Loan Funds Status
Federal student loans are funds which a student or parent may borrow for educational purposes. A loan is borrowed money and must be paid back with interest. When considering loans, it is important to understand who is making the loan and the terms and conditions. Federal student loans usually offer lower interest rates and more flexible repayment options to borrowers than a loan from a bank or a private source.
In order to receive loan funds, you must complete the following steps:
- Fill out the Free Application for Federal Student Aid (required every school year).
- After submitting the Free Application for Federal Student Aid (FAFSA), you will receive an Award Notice. If you are awarded a student loan, you will receive processing instructions with the Award Notice.
- Loans need to be accepted or declined through your Student Center on UAConnect.
- You must complete the Master Promissory Note via the StudentLoans.gov site.
- You must complete Entrance Counseling via the StudentLoans.gov site. Note: Entrance Counseling is required only the first time you borrow at the University of Arkansas and Graduate PLUS Entrance Counseling is required for first time Graduate PLUS loans.
- You must fulfill the requirements of enrolling at least half-time before the funds are disbursed.
* Remember that changing enrollment to less than full-time may cause changes in your financial aid.
The funds will then be sent directly to the University of Arkansas. Once your funds have arrived, an email will be sent to your UARK account. To view your Account Detail, you will need to log into your Student Center and follow the path: Home > Student Center > Finances > View Financial Aid.
After selecting the aid year you wish to view, you will see your financial aid broken down by the term. If you care to see the details of each term, you can select the corresponding link.
Your loan information will also be available through the National Student Loan Data System (NSLDS). Their web address is nslds.ed.gov. All loan information will be submitted to NSLDS and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
If you have any questions regarding your financial aid, please come by the Office of Financial Aid or contact your counselor.