Types of Aid
Loans
Student Loans at ECSU
ECSU offers several loan options to help finance your education. Explore the types of loans available and learn how to apply.
Student loans are a form of financial assistance that must be repaid. Elizabeth City State University participates in several federal loan programs to help students and families cover educational expenses. We encourage students to borrow responsibly and understand their rights and responsibilities before accepting a loan.
Loan Types
Federal Direct Subsidized Loan
Based on financial need
Government pays interest while in school
Lower interest rate
Federal Direct Unsubsidized Loan
Not based on need
You pay all interest
Interest accrues immediately
Federal PLUS Loan (Parent/Grad)
For parents of dependent students
Credit check required
Can cover full cost of attendance
Types of Aid
Department Contact
- Welcome Center
- 19 Fine Arts Way, Elizabeth City, NC 27909
- 252-335-3283
- financialaid@ecsu.edu
- Mon - Fri : 8:00 am- 5:00 pm
Federal Direct Loans
Federal Direct Loans are low-interest loans provided by the U.S. Department of Education. These loans are available to eligible undergraduate and graduate students who complete the FAFSA.
Types of Federal Direct Loans
Direct Subsidized Loans
Available to undergraduate students with financial need
The federal government pays the interest while the student is enrolled at least half-time and during approved deferment periods
Direct Unsubsidized Loans
Available to undergraduate and graduate students
Financial need is not required
Interest accrues while the student is enrolled
Loan amounts are determined by class level and federal annual and aggregate limits.
Federal Direct PLUS Loans
Parent PLUS Loans
Parent PLUS Loans are available to parents of dependent undergraduate students to help cover educational costs not met by other financial aid.
Credit check required
Parent borrower is responsible for repayment
FAFSA must be completed by the student
Graduate PLUS Loans
Graduate or professional students may apply for Graduate PLUS Loans to cover remaining educational expenses after other aid is applied.
Credit check required
FAFSA required
Private / Alternative Loans
Private or alternative loans are offered by banks and lending institutions. These loans are not federally guaranteed and typically require a credit check.
Before applying for a private loan, students are encouraged to:
Maximize federal loan eligibility first
Compare interest rates, fees, and repayment options
Review borrower protections and terms carefully
Elizabeth City State University does not endorse any specific private lender.
Lender Lists
Many private lending institutions offer loans to students and families seeking assistance to meet expenses related to attendance at ECSU. We strongly recommend that students utilize their federal loans prior to seeking private loans. Other options that may be available are the Federal Parent Loan and the tuition payment plan.
ECSU has selected ElmOne as a one-stop resource for students seeking alternative loans. Our websites below provides an interactive lender list, which assists students in selecting a loan that best meets their needs. Please note that the list is not comprehensive. We do not endorse or promote specific alternative/private loan lenders and will not discriminate against students’ chosen lenders.
Undergraduate Lender List
Graduate Lender List
When choosing a private loan, our office offers these suggestions:
- Review the terms and conditions of loans carefully
- Only borrow what you need (visit the Cost and Aid webpage for more information)
- Check minimum/maximum annual loan limits
- Compare the combination of interest rate, fees, and repayment terms to determine the total amount repaid over time
- Some offer interest rates that are adjusted monthly, some quarterly, and some annually
- Check for deferred interest and/or principle while enrolled in school
A good reference site for more information about private/alternative loans is FinAid – The SmartStudent Guide to Financial Aid.
Note: The Office of Student Financial Aid and Scholarship reminds you that before you apply for a private loan to fund your education, please use your federal student loan eligible first. A private loan can carry an interest rate as high as 15%. Other options that may be available are the Federal Parent Loan and the tuition payment plan.
How to Apply for a Loan
Follow these steps to apply for student loans:
- 1. Complete the Free Application for Federal Student Aid (FAFSA).
- 2. Review your financial aid offer through the student portal.
- 3. Accept or decline loan offers as needed.
- 4. Complete required counseling and loan documents.
Loans will not be disbursed until all requirements are completed.
Entrance Counseling & Master Promissory Note (MPN)
Entrance Counseling
Federal Direct Entrance Counseling is required for all first-time borrowers. The Counseling Session informs you of your rights and responsibilities as a borrower.
The entire counseling process must be completed in a single session. Most people complete counseling in 20-30 minutes.
View the Entrance Counseling video
Exit Counseling Requirement
Exit counseling is required for all borrowers. The Counseling Session provides important information you need to prepare to repay your federal student loan(s). If you have received a subsidized, unsubsidized or PLUS loan under the Direct Loan Program, you must complete exit counseling each time you:
- Drop below half-time enrollment
- Graduate
- Leave School/Withdraw
Please complete exit counseling and the Office of Student Financial Aid and Scholarships will receive your information electronically within 5 to 7 business days.
The entire counseling process must be completed in a single session. Most people complete counseling in 20-30 minutes.
View the Exit Counseling video
Master Promissory Note (MPN)
The Master Promissory Note (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.
The entire MPN process must be completed in a single session, so be sure you have enough time before you start. Please allow 3-5 business days for the financial aid office to receive notification.
Each MPN generally takes approximately 30 minutes to complete.
View Signing the Master Promissory Note video
Loan Repayment, Borrower Rights & Federal Disclosures
Repayment typically begins after the borrower graduates, leaves school, or drops below half-time enrollment.
Borrowers have rights, including:
Access to loan information
Repayment plan options
Deferment and forbearance options when eligible
We strongly encourage borrowers to stay in contact with their loan servicer and to keep personal information up to date.
Student Loan Repayment and Deferment Information
Federal and non-federal student loans are funds that must be repaid, even if you experience financial difficulties. Therefore, when deciding whether to borrow, you should examine your need for assistance and your future ability to repay. The precise terms of both federal and non-federal loans are contained in the promissory notes that borrowers must sign.
The Department of Education has several loan servicers.
Make sure you know your loan servicer and be sure to contact them for information about loan repayment, deferment, or forbearance. You never have to pay for assistance with managing your loans with your servicers, beware of commercial student loan debt relief companies.
A deferment is a period in which you are temporarily granted a reduction in your payment amount or allowed to stop making payments on your federal student loan for a specific amount of time.
Student Rights and Responsibilities for Loan Borrowing
Student Rights
I understand that I have a right to the following:
- Repayment Plans: You have the right to choose from several repayment plans, including income-driven plans.
- Grace Period: You have the right to a grace period, typically six months after leaving school, before you must begin repaying your loan.
- Repayment Period: You have the right to a repayment period of at least 10 years
- Access to Information: You have the right to clear and accurate information about your loan, including interest rates, fees, repayment terms, and conditions.
- Borrowing Limits: You have the right to know the limits on how much you can borrow each year and in total.
- Deferment and Forbearance: You have the right to request a deferment or forbearance to temporarily postpone or reduce your loan payments under certain conditions.
- Loan Forgiveness: You have the right to explore options for loan forgiveness, such as Public Service Loan Forgiveness (PSLF), if you meet the qualifications.
- Loan Servicer Information: You have the right to know who your loan servicer is and how to contact them for any loan-related questions.
- Loan cancellation: You have the right to have your loan obligation cancelled if you die or become total and permanently disabled
Student Responsibilities
I understand I am responsible for:
- Repayment: You are responsible for repaying your loan, regardless of your financial situation or whether you complete your education.
- Understanding Terms: You are responsible for understanding the terms and conditions of your loan agreement before borrowing.
- Communication: You are responsible for communicating with your loan servicer about any changes to your contact information, enrollment status, or financial situation.
- Timely Payments: You are responsible for making timely payments according to your repayment plan. Late or missed payments can lead to delinquency or default, affecting your credit score.
- Budgeting: You are responsible for budgeting and planning for your loan repayment to ensure you can meet your obligations.
- Seeking Assistance: You are responsible for seeking assistance if you encounter difficulties in repaying your loan. Reach out to your loan servicer to discuss alternative repayment options.