What are Federal Loans?
Federal student loans provide the opportunity to postpone paying for college expenses until the student's education is complete. Federal loans are borrowed funds that must be repaid with interest. A federal student loan allows students and parents to borrow money to help pay for college. These loans are supported by the federal government. They have low interest rates and flexible repayment terms and options. Students borrowing from these programs must complete loan counseling prior to the loan being disbursed and again upon graduation, withdrawing from the institution, or dropping below half time.
All federal loans are disbursed directly to the student's account. Generally, they are applied equally over each period of enrollment (half per semester in Crete, or equally over the number of terms enrolled at the Lincoln campus). If funds remain after all direct costs have been paid, the credit may be used to pay other education-related expenses. Credit refunds will be issued to students by check or through direct deposit. A student can sign up for direct deposit, by logging into WebAdvisor, selecting "Financial Information" from the menu and then "View your account/Make Payments".