Federal Direct Undergraduate Student Loan
Federal Direct Undergraduate Student Loans are fixed-rate loans available to degree-seeking students enrolled at least half-time in courses that are degree-applicable. To access direct student loan funding as part of your educational payment plan, you must complete all of the following steps:
1. Complete the FAFSA
Complete the Free Application for Federal Student Aid (FAFSA) online.
- You cannot receive a federal direct loan unless you complete the FAFSA.
- The FAFSA determines your eligibility for the federal loan program.
2. Record Your eAward Decision
Access Financial Aid from myCU.
- Select the aid year that you wish to review at the 'Select an Award Year' field.
- Click on ‘Review and accept your Financial Aid Award Package’ under the Checklist section.
- NOTE: All the steps on the checklist prior to this must be completed first.
- Review the direct loans that are part of your financial aid package and record your decision.
- After you ‘Accept’ or ‘Decline’ the loan(s), you will be able to see the immediate changes in your eAward.
- NOTE: If, at a later date, you change your mind regarding an ‘Accepted’ or ‘Declined’ loan, you CANNOT change it in your Self-Service account. To change the loan status OR amount, please review our FAQ on Loans (Types, Fees, Limits, Repayment) page for further instructions.
3. Complete Undergraduate Entrance Counseling
As a first-time borrower, you must complete Undergraduate Entrance Counseling to obtain a Federal Direct Student Loan.
- Make sure you select the option to complete entrance counseling as an Undergraduate Student.
- Students who completed Undergraduate Entrance Counseling in a prior year have met this federal requirement.
- Transfer students: If you received Federal Direct Student Loan funds at another institution, in most cases this requirement is considered met as long as Cedarville is able to confirm the prior Undergraduate Entrance Counseling.
4. Complete the Subsidized/Unsubsidized Master Promissory Note
As a first-time student borrower, you must complete a Subsidized/Unsubsidized Loan MPN to obtain a Federal Direct Student loan.
- In most cases, students who received direct loan funds in a prior year have met this federal requirement.
- Transfer students: If you received Federal Direct Student Loan funds at another institution, in most cases this requirement is considered met as long as Cedarville is able to confirm your prior borrowing.