For many students, borrowing loans to pay for college is the only option. The Office of Student Financial Assistance wants to make sure you borrow wisely and only what you need for college.
Any Direct Subsidized and Direct Unsubsidized loans will require you to accept those awards. You do not have to accept any or all of your Direct Loans. If you wish to reject your Direct Loans or accept a smaller amount you will need to complete a Federal Direct Loan Form in our office. Remember – loans are money you pay back.
Federal Direct Loans
Before you accept your Federal Direct Loans, keep the following things in mind:
- Don't expect to live off your Federal Direct Loans. Federal Direct Loans are to be used for education related expenses first, such as tuition and book costs. Any remaining loan funds can then be used towards living expenses.
- Do I need the full loan amount being awarded to me? Students are never required to accept their full Federal Direct Loan award. Students can reduce and/or decline their Federal Direct Loans. After all, this is money you will have to pay back.
- What education related expenses do I still need covered?
- Have I exhausted my options for grants, scholarships and/or work study?
- Make sure you know what you owe.
To accept your federal direct loans, you will need to complete the following steps:
If you were awarded a Direct Subsidized Loan and you wish to accept your Direct Subsidized Loan:
- You will need to log into your myACCESS and click on Financial Aid Self Service to accept, reduce or decline your Direct Subsidized Loan.
- Complete Entrance Loan Counseling
- Complete Master Promissory Note
Direct Unsubsidized Loan
If you were awarded a Direct Unsubsidized loan and you wish to accept any portion of your Direct Unsubsidized Loan:
- You will need to log into your myACCESS and click on Financial Aid Self Service to accept, reduce or decline your Direct Unsubsidized Loan
- Complete Entrance Loan Counseling
- Complete Master Promissory Note
After you accept your Federal Direct loans, keep the following things in mind:
- Loans are an investment in your future! So when you don't attend your classes, keep in mind that you are borrowing money for classes you're not attending. Whether you finish the class or even your degree/certificate, you are still responsible for paying back that loan. Remember, loans are an investment in your future!
- When do I have to start repaying the loans I accepted? After you graduate, leave school or drop below half-time enrollment of 6 credit hours, you will have a six-month grace period before you are required to begin repayment.
- Have I accepted only what I need?
Financial Aid Tips
- You do not need to accept your full Direct Loan award. You can reject your award or accept a portion of your award. Remember: This is money you will pay back!
- You can prepay your loans at any time - without any penalty. You do not need to wait until you go into repayment to start paying back your loans!
Helpful Resources
- Federal Student Aid - Manage Loans: Track your total student loan debt and view your loan servicer information. Please Note: You will not be able to view any private loans borrowed.
- Federal Student Aid: Complete your Master Promissory Note (MPN), Entrance Loan Counseling, and Exit Loan Counseling
- Federal Student Loans: Basics for Students
Cohort Loan Default Information
*Disclosure: All Federal Direct Subsidized, Unsubsidized and PLUS Loan information will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
Contact Information
Office of Student Financial Assistance
Seaton Computing Center (SCC), Room 123
(630) 942-2251
Email: financialaid@cod.edu
Fax: (630) 942-2151
Regular Hours
- Monday through Thursday, 8 a.m. to 6 p.m.
- Friday, 8 a.m. to 5 p.m.
Follow us:
Instagram: @CODFinancialAssistance
Facebook: CODFinancialAssistance
Twitter: @CODFinancialAid