The following is provided to help you make the most appropriate decision regarding the amount you need to borrow. You may be eligible to borrow the maximum for your grade level every two semesters. If your borrowing period involves any term other than the normal academic year, be aware that borrowing more than half of your eligibility during the first term can affect the amount you are eligible to receive in the second term.
Four Steps to Process Your Loan
- Complete a Free Application for Federal Student Aid (FAFSA).
- Thoroughly complete and submit the Federal Direct Stafford Loan Request Form for Summer 2012.
- Complete the First-time Borrower Requirements* if applicable.
- The Office of Scholarships and Financial Aid will process your loan.
*First-time Borrower Requirements
Master Promissory Note Requirement
The Federal Direct Stafford Loan program requires all first-time borrowers to complete a Master Promissory Note. You may complete an electronic Master Promissory Note on the Web by using your PIN at www.bsu.edu/finaid, then click on Fill Out Your Master Promissory Note.
Loan Counseling Requirement
Federal Direct Stafford Loan program regulations require all first-time borrowers to complete a loan counseling session before these funds can be released. This requirement may be completed on the web at www.bsu.edu/finaid. Then click on Take Loan Entrance Counseling and follow the directions through the entire site.
Loan Maximums Based on Student Status
Federal regulations require that you be enrolled for at least 6 hours undergraduate or 5 hours graduate to receive these funds. The maximums listed for each grade level apply to any two consecutive terms (i.e., summer/fall, fall/spring, spring/summer). Undergraduate Students:
| Credit Hours Earned
| 0-29 (Freshman)
|| $ 5,500
|| $ 9,500
| 30-62 (Sophomore)
|| $ 6,500
| 63+ (Junior)
|| $ 7,500
| Cumulative Maximum
Second Undergraduate and Licensing Students:
Maximums based on the number of hours the school counts toward satisfying the requirements of the student's program OR
Maximums based on the number of hours the student is required to earn to complete the program.
You may not be able to borrow the maximum as a result of previous borrowing, other aid received, and your estimated cost of attendance.
Completing the Loan Request Form
You may only complete a loan request form if you are currently registered as a Ball State student. If you are a student and do not have a Ball State computer user name, it is easy to obtain one or have its associated password reset. Bring a valid picture ID to the Technology HelpDesk in Bracken Library (BL), room 101. You will be given your user name and/or password while you wait. The process takes about five minutes to complete.
The information desk staff cannot perform password resets over the phone, nor can they reset passwords when a password does not match that of the ID holder.
To proceed and complete the online Undergraduate Federal Direct Stafford Loan Request Form for Summer 2012, click here.