Federal Loans

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 may offer lower interest rates and more flexible repayment options to borrowers than a loan from a bank or a private source.  

What are the Different Types of Federal Loans?

Direct Stafford Loans

Direct PLUS Loan- Parent

Direct Plus Loan- Graduate

Perkins Loan Repayment Information 

(*Under federal law, the Perkins Loan Program awarding ended on September 30, 2017.) 

What is Required to Receive Federal Loan Funds?
  1. Fill out and Submit the Free Application for Federal Student Aid (required every school year).
  2. The Office of Financial Aid will award your Direct Stafford Loans eligibility and send you an Award Notice with processing instructions. *Please note the timing of awarding varies between semesters. 
  3. Accept or decline your loans in My UAConnect.
    1. Signed into My UAconnect.
    2. Select Financial Aid from your Student Homepage.
    3. Select Accept/Decline Awards.
    4. Select the current Aid Year.
  4. Must be enrolled at least half-time to receive federal loan funds. * Changing enrollment to less than full-time may cause changes in your financial aid.
  5. Must complete the Master Promissory Note via the StudentLoans.gov site.
  6. Must complete Entrance Counseling via the StudentLoans.gov site. *Required for first-time borrowers at the University of Arkansas at the undergraduate and graduate level.
How do I Receive and View My Loan(s)?
  1. Funds are sent directly to the University of Arkansas with a notification sent to your UA email account.
  2. Funds pay eligible charges on your account.
  3. Remaining loan balance is Refunded to your bank account.
  4. To view your Financial Aid
    1. Sign into My UAConnect.
    2. Select Financial Aid from your Student Homepage.
    3. Select a specific Aid Year under Summary to view your financial aid for that year.
    4. Select further into the Award of interest to view the details by semester for that year.
National Student Loan Data System

The National Student Loan Data System is a federal database that maintains all student loan information on an individual. Visit NSLDS to view your overall student loan information.

Questions?
Ask Razorbot or Contact Your Counselor