You don't have to accept all the loans that are offered to you. If you are awarded a subsidized loan, you should accept it before any unsubsidized or private education loan because the interest is paid on your behalf while you are enrolled at least half-time (six credits for undergraduate students, five credits for graduate students).
Please note that PLUS loans, GradPLUS loans, and private education loans appear as "estimates" in MyAkron. You cannot "accept" these types of loans through MyAkron because you need to apply for them separately. Application processes for these types of loans are outlined below.
Federal Direct Subsidized/Unsubsidized Loans
- Follow these steps to complete the Federal Direct Loan process for subsidized or unsubsidized loans:
- If your financial aid award includes a Nursing Loan, it will be automatically "accepted" in MyAkron on your behalf but the funds cannot be applied to your student account until these documents are completed and returned to the Office of Student Accounts (not Student Financial Aid):
- Statement of Rights and Responsibilities
- Personal and Confidential Information Sheet
- Master Promissory Note
- Truth in Lending Statement
- Documents are available here.
- If you are not interested in using the Nursing Loan that has been offered to you, please decline it via MyAkron. (Check the box in the "Decline" column, click "Submit," and click "Yes" to continue. If the process has been completed successfully, a "Submit Confirmation" page will appear.
- Accept Parent Loan for Undergraduate Students (PLUS) at studentloans.gov. The parent applying for the loan must sign into studentloans.gov with the FSA ID (username and password) they used to sign the FAFSA. The student cannot be signed into studentloans.gov to have the parent apply for this type of loan. This is a very common error and will delay our ability to process the PLUS loan request.
- Once approved, the parent must complete the Master Promissory Note at studentloans.gov.
If the parent is denied a PLUS loan because of an adverse credit history, he or she will have the option to do any of the following in order to attempt to be approved: complete PLUS counseling, obtain an endorser who does not have an adverse credit history, or document to the satisfaction of the U.S. Department of Education that there are extenuating circumstances related to the adverse credit information. This information is available at studentloans.gov. If these are not viable options for the parent, the student may be eligible to receive additional unsubsidized loan funds. Please contact our office for more information.
- Graduate students apply for GradPLUS loans at studentloans.gov
- Once approved, the student must complete the Master Promissory Note at studentloans.gov
If the student is denied a GradPLUS loan because of an adverse credit history, he or she will have the option to do any of the following in order to attempt to be approved: complete PLUS counseling, obtain an endorser who does not have an adverse credit history, or document to the satisfaction of the U.S. Department of Education that there are extenuating circumstances related to the adverse credit information. This information is available at studentloans.gov.
- Apply and accept private loans through FASTChoice.
- These types of loans should only be used if no other funding source is available. The are credit-based, and therefore students without an established credit history will more than likely need a qualified co-signer in order to be approved.