Loans
William D. Ford Direct Loan Programs
Federal Perkins Loan Program
Private Loans
National Student Loan Database System
Repayment
Consolidation
WILLIAM D. FORD DIRECT LOAN PROGRAMS
The Eastman School of Music participates in both the William D. Ford Direct Student Loan Program and the William D. Ford Direct PLUS Loan Program. All Federal Stafford and PLUS loans borrowed to cover costs while attending Eastman must be borrowed through Direct Lending (www.dl.ed.gov).
Entrance Counseling Session
(www.dl.ed.gov)
Required of all first-time student borrowers who are offered a Federal Direct Loan as part of their Financial Aid Package. Please note that this website may not be compatible with some browsers. For best results use Internet Explorer. If you are unable to access this website or need a paper copy of this document, please contact the Financial Aid Office.
Master Promissory Note for Student Borrowers
(https://dlenote.ed.gov).
Required of all first-time student borrowers who are offered a Federal Direct Loan as part of their Financial Aid Package. You will need your Department of Education PIN (www.pin.ed.gov) (same as your FAFSA PIN) to complete this promissory note on-line.
Please note that this website may not be compatible with some browsers. If you are unable to access this website or need a paper copy of this document, please contact the Financial Aid Office.
Master Promissory Note for Parent Borrowers
(https://dlenote.ed.gov).
Required of all first-time parent borrowers who have applied (link to PLUS Loan Application) and been approved for a Federal Direct PLUS Loan. Parent borrowers will need a Department of Education PIN (www.pin.ed.gov) (same as your FAFSA PIN) to complete this promissory note on-line.
Please note that this website may not be compatible with some browsers. For best results use Internet Explorer. If you are unable to access this website or need a paper copy of this document, please contact the Financial Aid Office.
Credit Balance Request Form
Required of all PLUS borrowers who anticipate a credit balance on their student’s account as a result of borrowing the PLUS loan. This form should be returned to the Bursar’s Office.
Exit Counseling Session (www.dl.ed.gov):
Required of all Student Federal Direct Loan borrowers at the time they graduate, drop below half-time status, take a leave of absence or withdraw from the Eastman School of Music. Students who graduate at the end of the spring semester will be invited to a group Exit Counseling Session some time in March. All other students will be mailed an Exit Counseling packet at the time of their status change. Students who wish to schedule an individual exit session or who have questions regarding the Exit Counseling Requirement should contact the Financial Aid Office. Please note that those students who fail to complete an Exit Counseling Session will have a hold placed on their transcript.
FEDERAL PERKINS LOAN PROGRAM
Master Promissory Note for Perkins Loan Borrowers:
Perkins Loan Master Promissory Notes are printed at the end of August and will be available in the Financial Aid Office for all first-time Perkins loan borrowers.
Truth in Lending Statement:
A Truth in Lending Statement is required of all Perkins loan borrowers on a yearly basis. This document will be printed in August and will be available to students in the Financial Aid Office.
Rights and Responsibilities Sheet:
A Rights and Responsibilities Sheet is required of all Perkins loan borrowers on a yearly basis. This document will be included in a student's yearly Perkins loan packet. Packets will be available in the Financial Aid Office by mid August.
Perkins First Time Borrower Information Sheet:
A Perkins First Time Borrower Information Sheet is required of all first-time Perkins loan borrowers. This document will be included in the Perkins packet for all first-time borrowers. Packets will be available in the Financial Aid Office by mid August.
Exit Counseling Session:
Required of all Perkins Loan borrowers at the time they graduate, drop below half-time status, take a leave of absence or withdraw from the Eastman School of Music. Students who graduate at the end of the spring semester will be invited to a group Exit Counseling Session sometime in March. All other students will be mailed an Exit Counseling packet at the time of their status change. Students who wish to schedule an individual exit session or who have questions regarding the Exit Counseling Requirement should contact the Financial Aid Office. Please note that those students who fail to complete an Exit Counseling Session will have a hold placed on their transcript.
PRIVATE LOANS
Some students and families choose to borrow a private loan to cover a portion of the cost of education not already paid for by scholarships and federal grants/loans. We strongly encourage students and parents to exhaust all federal loan options prior to applying for a private loan. The federal loan programs generally offer lower interest rates and fees than private loans.
If you choose to pursue a private loan, we recommend comparing the costs associated with various loans before completing an application. Interest rates, fees, repayment periods, and other benefits can vary significantly between loans. Often these loans are based on credit-worthiness and approvals are not automatic. The FinAid.org website provides some comparative information regarding private loans. If you select a loan through a comparative website, be sure to also go to the lender's website to ensure you are getting the most up-to-date information about the loan.
The University of Rochester Eastman School of Music does not maintain a preferred lender list. As such, the University has no agreements or relationships with any lenders and does not receive any benefit, financial or otherwise, from the use of private loans by students. For more information on the University's policies, please see our Student Loan Code of Conduct and Policy on Private Lending.
NATIONAL STUDENT LOAN DATABASE SYSTEM
The National Student Loan Data System (NSLDS) is the Department of Education's central database for Federal Student Aid. It can be used to review all of your Federal loans and/or Pell grants that you have received during your academic career (both at Eastman and other institutions). This site is very useful to students and parents who are planning on consolidating their federal loans, as it gives a complete summary of the borrower’s lenders, loan amounts and dates, institutions attended, loan statuses etc.
Please note that you will need your Department of Education PIN (www.pin.ed.gov) (Same as your FAFSA PIN) in order to access this website.
REPAYMENT
Grace Period
Once a student graduates, drops below half-time status, takes a leave of absence or withdraws from the Eastman School of Music, the student's loans leave their In-School Deferment status and begin their Grace Period. The grace period for Direct Loans is 6 months and 9 months for Eastman Perkins loans. More information
Repayment
At the end of the grace period students must begin repayment on their loans. If a borrower is not able to make payments at some point during their repayment period then the borrower must make arrangements with their loan servicer(s) to change their payment plan(s), defer their loan payments or place their loan(s) in forbearance. In most cases students can apply for these options through their servicers’ websites. Regardless, we encourage borrowers to contact their lenders/servicers directly to discuss their options. More information
In-School Deferment for Students Continuing their Education
Students who leave Eastman and continue their education at another institution (at or above half-time status) will need to complete an In-School Deferment form for each of their lenders at the beginning of each semester/term they are enrolled above half-time status. Borrowers should contact each of their individual lenders to obtain a copy of this form.
Loan Servicer Contact Information
If you do not know your federal loan lender’s contact information you can find it on the NSLDS website (www.nslds.ed.gov). The servicing centers for loans most commonly borrowed by Eastman students are listed below.
- Direct Loan Servicing
- Eastman School of Music Perkins Loan Servicing; ACS
Please remember to make checks payable to the University of Rochester.
CONSOLIDATION
With federal interest rates being low, many students are consolidating their loans. Consolidation can simplify loan payments and locks in interest rates. Students who are considering consolidation are advised to consult with their loan servicer(s) or with a Financial Aid Counselor prior to consolidating their loans. General information on consolidation can be found on the Federal Direct Loan Consolidation Center website.