(Loans will not be paid to a students account until all steps have been completed and the semester start date is within 10 days.)
- Apply for financial aid - Once you complete the FAFSA, the Office of Financial Aid or the Alpert Medical School Office of Financial Aid determine student eligibility and award Direct Subsidized and Unsubsidized Loans, Perkins Loans, and Institutional Loans. The office notifies students of their financial aid award offers. The Direct PLUS Loan follows a separate application process.
- Review award offers on Banner Self Service. This is the time to compare your award offers and make informed decisions. Review our information about Financing Options & Borrowing Wisely.
- Accept or decline award offers on Banner Self Service - Students are required to log into Banner and make their borrowing decisions. Students can choose to accept the full amount offered, accept a partial amount based on what is needed, or decline any loan that is offered. Loans in offered status will not be processed or disbursed. Loans that remain in offered status will eventually be cancelled.
- Complete loan requirements - The Loan Office sends emails directly to the student's Brown email account with detailed instructions. Learn more about viewing and completing Loan Requirements.
- Disbursement - Once loans have been accepted and all requirements have been completed, the loan funds will be disbursed (paid) to the student account on the date set for that semester. Loan funds may be disbursed no sooner than 10 days prior to the beginning of the term. If the loan disbursement results in a credit balance on the student account, students may request an electronic student account refund through the Bursar's Office.
- Need additional funds to cover expenses? Consider PLUS Loans or Private Loans. Contact Financial Aid to be certain you have exhausted all of your federal loan eligibility before considering other loans.
- Keep track of borrowing each year -Borrowers can now access their federal student aid history directly on StudentAid.ed.gov.Through StudentAid.ed.gov, borrowers can view their federal student aid history, get their federal servicer's contact information, and download their federal student aid history using the MyData Download function. Borrowers can also get details of institutional loans on Banner Self Service.
- Complete Exit Counseling before leaving school - Exit Counseling is a mandatory requirement whether you are taking a leave of absence, withdrawing, graduating, or enrolling less than half-time.
- Grace Period- Loans enter a grace period when you leave school. No payments are required, but it's a great time to pay down your debt and reduce your overall cost of repayment. It's also a good time to make decisions about loan repayment, get to know your servicers, and set up online account access.
- Repayment - You want to be prepared before your loans enter repayment.