Loan Workshops:__
Loan Workshops are Approximately 1 Hour in length
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Day
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Date
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Time
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Location
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Monday
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March 8
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10:00AM
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Signup for Location
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Monday
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April 19
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3:00PM
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Signup for Location
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Tuesday
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February 23
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1:00PM
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Signup for Location
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Tuesday
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March 30
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2:00PM
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Signup for Location
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Wednesday
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February 17
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11:00AM
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Signup for Location
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Wednesday
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May 5
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8:00AM
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Signup for Location
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Thursday
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March 18
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6:00PM
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Signup for Location
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Thursday
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April 22
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3:00PM
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Signup for Location
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NO LATE Admittance – NO Exceptions
Loan Application Process:__
Federal Family Education Loan Program [FFELP]
Santiago Canyon College
How to Apply for an Educational Loan:
1) File a FAFSA
2) Wait for your Financial Aid Packet to mailed to you
3) Complete your Financial Aid Packet and return it COMPLETED to the Financial Aid Office
4) We will Process your Financial Aid Packet and send you a Financial Aid Award Letter
5) Once you receive you Financial Aid Award Letter, you may pick up your Student Loan Packet from the Financial Aid Office and sign up for a Loan Workshop. (All Student Loan Borrowers must attend a loan workshop {new and returning borrowers} and turn in the Loan Application Documents to the Financial Aid Office)
6) Attend the Loan Workshop you signed up for
7) After Completing the Loan Workshop, complete the Online Entrance Counseling:
ONLINE STUDENT LOAN ENTRANCE COUNSELING
8) A Financial Aid Loan Analyst will certify your loan and a letter will be sent to you informing you of your estimated disbursement dates.
9) The Financial Aid Department will process your Student Loan Checks once the funds are received and will notify you by E-mail that your Student Loan Check is ready to be picked up at the Cashier’s Office.
10) You must complete the Online Exit Counseling process before picking up your second student loan disbursement.
ONLINE STUDENT LOAN EXIT COUNSELING
*** Financial Aid Office Tip ***
When picking your Student Loan Check(s) from the Cashier’s Office, arrive at least a ½ hour prior to closing to avoid closing lines.
Default Management Policy:__
All Students who apply for a Federal Family Education Student Loan through the financial aid program are subject to the Default Management Policy and Review. Students who do not meet the following are subject to the default management review process, where a Financial Aid Committee will determine further eligibility of the student’s participation in the loan program for the next academic term.
Default Management Policy Review:
Students who do not meet the Default Management Policy will have their file reviewed by a Financial Aid Review Committee and will be notified if they have maintained eligibility.
In order to certify or re-certify a student’s second term’s loan eligibility and remain out of the Default Management Review process, the following must be maintained:
ü A student must have a cumulative G.P.A. of 2.0 or higher in order to receive their next term student loan check.
ü A student must have completed and received credit for 6 units or more in order to receive their next term student loan check.
ü A student may not have withdrawn or have any “drop” that would bring their active units under 6 units prior to the 60% attendance mark, per Department of Education requirements, in order to receive their 2nd term student loan check.
ü A student who was on probation during the initial enrollment period a loan was certified for, and does not academically improve, will enter into the Default Management Review.
Be Advised:
All students who enter the Default Management Review may be required to:
1) Meet with a Financial Aid Analyst for loan counseling.
2) Have current instructor’s verify that the student is actively attending the classes the student is enrolled in.
3) The student’s academic school budget may be reviewed and modified if enrollment has changed per the Department of Education guidelines.
What is the Difference between a Subsidized and Unsubsidized Loan?__
Subsidized Stafford loans are need-based, and the government pays the interest on these loans while you are in school, during a six-month grace period immediately preceding repayment, and during authorized deferment.
Unsubsidized Stafford loans are not need-based, and you are responsible for all of the interest that accrues on the loan, including while you are in school.
Subsidized Stafford Loan:__
Eligibility:
· Full-time or half-time undergraduate students (minimum enrollment of 6 units)
· Dependent or Independent students
· Need based loan
Maximum Annual Loan Amounts:
· Grade Level 1 = $3,500 (0-29 Units) Freshmen
· Grade Level 2 = $4,500 (30-70 Units) Sophomores
· Calculation: Cost of Attendance minus Expected Family Contribution minus Financial Aid and scholarships = Unmet Need. Loan amount cannot exceed the annual loan limit or the unmet need, whichever is less.
· Maximum amounts for all loans being processed for only one semester of the academic year, will be prorated to 50%.
Interest and Repayment:
· There is no interest or principal payments on the Subsidized Stafford loan as long as you are actively enrolled in at least half-time status (6 units).
· There is a six month grace period before repayment begins.
Unsubsidized Stafford Loan:__
Eligibility:
· Full-time or half-time undergraduate students (minimum enrollment of 6 units)
· Dependent or Independent students
· Non-need based loan
Maximum Annual Amounts:
· Grade Level 1 = $3,500 (0-29 Units) Freshmen
· Grade Level 2 = $4,500 (30-70 Units) Sophomores
· Calculation: Cost of Attendance minus Financial Aid (including Subsidized Stafford loan), scholarships and Veterans Benefits = Loan Amount. Loan amount cannot exceed the annual loan limit or the unmet need, whichever is less.
· Maximum amounts for all loans being processed for only one semester of the academic year, will be prorated to 50%.
Interest/Repayment:
· There is a six month grace period before repayment begins on the principal.
· Interest payments begin immediately. The interest can be paid quarterly or accrued and capitalized.
· Loan fees may be charged at the lenders discretion.
Additional Unsubsidized Stafford Loan – Independent Students Only:__
Eligibility:
· Full-time or half-time undergraduate students (minimum enrollment of 6 units)
· Independent students only
Maximum Annual Amounts:
· Grade Level 1 and 2 = $6,000
· Calculation: Cost of Attendance, minus financial aid (including all other Stafford loans), Veterans Benefits and scholarships = Loan Amount. Loan amount cannot exceed the annual loan limit or the unmet need, whichever is less.
· Maximum amounts for all loans being processed for only one semester of the academic year, will be prorated to 50%.
Interest/Repayment:
· Interest payments begin immediately. They may be paid quarterly or accrued and capitalized.
· There is a six month grace period before repayment begins on the principal.
Additional Unsubsidized Stafford Loan – Dependent Students Only:__
Eligibility:
· Full-time or half-time undergraduate students (minimum enrollment of 6 units)
· Dependent students only
Maximum Annual Amounts:
· Grade Level 1 and 2 = $2,000
· Calculation: Cost of Attendance, minus financial aid awards (including all other Stafford loans), and scholarships = Loan Amount. Loan amount cannot exceed the annual loan limit or the unmet need, whichever is less.
· Maximum amounts for all loans being processed for only one semester of the academic year, will be prorated to 50%.
Interest/Repayment:
· Interest payments begin immediately. They may be paid quarterly or accrued and capitalized.
· There is a six month grace period before repayment begins on the principal.
· Loan fees may be charged at the lenders discretion.
Federal PLUS Loan – For Parents of Dependent Students:__
Eligibility:
· Full-time or half-time undergraduate students (minimum enrollment of 6 units)
· The parent or step parent must be a citizen or an eligible non-citizen.
· Lenders perform a credit check. Loans are available to parents with no adverse credit history.
· If a lender denies a loan due to the parent’s negative credit history, the dependent student may then apply for the independent Additional Unsubsidized Stafford Loan.
Maximum Annual Amounts:
· Up to the total Cost of Attendance but the loan amount cannot exceed the Cost of Attendance.
· Calculation: Cost of Attendance minus Financial Aid (including all Stafford loans) and scholarships = Loan Amount. Loan amount cannot exceed the annual loan limit or the unmet need, whichever is less.
Interest/Repayment:
· Repayment begins within 30 days after the loan has been fully disbursed.
· A loan origination fee and an insurance premium are charged.
Aggregate Loan Amounts:__
· Dependent Students: $31,000 (no more than $23,000 may be Subsidized)
· Independent Students: $57,500 (no more than $23,000 may be Subsidized)
The policy of the school you attend, especially at the community college level, may affect aggregate loan amounts.
Lenders Selling Student Loans
Many student loan lenders participating in the FFELP Stafford Loan Program are selling their portfolio of student loans to the Department of Education. You will be contacted if your loan is sold. You may also check on NSLDS (National Student Loan Data System) which maintains all of your student loan records.
Check MY Student Loan(s) Here