Loan Cancellation Policy

The information provided on this page explains how each loan type is awarded and the policy for cancelling and reinstating loans.

2015–16 Policy

Perkins loans: The Office of Financial Aid awards Perkins loans to students. For students who previously received a Perkins loan at Notre Dame, there is no action required to receive the funds. For students who are receiving the Perkins loan for the first time at Notre Dame, their names will be forwarded to the Business Office. The Business Office will contact students regarding the two required action steps (master promissory note and entrance counseling). Student must complete the action steps by the deadline provided by the Business Office or the loan will be cancelled. The student will be notified via NDM email that the  loan was cancelled.

Direct Subsidized and/or Unsubsidized loans: The Office of Financial Aid awards Direct loans to students. For students who previously received Direct loans at Notre Dame, there is no action required to receive the funds. The Office of Financial Aid uses a passive confirmation process and will assume the student wishes to receive the full amount listed on the award letter unless the student submits a Loan Revision Form to reduce or cancel the loans.  For students who are receiving Direct loans for the first time at Notre Dame, there are two action steps required (master promissory note and entrance counseling).

• Returning/Current students must complete the action steps by the priority deadline or the loan will be cancelled at that time. Current students who are awarded aid later and who have not completed the steps within 30 days of notification will have their loans cancelled. The student will be notified via email that the  loan was cancelled.
  
• New students should complete the actions steps for their loans by the priority deadline, if possible. If not, the loans will be cancelled 30 days after the semester has started. If the student is awarded later, the loans will be cancelled 30 days after awarding if the steps have not been completed.The student will be notified via email that the  loan was cancelled.

Graduate PLUS loans: The Office of Financial Aid indicates eligibility for Graduate PLUS loans for Pharmacy and GEI students only. All Graduate PLUS loan borrowers (both new and returning), must complete the action step of applying /being approved for the PLUS loan each year. Additionally,  for students who are taking a Graduate PLUS loan for the first time at Notre Dame, a master promissory note must be completed. Graduate PLUS borrowers who require a cosigner must complete a master promissory note every year.

• Returning/Current Students must complete the action steps by the priority deadline or the loan will be cancelled at that time.Students who are awarded aid later and who have not completed the steps within 30 days of notification will have their loans cancelled.
  
• New students should complete the actions steps for their loans by the priority deadline , if possible. If not, the loan will be cancelled 30 days after the semester has started. If the student is awarded later, the loan will be cancelled 30 days after awarding if the steps have not been completed.The student will be notified via email that the  loan was cancelled.

Reinstating Loans: To reinstate the Direct Subsidized/Unsubsidized or PLUS loans, the student and/or parent will need to complete the action steps and submit a Loan Reinstatement Request form to request that the loan be reinstated. The action steps for each loan are listed in the loans section. The Loan Reinstatement Request form is available in the forms and publications section. 

Due to limited Perkins loan funding, Perkins loans are generally not reinstated.