Accepting:
To accept the offer of a federal loan, you use Financial Aid Self Service. You can accept the offer of the federal loan(s) at any time. If you accept an offer of a federal loan, you will also need to complete Entrance Counseling and a Master Promissory Note, if you are a first-time borrower. Once all of these items are complete, you will see your federal loans as a pending credit on your bill. If you want to borrow a portion of the federal loans offered to you, you can also make this change in Self Service. You can also borrow for just one semester, not the full academic year.
Declining:
If you do not want to borrow your federal loans, you can make this change in Self Service as well.
Making Changes to Federal Loans:
Once you decline or change the amount of a federal loan in Self Service, our office will review and approve the change, and then you can either accept the rest of your financial aid package, or move on to the next step in your checklist, which is signing your Offer Letter. This process can take 1-2 business days.
If you accept a loan, and it has already been disbursed, you can still make changes - you can cancel the loan, or reduce the amount you are borrowing. You have 14 days from the disbursement to make these changes. You will receive a notification from our office via email (to your MassArt email address) letting you know the loan has been disbursed.
Here is a link to book a meeting with our office to discuss your options.