Providing Dollars for OC Students

 What loan programs do you have available at the Olympic College Financial Aid Office?

There are various types of loans students and parents can borrow from to pay for a college education.  The Olympic College Financial Aid Office participates in the Federal Family Education Loan Program (FFELP) which is a loan program that the federal government sponsors.  The loans in this category include:

•      Federal Stafford Loans
•      Federal Unsubsidized Stafford Loans
•      PLUS Loan

Effective July 1, 2008 the Stafford Loan for undergraduate students will have an interest rate of 6.0%.  The PLUS Loan will be at an interest rate of 8.5%.

What is the Olympic College lender policy?

Students at Olympic College are free to choose any lender they intend to utilize for their Stafford or PLUS Loan needs.  As a matter of policy, Olympic College staff do not recommend or force any student to choose a particular lender (See Student Loan Code of Conduct below).  This decision is solely left for the student to make.  However, in the past our students had utilized the following lenders:

• Chela
• Kitsap Bank
• Sallie Mae Ed Trust
• Student Loan Financial Association/Washington First

What are the steps to apply for a loan?

You must follow the following steps to apply for a loan.  Please skip the steps you have already done.

                1.  Complete the Free Application for Federal Student Aid (FAFSA).  

                2.  Complete the Stafford Loan Request Form and submit the Financial Aid Office.

                3.  Complete the Online Entrance Counseling and Master Promissory Note (MPN).     

 
Bridge Loan
If a student's financial aid consists of a certified and approved student loan, or if you have been certified and approved for a student loan and your grant, tuition waiver, scholarship or other aid is not sufficient to cover your tuition for a particular term, you may use your loan to pay your tuition by bridging (borrowing against) your loan.

If your loan is certified and approved, and you meet the Bridge Loan criteria mentioned above, please see the Financial Aid Office for a Bridge Loan application.

Please note that you must be enrolled as at least a half time student (a minimum of 6 credit hours) to receive a loan, and that wait-listed classes do not count in the six credit hours.

Loan Disbursements
Loan disbursements (or balance after tuition and charges) are mailed 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.

Repaying Your Loan
Information regarding your loan repayment can be found on the Federal Student Aid (FSA) website.

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.  

PLUS Loans
In some instances, parents would like to borrow loans on behalf of students.  The Parent Loan for Undergraduate Students (PLUS) is a federal loan program through which this can be done.  Students and parents interested in the PLUS can contact the Financial Aid Office or their lender.  For additional information on PLUS, click here. 


Important Websites:

The National Student Loan Data Systems (NSLDS) allows students to access all their loan information.

The Northwest Education Loan Association is the loan guarantee agency for the Washington state.

The Federal Student Aid Ombudsman is a useful site for students receiving financial aid.  

Student Loan Code of Conduct

Last modified:  June 5, 2009