ABSN Financial Aid FAQ
Q: Do I have to complete the FAFSA each year?
A: If you plan to use federal aid, you should complete the FAFSA each year.
Q: What is Entrance Counseling?
A: The Department of Education requires each student to complete Entrance Counseling in order to obtain funds under the Direct Loan program. This step helps to ensure that you understand your rights and responsibilities as a student loan borrower.
Q: What is the Subsidized/Unsubsidized Master Promissory Note (MPN)?
A: The Master Promissory Note is a legal document that you sign, committing to repay your loans and any accrued interest and fees to your federal loan servicer. It also explains the terms and conditions of your federal loans.
Q: What happens if I don’t complete the Entrance Counseling and MPN?
A: Your loans will not disburse to the school, and you will be responsible for paying the balance on your bursar account with some other funding source.
Q: When should I apply for private loans?
A: As soon as you commit to the program you should begin researching private lenders. After researching lenders, go ahead and submit your application. However, during the research process ask the lender about the credit decision period.
Q: What is a credit decision period?
A: An approval for credit (credit decision) is only good for a specific amount of time. Some credit decisions are good for 60 days, others may extend 365 days. Your loan must be certified before the credit decision period ends or you will have to reapply. Loans cannot be certified until you register for classes, so knowing this time frame is critical to the process.
Q: Why do I keep getting messages from my lender saying my loans haven’t been certified?
A: Your loans cannot be certified until you register for classes (as proof that you plan to attend).
Q: If my loan can’t be certified until after I register for classes, why can’t I just wait until after registration to apply?
A: You have to be financially cleared before you can register. Additionally, waiting until the last minute can delay your funds from processing timely. Each lender has a required minimum waiting period before disbursement, which can range from 3 – 14 business days.
Q: How long is my program?
A: The ABSN program is 16 months and spans two academic years.
Q: Do I apply for loans each semester?
A: No. You should only apply for loans once per academic year.
Q: Does my interest begin to accrue immediately on my private loan?
A: Yes. However, like your federal loans, most lenders charge interest only on the amount of the loan that has been disbursed.
Q: When are my loans disbursed?
A: At the start of each new semester.
Q: When does the Academic Year start?
A: The academic year for Xavier University starts in the summer and ends with the spring semester of the following year. For example, May 2020 – April 2021 is one full academic year.
Q: Why can’t I see my bill yet?
A: You will receive a bill after you have registered for classes.