)
The Health Profession Student Loan Program is offered to select students pursuing programs in medicine and dentistry. Eligibility for these loans is based on a financial need assessment of the student and the student’s parent(s). Repayment of the HPSL loan is deferred until 12 months after cessation of full-time enrollment, with additional options for residency/fellowship periods.
A loan is given to students who have demonstrated financial need with the understanding that it will be repaid at some future date, in accordance with the specific terms of the loan. Loans may be government-sponsored, low interest or regular bank loans at a reduced interest rate. On some loans, interest may not start to accrue until after graduation, on others, it may begin immediately.
Loan funds are disbursed after you have completed loan counseling, signed the required promissory note(s) and are enrolled for the semester. Your total loan amount will be disbursed in two equal halves, one at the beginning of each semester. Loan funds will first be applied to the outstanding tuition balance. Once that obligation has been met, the excess loan amount will be mailed as a check.
As a first-time borrower, you will receive a notification in your CWRU e-mail account providing a link and information on how to complete loan counseling.
As a first-time borrower, you will receive a notification in your CWRU e-mail account, requesting you to e-sign a Master Promissory Note (MPN). This MPN will remain valid for the duration of your enrollment at CWRU.
Once the financial aid application has been complete, you will receive an award letter that specifies your gross loan amount. This award letter will be e-mailed to your CWRU e-mail account and also mailed to first year students.
To accept the loan amount offered in your award letter, log in to My Financial Aid using your CWRU Network ID and password. Unless you notify the Office of University Financial Aid in writing or through the My Financial Aid award response option that you wish to accept a reduced loan amount or decline a loan, it will be assumed that you accept the amount of Direct and/or Perkins Loan appearing on your award letter.