Student Loans

What types of loans are available to apply for?

  •     Federal Direct Stafford Loan (the borrower is the student)
  •     Federal PLUS Loan (the borrower is the parent of a dependent student).
  •     Private Loan (credit based; the borrower is the student - typically requires a co-signer).
  •     Bridge Loan (available for first-time Direct Loan student borrowers - see details below)

To be eligible to borrow federal student loans (Direct or PLUS) it is required to complete the FAFSA.

Applications and information for 2015-2016 Direct Stafford Loans:

To apply for a 2015-2016 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 Loan. If you have borrowed student loans before we recommend you ALSO complete Financial Awareness Counseling, item 4 below (optional).

2.  Complete the 2015-2016 Direct Loan Request Form

3.  Complete the 2015-2016 Master Promissory Note (eMPN)

4. OPTIONAL, BUT RECOMMENDED FOR REPEAT BORROWERS: learning tool: Financial Awareness Counseling (recommended for those who have borrowed before, to track your current Direct Loan balances).

NOTE! Steps 1 thru 3 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 FSA ID.

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.

Applications and information for 2015-2016 for the Direct PLUS loans.

To apply for a Direct PLUS loan, complete these two steps.

1. Complete the 2015-2016 Direct PLUS Loan Request Form.  Submit to the Financial Aid Office. 

2.  Complete the 2015-2016 PLUS Master Promissory Note. Requires your FSA ID

Private education loans do NOT require the applicant or co-signer to complete a FAFSA.

To apply for a private education loan complete the following steps:

1. Complete 2015-2016 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:

    Citizens One Student Loans
    Discover Student Loans
    Sallie Mae Student Loans
    Wells Fargo Student Loan

OC'S LENDER POLICY:  Lenders shown here are listed in alphabetical order, not in any 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.

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 typically 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.

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 2015:     July 01, 2015 (or July 30, 2015 for first-time borrower/1st disbursement).
  • Fall 2015:             September 21, 2015 (or October 20, 2015 for first-time borrower/1st disbursement).
  • Winter 2016:        January 4, 2016 (or February 2, 2016 for first-time borrower/1st disbursement).
  • Spring 2016:        April 4, 2016 (or May 3, 2016 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 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, lender servicer contact information, and exit interviews information

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

Last modified:  May 2015, HT