Your student loan(s) will not be disbursed until all steps are completed.

Transcription

1 Checklist for Federal Direct Student Loans Acceptance of Federal Direct Loans Borrower Information Sheet (Attach Financial Aid History page from NSLDS). Complete Master Promissory Note Complete Entrance Loan Counseling Complete Financial Awareness Counseling (PREVIOUS BORROWERS ONLY) Select your refund preference via BankMobile Vibe at Your student loan(s) will not be disbursed until all steps are completed.

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3 Heartland Community College Financial Aid Office Federal Direct Student Loan Steps to Complete Your student loan will not be complete and funds will not be available for disbursement until all steps below are completed. 1. If you are interested in borrowing for , you will need to accept the loan(s) offered to you. You may accept the loan(s) offered through MyHeartland IRIS Self Service Student Center Finances Financial Aid Accept/Decline Awards View You may also accept the loans by filling out a Direct Loan request form in the Financial Aid Office. 2. Borrower Information Sheet can be printed off your to-do list or you may stop by the Financial Aid Office to pick up this form. Attach Financial Aid History page from NSLDS when submitting the Borrower Information Sheet. 3. Complete a Master Promissory online with the U.S. Department of Education at 4. Complete Entrance Loan Counseling online with the U.S. Department of Education at 5. Financial Awareness Counseling required for previous borrowers only. Complete online with the U.S. Department of Education at You need a Federal Student Aid Identification username and password (FSA ID) to complete the promissory note, entrance loan counseling, and financial awareness counseling online. This is the same FSA ID you used to submit the Free Application for Federal Student Aid (FAFSA). If you did not use a FSA ID to submit the FAFSA or you cannot remember your FSA ID, you can obtain a FSA ID at The Master Promissory Note is your promise to repay the student loan, and it is a legally binding contract between you and the U.S. Department of Education. Borrowing through an educational loan is a serious financial obligation. The online entrance loan counseling session will explain your borrower rights and responsibilities as well as the consequences of defaulting on a federal student loan and will test your overall understanding of your borrower obligations. Financial Awareness Counseling will provide previous borrowers the basics of financial management, show students their current federal student loan debt (and their current student loan debt if they enter information about their private student loans), and provide students an estimate of what their student loan debt is likely to be at the time they leave school.

4 If you have any questions about your Direct Loan or the information contained in the entrance counseling or financial awareness counseling session, please contact the Heartland Financial Aid Office. Financial aid loan officers are available to answer any questions you may have. 6. Select your refund preference via BankMobile Vibe. Direct Loan funds will be applied to your Heartland student account and will be used first to pay for any institutional charges such as tuition and fees. After all institutional charges have been paid; any remaining funds will be released to you through BankMobile Vibe. If you are new to Heartland Community College, BankMobile Vibe information will be mailed to you in the beginning of the semester. You need to make sure you choose how you wish to receive your financial aid refunds, either through direct deposit to an already existing bank account, or by having funds added to your Bank Mobile Vibe debit card. Loan Disbursement Reminders Full Year Loans (Fall 2018/Spring 2019) -- If your loan is a full year (fall/spring) loan, then you will receive one disbursement for the fall term (approximately the first week of November) and one disbursement for the spring term (approximately the first week of April). Fall Only, Spring Only, Or Summer Only Loan -- If your loan is a fall only, spring only or summer only loan, then you will receive two disbursements after the 50% point of the applicable semester. Loan Origination Fees Note that your loan disbursement will be slightly less than the amount you borrow. This is due to a loan origination fee which the Department of Education deducts from each loan. The loan origination fee is 1.062% for year.

5 Financial Aid Office Heartland Community College 1500 W. Raab Road Normal, IL Fax: (309) Federal Direct Loan Program Borrower Information Sheet Print: Student Name HCC ID #: Street Address City State Zip Phone Number Cell Phone (if applicable) Complete This Form and Submit All Information Requested Accessing your Financial Aid History The National Student Loan Data System (NSLDS) is a federal database of every student who has received federal financial aid. By logging into NSLDS, you can view your aid history and other information. Your access to NSLDS is equally important so you can view your financial aid usage, including: -Your loan balances. -The interest rates for each of your loans. -The amount of Pell Grant you have received. -Your student loan servicer s contact information. -The current status of your student loans. Details You Should Know There is a lot of information about your federal student loans within NSLDS, but prior to graduation, there will be four pieces of information that will be critical to know as you prepare to manage your debt: -Loan Type (name) -Loan Servicer -Disbursement Dates -Loan Balances Knowing this information will help you: Section 1-Financial Aid History -Determine which repayment plans you qualify for. -Find your total loan balance and learn when your first payment is due. -Know where to send your payment and who to call for assistance.

6 What Won t You See in NSLDS? Details on Private or Institution Loans. NSLDS is for federal loans only. To find the details of other loans you ll want to review your credit report, or reach out to the lender of the loan, or your school s financial aid office. Real-Time Account Balances are not available. The Outstanding Principal Balance (OPB) of each loan will be listed, but this is not real-time data. To determine the current balance, contact the loan servicer. Getting Started 1. Go to NSLDS.ed.gov 2. Select Financial Aid Review 3. Review and Accept the Privacy Statement 4. Enter your FSA ID username and password 5. Print and submit the page(s) of your loan history. If you do not have any history, print the page that indicates this. Attach to this worksheet. Section 2-References Complete Entire Section References (Individuals who would be able to contact you over the next two-three years). Name Name Street Address Street Address City, State, Zip Code City, State, Zip Code Telephone Telephone Relationship Relationship Note that the Financial Aid Office may verify the accuracy of the information you provide on this form. Your Signature and Date I have read and I understand my rights and responsibilities as a borrower. I also understand that I must repay my loan according to the terms of the promissory note. Signature Date