Office of Student Financial Aid
Federal Direct Lending and Private Lending
What types of loans are available to apply for?
- Federal Direct Stafford Loan
- Federal PLUS Loan
- Private Loan (credit based)
- Bridge Loan
To be eligible to borrow federal student loans (Direct or PLUS) you must have already completed your FAFSA www.fafsa.ed.gov.
Federal Direct Stafford Loan (students only). To apply for a Direct Stafford Loan you must complete these steps:
1. Complete the Entrance Counseling All applicants must complete entrance counseling for EACH year you apply for a Direct Stafford Loan.
NOTE DEADLINE!! The deadline to apply for 2013-14 Direct Loan is May 23, 2014 (this means that you MUST complete your entrance counseling, eMPN, and submit your loan request form to our office BY OR BEFORE May 23, 2014, or your loan will not be processed). Students MUST have a completed FAFSA application on file to be eligible for Direct Loans.
2. Complete the 2013-2014 Direct Loan Request Form 2013-2014
3. Complete the 2013-2014 Master Promissory Note (eMPN)
2014-2015
4. Complete the 2014-2015 Direct Loan Request Form 2014-2015
5. Complete the 2014-2015 Master Promissory Note (eMPN) (link not available until April 2014).
OPTIONAL learning tool: Financial Awareness Counseling (to test your financial literacy and track your current loan balances).
NOTE! All three steps MUST be completed for EACH academic year that you want to receive loan funds. You will need the following information to complete steps 1 and 2: social security number, first two characters of your last name, date of birth (ddmmyyyy) and your FAFSA PIN.
For requested loan amount based on your level in school, you must have COMPLETED at least 45 college level credits to be considered a 2nd year student. If you are transferring to OC you may submit your transcript to the Registrar's Office for assessment of transfer credit. Transferred credits MUST show on your OC transcript for the Financial Aid Office to award at a higher grade level.
Federal Direct PLUS Loan (parents of dependent students only)
To apply for a Direct PLUS loan complete these two steps:
NOTE DEADLINE!! The deadline to apply for 2013-14 PLUS loan is May 23, 2014 (this means that parent MUST complete the eMPN and submit a PLUS loan request form to our office BY OR BEFORE May 23, 2014, or the loan will not be processed). Student and parent MUST have a completed FAFSA application on file to apply for a PLUS loan.
1. Complete the 2013-2014 Direct PLUS Loan Request Form 2013-2014. Submit to the Financial Aid Office.
2. Complete the 2013-2014 PLUS Master Promissory Note.
2014-2015
3. Complete the 2014-2015 Direct PLUS Loan Request Form 2014-2015. Submit to the Financial Aid Office.
4. Complete the 2014-2015 PLUS Master Promissory Note (after April 1, 2014)
Private Loans (student and co-signer)
To apply for a private education loan complete the following steps:
1. Complete 2013-2014 Private Loan Request Form and submit it to the Financial Aid Office.
2. Complete 2014-2015 Private Loan Request Form and submit it to the Financial Aid Office.
3. Apply for a private (non-federal) education loan with the lender of your choice.
Currently, the following three lenders offer private education loans:
OC'S LENDER POLICY: Lenders shown here are listed in alphabetical order, not in order of preference. Olympic College is NOT affiliated with lenders and has NO contractual arrangements. There may be other lenders that offer non-federal education loans. Check with the lender. Private loans are credit-based and usually require a co-signer.
BRIDGE LOANS
The Bridge Loan is designed to cover tuition and fees for student who are awarded federal Direct Loans, when grants are not sufficient to cover these costs and/or when no grants have been awarded. The Bridge Loan assures a student's registration until loan funds are received. Grant aid (if awarded) will be applied to the tuition and fees before bridge loans. Grant aid cannot be saved for book purchases.
Eligibility requirement - you MUST be awarded a federal Direct Loan, be enrolled in a MINIMUM of 6 credits (1/2 time enrollment status), AND making satisfactory academic progress.
The Bridge Loan will pay the least of exact tuition and fees or the estimated amount of proceeds to be disbursed from the federal Direct Loan on a quarterly basis. Bridge Loans are to be repaid with the proceeds from the federal Direct Loan.
Books/supplies purchase option - borrowers with remaining loan funds available after tuition and fees are paid may also request up to $300 for a Bookstore Bridge Loan prior to the quarter beginning OR no later than the first week of the quarter . For more information AND to apply for a Bridge Loan and/or Bookstore Bridge Loan, contact the Financial Aid Office within two (2) days of registering to complete an application (and bookstore bridge voucher, if applicable). More information will be provided at the time you apply.
Loan Disbursements
Loan disbursements (or balance after tuition and charges) are issued to your Higher One card on the 30th day of the term from each term of the loan period. For single loans there are two disbursements that will be made. The first on the 30th and the second will be shortly after the middle of the term. The 1st disbursement dates for the quarters in the 2013-2014 academic year are :
Summer 2013: July 30, 2013
Fall 2013: October 22, 2013
Winter 2014: February 4, 2014
Spring 2014: April 29, 2014
Exit Counseling Interview
Federal regulations require that any student who borrows money under the Stafford Loan program complete an Exit Counseling Interview before they go into repayment. The Exit Loan Counseling is an online interactive session that offers important information about your student loan repayment obligations.
Similarly, students who borrow funds under the Direct Loan program can complete their exit interviews on the NSLDS website listed below under important websites. NOTE! At Olympic College, we require borrowers to complete Exit Counseling at the end of EACH award period.
Repaying Your Loan (and related resources)
Students who borrow federal student loans may access Information regarding their loan repayment on the Federal Student Aid (FSA) website, and at the NSLDS website.
Important links:
The National Student Loan Data Systems (NSLDS) shows your loan amounts and exit interviews information
The Federal Student Aid Ombudsman is a useful site for students receiving financial aid.
Last modified: January 21, 2014 KF
