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US Direct Loans

application process instructions

The application process is made up of several steps that are listed here below.

Please note that it is very important that you follow each step in order and provide all of the requested documents from every step, otherwise your loan application cannot be processed.

>> Please note that the applications for a.y. 2022-23 will open starting from September 2022 <<

Step 1. Complete your FAFSA (Free Application for Federal Student Aid)

You can complete your FAFSA at www.fafsa.ed.gov and enter Bocconi school code G30787.

Your FAFSA produces a Student Aid Report (SAR), which you can view online when you log in at the FAFSA website.

You must check the “Comments about Your Information” section on your SAR, as you will only be eligible for Federal Loans if you have no issues to resolve. Instructions on resolving issues are provided under the “What you must do now” section on your SAR and you must submit any additional documents (for example, documentation of your citizenship status) if instructed.
Do not proceed to the next step until you have resolved any issues on your SAR.

Step 2. Start the Bocconi "US Direct Loan Application" online procedure

After completing the FAFSA you need to log in the "US Direct Loan Application", the online procedure dedicated to Bocconi students, using your username and password and follow the procedure below:

  1. Fill out the “contact details” section and click on “save” in the data section;
  2. Fill out the “student’s details” section and click on “save” in the data section;
  3. Upload the required documents in the dedicated upload fields.
  4. Click on “submit data” and “submit application” on the top right hand corner (a green bar will appear).

Step 3. Check your Award Letter

After you have followed the instructions indicated above, the office checks in your online "US Direct Loan application" both information and documentation that you have uploaded in order to establish whether you meet basic eligibility criteria to receive Federal Student Aid (Direct Loan) at Bocconi. If you are a non-first year student, please remember that the office will also check that you meet the SAP requirements.

After verifying basic eligibility criteria, Bocconi prepares your award letter. You will receive an email and a notification in your online application with the link to your award letter.

The award letter informs you about the maximum amount you may be eligible to borrow in Direct Loan funds at Bocconi. Remember, you can borrow less than the maximum amount indicated in the award letter and can request more loan funds later if you need to. You should borrow only what you need.

Please download, complete and sign the award letter. You will then be required to upload it in the application.

Step 4. Finalize the loan request

  1. Access the Bocconi "US Direct Loan Application" again;
  2. Carefully complete the "Direct Loan Application & Student Agreement" data section and be sure that the information is consistent with what you have indicated in the paper version of the award letter;
  3. Click on "save";
  4. Upload the completed and signed award letter and all other required documents indicated in the upload section.

Your application and documents will be verified by the office in about one week after your submission and you will be notified in the online procedure about any missing information/documentation that you will be required to provide.

Step 5. Disbursement and next steps

If your application has been correctly submitted, before originating your loan you will be required to access the US Loan application online procedure again and in the section "Italian bank account details" indicate an Italian telephone number (if available) and an Italian bank account in your name.

Generally, your loan will cover a full academic year and Bocconi will disburse your money in two payments, called disbursements. The first will be disbursed approximately by mid-November and the second by mid-April.
In November and April the school will first apply your loan funds to your tuition, fees and, if you live on campus, room. The first disbursement of your loan will be applied towards the installments that expire before the second loan disbursement is received.

E.g. when receiving the November loan disbursement for BSc and MSc programs, if the amount is sufficient, Bocconi will apply funds towards:

  • the balance on the 1st tuition fee installment (beginning of December deadline)
  • the 2nd tuition fee installment (end of January deadline)

In April, Bocconi will apply funds towards the last tuition and fees installment.

If any additional loan funds remain for each loan disbursement, they will be returned to you via bank transfer to an Italian bank account.

PLEASE NOTE

You must remain enrolled and inform the Fees, Funding and Housing Office of any changes to your enrollment status as this directly affects your loan entitlement;

Each subsequent disbursement is also subject to maintaining Satisfactory Academic Progress (SAP).


Last modified 19/07/2022 - 12:57:00