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 (available for first-time borrowers - see details below)
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.
2. Complete the 2014-2015 Direct Loan Request Form 2014-2015
3. Complete the 2014-2015 Master Promissory Note (eMPN) .
OPTIONAL learning tool: Financial Awareness Counseling (recommended for those who have borrowed before, to track your current Direct 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 (dd/mm/yyyy) 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 second 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:
1. Complete the 2014-2015 Direct PLUS Loan Request Form 2014-2015. Submit to the Financial Aid Office.
2. Complete the 2014-2015 PLUS Master Promissory Note
NOTE!!! If you are requesting a student loan after your award offer has been made, please allow for 3-6 weeks for reprocessing of your aid package.
PRIVATE LOANS (STUDENT AND CO-SIGNER)
To apply for a private education loan complete the following steps:
1. Complete 2014-2015 Private Loan Request Form and submit it to the Financial Aid Office.
2. Apply for a private (non-federal) education loan with the lender of your choice.
Currently, the following four 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 (for first-time borrowers of federal Direct Loans):
The Bridge Loan is an institutional option designed to help cover tuition and fees for students who are first-time borrowers of federal Direct Loans when grants are not sufficient to cover these costs and/or when no grants have been awarded. The Department of Education restricts schools from issuing the first disbursement of a loan to first-time borrowers until 30 days after the first quarter that the loan period begins. The Bridge Loan is only necessary for the first disbursement of a loan and assures a student's registration for the first quarter, 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.
NOTE!!! If you chose to borrow only a private loan, the bridge loan is not an option. When borrowing a private loan, the borrower is responsible to make payment arrangements with the college cashier. A payment plan is available. When private loan funds are available, they are paid directly to the borrower, and the student is responsible for paying the balance of tuition for the quarter.
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 for the first quarter in which the disbursement must be delayed 30 days. Bridge Loans are to be repaid with the proceeds from the federal Direct Loan.
Books/supplies purchase option - qualifying Bridge Loan 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 DISBURSEMENT DATES
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 1st day of the quarter (or 30th day if first-time borrower/1st disbursement) and the second will be shortly after the middle of the term. The 1st disbursement dates for the quarters in the 2014-2015 academic year are :
Summer 2014: July 01, 2014 (or July 30, 2014 for first-time borrower/1st disbursement).
Fall 2014: Sept. 22, 2014 (or October 21, 2014 for first-time borrower/1st disbursement).
Winter 2015: January 5, 2015 (or February 3, 2015 for first-time borrower/1st disbursement).
Spring 2015: April 6, 2015 (or May 5, 2015 for first-time borrower/1st disbursement).
NOTE!!! Check your disclosure notice for actual disbursement dates. After a loan is awarded at the school, the Department of Education will deliver a disclosure notice to you, which outlines the dates the school received the funds. Allow three business days for processing of loan funds after the funds are received at the school. Check your Higher One card balance until you receive the funds on your account.
EXIT COUNSEL 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.
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: December 9, 2014 KF