Accepting, Reducing and Declining Loans

Information describing Direct, PLUS, and Alternative or Private loan programs and how to apply for them is available through the Office of Admissions and Financial Aid.

Perkins, Nursing, Pharmacy and Health Professions loans are need-based loans awarded by the Office of Admissions and Financial Aid as part of eligible students' financial aid packages. If you have been awarded one of these loans, it will be listed on your Financial Aid Award Letter.

Accepting, Reducing and Declining your Loans

Students who have been awarded a Federal Direct, Perkins, Nursing, Pharmacy and/or Health Professions loan as part of their aid packages must accept each loan every academic year so it will appear as Anticipated Aid on the Current Account Details screen in PittPAY. Students may also want to reduce the amount of a loan or decline it completely. Detailed instructions for accepting, reducing or declining loans are available here.

If the loan is accepted AFTER eBills have been posted in PittPAY, the eBill will NOT be updated to reflect the loan as anticipated aid.  However, the Current Account Details screen WILL list the loan as Anticipated Aid.  To calculate the new amount due, subtract the Total Anticipated Aid for the term from the Term Total – both amounts are displayed on the Current Account Details screen – and pay the amount remaining by the due date.

Once the loan has been accepted, there is yet another step to complete, as required by the Department of Education, or the loan funds will not be released to apply to the student account:

Loan Entrance Counseling and Promissory Notes

Federal Direct Subsidized and Unsubsidized Loans:
Students who are borrowing these loans at Pitt for the first time must log onto www.studentloans.gov and complete BOTH the Master Promissory Note AND Entrance Counseling.  Once both processes have been completed, the Department of Education will disburse (release) the loan funds to be applied to your student account.  The earliest any loan funds can be disbursed is 10 days before the start of classes for any term.  When loans are disbursed, they apply to the student account and reduce the balance.  That activity will occur on the Current Account Details screen in PittPAY.

Perkins Loans:
Students who are borrowing a Perkins loan for the first time at Pitt will receive an email from Heartland-ECSI when their Entrance Counseling and Perkins Master Promissory Note are available to be completed.  The email will provide specific instructions for the student to follow.  Once the entrance counseling and promissory note have been completed, the loan funds will be released to apply to the student account.  The earliest any loan funds can apply to the student account is 10 days before the start of classes for any term.  That activity will occur on the Current Account Details screen in PittPAY.

Nursing, Pharmacy, Health Professions, and Institutional Loans:
Every academic year students who are borrowing one of these loans will receive an email from Heartland-ECSI when their entrance counseling and promissory note are available to be completed.  The email will provide specific instructions for the student to follow.  Once the entrance counseling and promissory note have been completed, the loan funds will be released to apply to the student account.  The earliest any loan funds can apply to the student account is 10 days before the start of classes for any term.  That activity will occur on the Current Account Details screen in PittPAY.

Emergency Loans

Various types of Emergency Loans are available from several University sources. You must apply for an Emergency Loan in person in the Student Organization Resource Center (SORC), 119 William Pitt Union. The lender determines eligibility for emergency funding. These loans are then processed by the Student Payment Center. There may be a waiting period of up to three working days before the funds are released to you.

 

Student Payment Center
University of Pittsburgh
G-7 Thackeray Hall
Pittsburgh, PA 15260
[See Map]

Hours:
8:30 to 4:45 M - Th
9:00 to 4:45 F

 

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