Direct Loan Request Form Information

Transcription

1 Mission College 3000 Mission College Blvd., M/S 14 Santa Clara, CA Financial Aid Office SEC, Room 118 (408) Direct Loan Request Form Information Make copies of all documents for your records. IT IS IN YOUR BEST INTERESTS TO THOROUGHLY READ THE FOLLOWING DOCUMENTS PRIOR TO SIGNING! General Requirements: Students must be enrolled in at least six (6) active units at Mission College every term in which a loan has been processed. Students must be enrolled in a degree or eligible certificate* program. *Federal financial aid requires that a student must have a declared eligible program of at least one year in length with a minimum of 16 required units. Students must report all sources of support including scholarships from sources inside of Mission College (i.e. departmental scholarships, EOPS, CARE, CalWorks, Access, Trio, DSPS, Valor, etc.) and external sources (i.e. scholarships, supplemented child care, etc.) In determining the amount to be borrowed, all students are encouraged to create a monthly budget. Visit to keep track of your financial aid history. Use the Repayment Estimator calculator to get an estimate of the total amount of your loan indebtedness repayment - Students must NOT owe an overpayment on a federal grant or be in default on a student loan. Applications of students having previously defaulted, will be sent to Committee for review and recommendation. The requested loan amount may be decreased. Allow at least 2 weeks after your financial aid file is complete for your loan request to be processed. New borrowers will receive their first loan disbursement 30 days after the start of the semester. Loan funds are disbursed twice per semester unless the disbursement falls on or after the second disbursement of the term. Review the disbursement schedule at The deadline for submission of the Direct Loan Request Form for the academic year see chart below. Before You Request a Loan 1. Complete a Free Application for Federal Student Aid (FAFSA) at 2. Submit all requested forms and documents to complete your financial aid file. We will not determine eligibility for your loan request until your financial aid document file is complete. 3. Student Loan priority filing deadlines for are: Fall 2018 Spring 2019 November 9, 2018 April 12, % Direct Subsidized Loan Limitation Federal Law limits eligibility for subsidized loans to 150% of the length of the student s declared academic program. The new limitation affects new borrowers or borrowers whose loans were paid off in full prior to receiving loans on or after July 1, Once a borrower has reached the 150% limit and has not finished their educational program, they will lose the interest subsidy for subsidized loans. The interest will begin to accrue effective the date of the continuing or new enrollment. Unpaid interested will be capitalized (added to loan principle balance) at repayment. For example: if a student is enrolled in a 2-year associate degree program, the student has 2 years x 150% = 3 years of eligibility; -OVER-

2 Mission College 3000 Mission College Blvd., M/S 14 Santa Clara, CA Financial Aid Office SEC, Room 118 (408) if a student is enrolled in a 1-year certification program, the student has 1.5 years of eligibility. After the loan is awarded, the student will receive a notification of disbursement from the Financial Aid Office. Loan amount details can be viewed on the student s financial aid award letter on their Web Advisor account. The Department of Education will send a loan Disclosure Statement to the borrowers.if you have any questions, contact the Financial Aid Office at mcfa@wvm.edu or in person with a photo ID. Required Loan Documents/Forms for All Borrowers; Every Year: Submit to the Mission College Financial Aid Office: 1. The completed two-page Direct Loan Request Form, including the Student Statement of Undersatanding, and return, AND, 2. The completed Supplemental Loan Information Sheet, AND, 3. A copy of your completed Direct Loan Entrance Counseling for Undergraduate Students at AND, 4. A copy of your completed the Financial Awareness Counseling at AND 5. A copy of your budget AND, 6. A copy of your loan repayment estimates AND 7. Complete the two-page reference sheet, AND 8. Include a copy of your unofficial academic transcript (print from the CWS portal), AND 9. An Education Plan from the Counseling Office, indicating your declared program/certificate of study and only the courses required to complete the declared degree/certificatate, AND 10. Provide a copy of your Mission College ID and a copy of a government-issued ID. DO NOT FAX! Read your Direct Loan Borrower s Rights and Responsibilities (included in loan packet For your reference DO NOT SUBMIT), AND Complete your Direct Loan Master Promissory Note at print only for your records, DO NOT SUBMIT your promissory note to Mission College Financial Aid Office. Borrowing Limits: Loan Interest Rate and Fees: Direct Loan Interest Rate: 5.05% Loan Fees: Disbursed Prior to 10/1/2018 : 1.069% Disbursed On or After 10/1/2018 : 1.062% Borrower Levels Defined: 1. First Year Borrowers: 30 units or less units completed 2. Second Year Borrowers: >30 units completed -OVER-

3 Direct Loan Request Interest Rate: 5.05% Fixed Loan Fees Prior to 10/1/18: 1.069% Loan Fees 10/1/18 and after: 1.062% Complete all sections of this form. If you leave a section blank, this form will be returned to you and cause a delay in processing your request. If not applicable, write N/A. You must use the fillable PDF version to ensure readability of your information. Your Name: Your Mission ID #: Last First Middle Your Date of Birth: Your Social Security Number: - - Driver s License: State Number Permanent Street Address: (No post office boxes) City State Zip Code Day Phone: ( ) - Cell Phone: ( ) - Declared Program/Major: Anticipated Completion Date at Mission College: / Month / Year Mission College has the authority to refuse the origination of a loan and/or originate a loan at less than the amount requested by the student. This review and analysis is done on an individual student basis. Only ONE application per academic year will be considered. Total Requested Loan Amount: $ Loan period: Fall Spring (Do not write maximum or leave blank) Check ALL terms you plan to attend 1. Choose one: I request a subsidized loan ONLY. (Initials) If I am not eligible for the total amount in a subsidized loan, I accept a combination of subsidized & unsubsidized loans to equal total amount requested. Yes No (Initial Choice) 2. Choose one: I am a first-time borrower and have no prior student loans. I have borrowed in the past. My current outstanding balance from totals $ Borrower s Signature: Date: Print Name: Student Loan Priority Filing Deadlines are: Fall 2018 Spring 2019 November 9, 2018 April 12, 2019

4 Direct Loan Student Statement of Understanding Statement of Understanding I understand this form is not a loan application and the school is not the guarantor or the lender. I understand that one and only one loan request will be processed per academic year. I understand that any loan I borrow must be repaid with interest. I understand that if my address or any other information is not correct or is incomplete, my loan cannot be processed. I understand that to be eligible to apply for a loan I must not currently be in default on a previous loan or owe an overpayment of federal grant(s) and must meet all federal requirements. Per Article 14 of my federal Direct Loan Promissory Note, I understand I have a right to cancel all or a part of my loan BEFORE my loan money is disbursed by notifying Mission College Financial Aid in writing. After my loan is disbursed, there are two ways to cancel all or a part of my loan with certain restrictions and time-frames. See Article 14 of the Promissory Note for exact details. Federal Regulations I must maintain enrollment of at least 6.0 units at Mission College every term for which the loan is processed. I must maintain Satisfactory Academic Progress according to the institution s standards. Loans must be disbursed within 30 days of the school s receipt of funds. Funds will not be disbursed if the student drops below 6.0 units at any time during the loan period. Loan funds will not be disbursed if the student is not currently enrolled at the time the school receives the funds. There is a limit on the maximum period of time (measured in academic years) for students to receive the federal Direct Subsidized Loan. In general, you may not receive the Subsidized loan for more than 150% of the published length of time of the declared program. First time borrower, who has no remaining subsidized loan eligibility, will lose the interest subsidy on the loan. A first time borrower is defined as a borrower without any outstanding principal or interest on a Direct Loan or Federal Family Education Loan (FFEL) prior to July 1, I must report all sources of support including scholarships from sources inside of Mission College (i.e. departmental scholarships, EOPS, CARE, CalWORKs, Access, Trio, DSPS, Valor, etc.) and external sources (i.e. scholarships, supplemented child care, etc.). Institutional Requirements My financial aid application and file must be complete before my Direct Loan request will be processed. I must maintain at least a grade point average (GPA) of 2.0 or higher, complete 67% of my attempted units, per term, complete 67% of all courses enrolled cumulatively, and complete your program of study within 150% of the time to complete the program. For example: a 60-unit program must be completed within 90 units. My prior student loan indebtedness may require additional in-person counseling, and may be reduced. If I have ever defaulted or had a Title IV overpayment, even if repaid, my application will undergo additional scrutiny and may be denied. Before the loans are disbursed, the school will verify my current enrollment status. If I owe a debt from a prior year, up to $ of the current year financial aid can be used to pay the debt. If I have any outstanding debts to Mission College at the time the loan proceeds are disbursed, my loan proceeds will either pay down or pay off the balance, whichever is greater. Any remaining loan proceeds will be refunded via my BankMobileVibe account. I HAVE READ THE STATEMENTS ABOVE. I UNDERSTAND AND AGREE to the conditions herein contained. I also understand that I may be required to endorse my loan funds over to Mission College for processing, and I will cooperate with institutional requirements for verifying my enrollment status at the time of disbursement. Student Borrower s Signature: Date: Print Name: Student ID #:

5 Mission College Financial Aid Supplemental Loan Information Name Student ID# Cell Phone # Home Phone # I am currently: (check all that apply) Approved for EOP&S/CARE o Receive book support $ value/year o Gas Cards $ value/year o Receive child care support, submit; copy of monthly child care center billing statement for each child covered copy of monthly stipend received for child care payment o Other Support $ value/year Approved for ACCESS (TRIO) o Receive book support $ value/year o Other sources of support $ value/year Approved for CalWORKs o Receive book support $ value/year o Gas Cards $ value/year o Receive child care support, submit; copy of monthly child care center billing statement for each child covered copy of monthly stipend received for child care payment Other Support $ value/year Active with Disability Support Program & Services (DSPS) o Support Received $ value/year Active with the VALOR Center for veterans o Support Received $ value/year A foster youth, ward of the court, in a legal guardianship o Support Received $ value/year Unhoused (homeless) o Support Received $ value/year I understand and agree: I must report all sources of support and funding I receive from all external resources and scholarships outside of the Financial Aid Office, including Campus scholarship issued by other Campus departments. Per federal regulations, my aid and resources must be coordinated as to not create an over-award or overpayment situation, which would require me to repay a portion or all of the federal and/or State aid I have received. Print Sign Date

6 Student Contact Information and Acknowledgement You are required to provide your current contact information to your loan servicer. If you complete entrance or exit counseling online, your contact information will automatically be provided to your loan servicer. If you did not (and will not) complete entrance or exit counseling online, you may use this form to provide the information to your school. You are also required to notify your loan servicer of any changes to your contact information after you leave school. You can use the form for that as well. You must complete all items on both the front and back. Important: You must provide your loan servicer with your contact information as well as information on your next of kin and two personal references. You must keep the information current. Last Name, First Name (Middle Name is Optional) Personal Information (Please print clearly) Personal (Please print clearly) Street Address City, State, Zip Code/Postal Code, Country Area Code/Telephone Number Address Driver s License or State ID number (Optional) Issuing State Expected Employer (after leaving school) Employer Street Address Employer City, State, Zip Code/Postal Code, Country Employer Area Code/Telephone Number Enter next of kin with a U.S. address different from yours, who will know your whereabouts for at least three years. Last Name, First Name Street Address City, State, Zip Code Area Code/Telephone Number Address Please turn the page over and complete the reverse side.

7 Student Contact Information and Acknowledgement (page 2) References: You must list two persons with different U.S. addresses, who will know your whereabouts for at least three years. 1 Last Name, First Name Street Address City, State, Zip Code Area Code/Telephone Number Address 2 Last Name, First Name Street Address City, State, Zip Code Area Code/Telephone Number Address Student Acknowledgement r I have received exit counseling materials for Direct Loan borrowers. r I have read and I understand my rights and responsibilities as a borrower. r I understand that I have a loan from the federal government that must be repaid. Student s Signature Date Student s Name (Please Print)

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