Before you Take a Student Loan

Explore Scholarships and Grants!

Unlike scholarships, grants and work-study, loans must be repaid. If the degree or program of study is NOT completed, the student remains responsible for re-payment. It is recommended that you only borrow the amount you will need to successfully complete your education.

Compare Student Loans

Know the Difference Between Federal and Private Student Loans.

Federal Student Loans: These are the federal student loan programs funded by the government which are awarded to you when you fill out the FAFSA. These are generally your best education loan option.

Non- Federal Student Loans (Private Loans): These are other types of student loan programs funded by banks sometimes called ‘alternative loans’ because they are an alternative to the federal Student Loan programs. You have to apply and be approved for these loans directly with a bank or lender.

ASU Emergency Loans: Students who need “emergency” funds for books or other expenses can apply for an emergency loan, up to $190, from Adams State University. A simple loan application and promissory note can be completed with a One Stop cashier. (Link to Emergency loans page, student business).

Manage Your Loans

Master Promissory Note: The Loan Agreement or MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). There are different MPNs depending on the loan(s) you need to accept.

Entrance Counseling: Students are required to complete an Entrance Counseling session before their federal loans will disburse. A hold will be placed on the student’s account and prohibit their loans from paying until the student completes the Entrance Counseling session.

Exit counseling: Students must complete an Exit Counseling session at the time they graduate, withdraw or drop to less than half-time status. A hold will be placed on the student’s academic transcript until such time as the student completes the Exit Counseling session.

Repayment: Repayment will begin immediately or up to six months after you withdraw, graduate, or drop to less than half-time status. Since repayment options vary greatly, it is best to contact your lender for details. Lean more about your lender, loan repayment options, teacher loan forgiveness and public service loan forgiveness by visiting studentaid.ed.gov. 

Loan default: Failure to repay a loan according to the terms agreed to in the promissory note. For most federal student loans, you will default if you have not made a payment in more than 270 days. You may experience serious legal consequences if you default.

Loan Disbursement: Once the lender has received the school certification and your promissory note, the University Access Network (formerly CSLP) will guarantee the loan.

  • If you wish to check the status of your promissory note, contact University Access Network at 1-800-727-9834.
  • Adams State University will then receive the loan through electronic transmission if you used a CAN lender. After your eligibility is verified, the loan disbursement will be credited to your account.
  • The federal government requires lenders and schools to disburse loans in two disbursements regardless of the loan period. If you borrow for the fall/spring semesters, there will be a disbursement in August and another in January. If you borrow for only one semester, your loan(s) will be disbursed in two disbursements.

More Information

Email onestop@adams.edu for loan information or requests.