If you plan on securing loans to cover all, or part, of your balance for the 2018-2019 school year, please review the information below and complete the necessary steps.
International applicants are not eligible for U.S. Federal Loans of federal grants.
Federal Direct Loan Program +
Norwich University participates in the Federal Direct Loan Program. Federal loans include Federal Direct Subsidized and Unsubsidized Loans and Federal Direct PLUS Loans.
Please review your Norwich Financial Aid award letter for your qualification amounts. For more information visit studentaid.ed.gov.
If you completed a Master Promissory Note (MPN) and Entrance Counseling previously, you will not need to do so again.
Forgot Your Login?
Visit fsaid.ed.gov and click "Edit My FSA ID."
To be eligible for Federal Direct Loans, please complete Steps 1 & 2 below:
Step 1: Federal Direct Student Loan Master Promissory Note
- Go to www.studentloans.gov and log in with your FSA ID (used to sign your FAFSA).
- Forgot your login? Visit fsaid.ed.gov and click "Edit My FSA ID".
- Select "Complete Loan Agreement (Master Promissory Note)".
- Select "Start" next to MPN for Subsidized/Unsubsidized Loans. Follow the prompts to complete the MPN and submit.
- Norwich University will receive notification within 1-2 business days after the MPN has been completed.
Step 2: Federal Direct Student Loan Entrance Counseling Session
- Go to www.studentloans.gov and log in with your FSA ID.
- Select "Complete Loan Counseling (Enterance, Financial Awareness, Exit)"
- Select "Start" next to Entrance Counseling. Follow the prompts to complete the counseling and submit. Select Norwich University as School to Notify.
- Select "undergraduate" as your Student Type
- Norwich University will receive notification within 1-2 business days after the Entrance Counseling has been completed.
Declining Federal Direct Student Loans
If you were awarded a Federal Direct Student Loan and want to decline all or part of your loan (unsubsidized, subsidized, or both), log onto NetPartner to update and manage your award(s).
Federal Direct Parent Loan for Undergraduate Students - PLUS +
The Federal Direct PLUS Loan is a federal loan for parents of dependent undergraduate students. It is a fixed interest rate loan and has minimal credit requirements. Parents may borrow up to the cost of attendance minus any other financial aid the student receives. For more information on terms, interest rates, and repayment options, please go to the Federal Student Aid website.
Step 1: PLUS Loan Application
- The parent that plans to borrow must have an FSA User ID (used to sign the FAFSA)
- To create an FSA User ID go to fsaid.ed.gov
- " If the parent has an FSA User ID go to www.studentloans.gov and log in.
- Select "Apply for a PLUS Loan".
- Select "Start" next to Direct PLUS Loan Application for Parents.
- Complete the required fields — School & Loan Info, Borrower Info, Review Request and Credit Check & Submit.
- Note: Please make sure you select a loan for the 2018-2019 year.
Step 2: PLUS Loan Master Promissory Note
(Complete only if approved for a parent PLUS Loan, and you wish to take the loan.)
- The parent must go to www.studentloans.gov and log in using the parent's FSA ID.
- Select "Complete Loan Agreement (Master a Promissory Note)."
- Select "Start" next to PLUS MPN for Parents."
- Complete the required fields: Information, References, Terms & Conditions, and Review & Sign.
PLUS Loan options
Loan amount: When completing the Direct Federal PLUS Loan application, parents are given the option of entering a specific loan amount, or can select the “maximum” option.
Things to consider when determining the amount to borrow:
- The government charges a 4.276% origination fee on PLUS loans. If applying for the exact balance, consider factoring in this fee to avoid a shortage. The origination fee could change effective 10/01/2018.
- Only borrow what you need. The current interest rate on PLUS is 7.0% this rate could change for loans borrowed after July 1, 2018.
- Maximum loan: If the "maximum amount" option is selected on the Federal Direct PLUS loan application, Norwich Financial Aid will award to maximum amount allowed in the student budget, which is $4,200 per year beyond estimated billed costs, allowing students to borrow for travel, books, etc.
If denied the PLUS loan there are several options of how to move forward.
- Pursue endorser: Re-apply with an endorser (cosigner).
- Appeal: Appeal the reason your credit was denied to the Department of Education.
- Student Loan eligibility increases: Student's eligibility for Federal Direct Unsubsidized loan increases by $4,000 (for Freshmen and Sophomores) or $5,000 (for Juniors and Seniors) if a parent is denied and chooses not to appeal the decision.
- Choose to not pursue the PLUS loan or further Federal Direct Unsubsidized Loan.
Alternative Loans +
Alternative loans, commonly referred to as private loans, are commercial loans offered by banks, credit unions, and other private lenders to assist in covering the costs of college beyond what financial aid has been provided.
How they differ from federal loans:
- These loans are not entitlement loans. Meaning both the student and co-signer will be subject to a credit check.
- Interest rates on Alternative/private loans may be fixed or variable, higher or lower than the federal rate.
- There are several places to find the current rates for Prime, T-bill, LIBOR and the other instruments that lenders use to set their interest rates, but we suggest you bookmark www.bankrate.com. When you visit, there will be many indexes listed. The three main indexes for private loans are: Wall Street Journal (WSJ) Prime, 91Day T-bill, and the one-month LIBOR plus a certain percent.
- There are no interest rate caps on these loans. While alternative/private loans typically defer payments while students are in school and offer a grace period similar to federal loans, some may require payment while the student is still attending school.Read and understand the loan conditions and terms prior to signing the promissory note.
- The funds students borrow from alternative or private lenders are not eligible for federal repayment or forgiveness programs.
- The application process can be quite lengthy. Students are encouraged to apply 4-6 weeks in advance of when the funds are needed.
Self Certification Form
As part of the alternative loan application process, students need to complete a Self-Certification form. This form must be completed for loans to be approved. All Self-Certification forms should be sent to the specific lender and not the Office of Financial Aid. The Self-Certification form requires students to report the cost of attendance and estimated financial assistance. This information can be found on your award letter or you may contact the Office of Financial Aid at 802-485-3015 to obtain this information. Most lenders will provide a form to collect the specific information they are looking for.
Download the Self Certification form (PDF). This form is also available at the Office of Financial Aid.
Active Acceptance of the Loan
Upon approval of an alternative loan, student will be required to "actively accept" the terms of the loan before the lender will notify the school . The terms of the loan will be provided in a Loan Approval Disclosure. Lender's will provide instructions of how to "accept" the loan terms, which can be found on the approval disclosure form. This form should be returned to the lender as soon as possible.
Lenders Used in Previous Years
Norwich University is committed to providing students with the best possible information in order to assist in the selection of a lender. These lenders have provided loans to Norwich students in previous years. Students are not limited to one of these lenders. If a student wishes to choose an alternative loan with any other lender, Financial Aid will process the loan. Norwich University does not receive any monetary or other incentives for having these lenders provided here. The lenders that are provided met the following criteria at the time the list was created:
- The lender offers benefits to students in the form of fee reductions, interest rate reductions, or other benefits.
- The lender has demonstrated over time that they provide excellent customer service to students.
- The lender participates in electronic processing as well as paper processing, making it easy for the student to apply for and receive their loan funds.
If it is decided that an alternative loan is the right choice, Financial Aid encourages students and families to explore each of the loan programs to determine which one best suits each individual's needs.
Lender Website Phone Citizens Bank http://www.citizensbank.com/student-loans 1.800.708.6684 Discover Student Loans www.discoverstudentloans.com 1.877.728.3030 Sallie Mae www.salliemae.com/norwich 1.888.272.5543 Sun Trust Bank www.suntrusteducation.com/customchoice 1.866.232.3889 Vermont Student Assistance (VSAC) www.vsac.org 1.800.798.8722 Wells Fargo www.wellsfargo.com/student 1.800.658.3567
Alternative Loan Comparison Tool
Norwich University is providing a tool called FASTChoice Solutions if assistance is needed in selecting a lender for an alternative loan. This tool is provided by Great Lakes Higher Education Assistance Corporation (GLHEAC) to assist NU students in selecting a lender and provide the ability to compare the benefits and terms of each loan program to assist students in making the best choice.
Who to Contact with Questions Questions about: award letters, student/parent loans, tax verification. Norwich Financial Aid
Phone: (800) 468-6679 or (802) 485-3015
Questions about: tuition bills, making payments, refunds, SmartCard, 1098T tax forms. Bursar's Office
Questions about: your FSA ID, completing the FAFSA, logging into Federal Student Aid websites, existing student loans. Federal Student Aid Information Center
Phone: (800) 433-3243
Email: Federal Student Aid contact form
Web: Federal Student Aid website
Questions about: logging into your Norwich account, creating accounts. Norwich Helpdesk
Phone: (603) 526-3800