Finalizing your Financial Aid

SFA automatically accepts Federal Student Loans on behalf of the student, however the first time a student borrows a federal loan, they will need to complete a Loan Agreement (MPN) and Entrance Counseling. Loans will not apply to the student's bill until both have been completed. Once the Loan Agreement (MPN) and Entrance Counseling have been completed, the loans will show as anticipated aid on the student's bill. Student's can get started by visiting www.studentaid.gov. Please note, loan amounts listed in the student's account is a maximum. Students are encouraged to only borrow what is needed to cover their bill. All loan amounts can be cancelled or lowered by contacting SFA.

The Entrance Counseling process ensures that the student has a full understanding of the rights and responsibilities they will incur upon accepting their loan. The Loan Agreement (MPN) will serve as the student's authorization to borrow and promise to repay loans through the Direct Loan program.

The Loan Agreement (MPN) can be used for Federal Student Loans for up to 10 academic years. A single Loan Agreement (MPN) will be used for all of your Federal Student Loans at BGSU. For example, if you enroll in college as a freshman and borrow under the Direct Loan Program for all years of study, you are able to borrow under this MPN for all years.

Parents of dependent undergraduate students may borrow a Federal Direct PLUS loan to help cover the gap after the student's aid has been applied to the bill. The maximum amount the parent is able to borrow will be determined by SFA but cannot exceed the student's COA for the year. Parents are encouraged to only borrow what is needed to cover their student's bill. If a parent would like to borrow a Parent PLUS Loan, they are required to apply for the loan using the steps below. The loan amount can be adjusted by the parent contacting SFA.

1. Start by logging into www.studentaid.gov. 
2. Next, click on the "Parent" tab > “Apply for a Parent PLUS Loan” > Log in to start
3. Once credit approved, the parent will need to complete a Master Promissary Note (MPN) for a Parent PLUS Loan.

If the parent's credit is denied, the parent has several options: add an endorser, pursue a credit override, do not pursue a PLUS loan, and undecided. If the parent chooses to pursue the PLUS Loan by either adding an Endorser or pursuing a credit override, SFA will add the PLUS Loan to the student’s financial aid package. If the parent chooses not to pursue the Parent PLUS Loan or undecided, SFA will automatically offer an additional Unsubsidized Student Loan to the student. The additional Unsubsidized Student Loan will be offered on the student’s financial aid and will require the student to accept the loan in their MyBGSU before it can be processed.

• To accept the additional Direct Unsubsidized Student Loan, the Student will login to their MyBGSU > Student Center > Financial Aid > Select current aid year > Accept/Decline > Edit and use drop down to Accept, Decline, or Reduce. Call the SFA office with any issues.

Graduate students may borrow a Graduate PLUS Loan in addition to the Direct Unsubsidized Loan to help cover the gap in their cost of attendance. To apply, students will need to complete a Graduate PLUS Loan application by visiting www.studentaid.gov. Begin by clicking on the "In School" tab > "Apply for a PLUS Loan for Graduate School"

Once the student's credit is approved, the student will need to complete a Graduate/Professional Loan Entrance Counseling and PLUS Master Promissory Note (MPN). Once the MPN and Entrance Counseling have been completed, the loans will show as anticipated aid on the student's bill. 

Students are encouraged to only borrow what is needed to cover their bill.

• Research your private loan options. Review private loan information and search online lenders.
• Complete a loan application with your lender. Most lenders have applications available on their website.
• Once credit is approved, contact your lender for the next steps.
• Once SFA has received a certification request from the lender, the student will be required to complete an Private Loan Questionnaire found in their MyBGSU > Student Center > Action Items > To-Do list. 

SFA will notify the student via email that the link to access the questionnaire is available on their To Do List. After the questionnaire is completed, certification will be sent to the lender and the private loan will be viewable on the student’s financial aid found in their MyBGSU.

*Note that the private loan application processing time typically takes at least 4 weeks. Apply as early as you can, so that funds arrive in time for the bill due date. The credit check on each Private loan is only valid for 30 to 180 days depending on which lender you choose. Please check with you lender and submit your application appropriately.

If a student chooses to participate in Federal Work Study, they will need to accept their Work Study offer in their MyBGSU.

Students interested in earning their work study funds by tutoring at a local elementary school, see America Reads.

Once the student is enrolled in classes, they will be able to access Handshake, BGSU’s online job and internship database. To find a Work Study job, search through job postings and contact listed employers for the application process.

Follow the steps below to report your external scholarship to SFA:

1. Submit documentation to BGSU from the organization/foundation awarding the scholarship, must contain students’s full name and the amount of the scholarship awarded. Please be sure to include Student’s ID number.
2. Letter(s) can be uploaded online to SFA.
3. Don’t forget to give your donor the Bursar address to send a paper check.