Watch a video showing how to accept the full loan offer or view these instructions.
Watch a video showing how to accept part of the loan offer or view these instructions.
Watch a video showing how to decline the loan offer or view these instructions.
Yes, the loan acceptance process pertains to every Stafford Loan, effective Fall 2015. Even if you have received renewed loans in prior years, you must accept the loans to receive them this year.
Once you initially accept or decline the loans, the amounts are frozen. To increase the amount, complete the Loan Increase/Reinstate Request form. Remember, there are borrowing limits for Stafford Loans.
Once you initially accept or decline the loans, the amounts are frozen in myUMBC. To increase the amount, complete the Loan Increase/Reinstate Request form.
Yes, if the loan has not yet disbursed you may reduce or cancel your loan online via your myUMBC account. If the loan has disbursed, you should complete the Loan Decrease/Cancel Request Form no later than 14 days after you receive the disbursement notification. After 14 days, you can contact your lender to make arrangements to return some or part of the loan and reduce your overall loan debt.
Accepting loans is a critical decision and it's important you fully understand the amount of loan you are borrowing. Calculating your borrowing needs will help you manage your overall student loan debt and ensure you are only borrowing what you need.
Check your alerts. Incomplete actions will prevent your loan from showing as anticipated aid and applying to your bill. If do not have any financial aid alerts, contact your financial aid counselor.
The alert will remain on your account until all offered loans are accepted or declined. Once accepted or declined, please allow 2 business days for the alert to be removed from your account. If more than 2 business days pass and the alert is still visible, contact our office.
Submit the Loan Decrease/Cancel Form to adjust the amount.
Please allow time for our staff to review your financial aid record and make your requested adjustment. Especially during peak times (primarily August, September, and January) it may take up to 4 weeks for the adjustment to be reflected. You will be notified by email when the adjustment is complete and visible in myUMBC.
Stafford Loans have a loan origination fee that is a percentage of the total loan amount. This means the money applied to your bill will be less than the amount you actually borrow. You are responsible for repaying the entire amount you borrowed and not just the amount you received.
The loan origination fee is removed prior to the loan funds arriving at UMBC. This fee is a processing fee assessed by the Department of Education.
First time borrowers must complete both. The Entrance Counseling and MPN remain valid for 10 years. You will receive an alert if either or both steps must be completed. Your loans will not disburse until both items are completed.