Brown University shieldBrown University

Loan Process - Application, Requirements, Disbursement

Loan Process

  • Review and Accept/Decline financial aid offers. Students must accept or decline loans online through Banner Self Service beginning May 2nd each academic year. Go to the Financial Aid tab, select Accept Award Offers, and complete the information. Be sure to click “Submit Decision” before exiting. Students can choose to accept the full amount offered, a partial amount based on what is needed, or decline any loan.  
  • Review Unsatisfied Requirements in Banner Web Self Service.  Immediately after you accept loans, scroll down to view any Unsatisfied Requirements and related instructions.
  •  Complete all loan requirements as directed (detailed emails will be sent from the Loan Office)
    • Direct Loan requirements can be completed online immediately through studentaid.gov but will not be updated in Banner until we import the information from the Department of Education. ( Students complete the Direct Loan Master Promissory Note and Direct Loan Entrance Counseling.  Parents and Grad/MD students wishing to borrow PLUS Loan, review the PLUS Loan Application process and requirements.)
    • Institutional Loan materials will be created once per week on Thursday evenings. The Loan Office will send you a detailed email once the materials are ready to be completed online.  Borrowers must wait to receive Loan Office email and then complete requirements at https://www.ecsi.net/prome7/.  
  • Disbursement - All loan requirements must be completed and the scheduled disbursement date must pass before loan funds will be disbursed (paid) to the student account. Loan funds are typically scheduled to disburse 10 days before the semester begins. 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. The Bursar Office will begin processing refunds on the first day of classes.

Plan Ahead

  • Keep track of borrowing each year - Visit the "Manage Loans" section of StudentAid.gov to view your federal student aid history and get federal servicer's contact information. 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.