REQUEST FOR WILLIAM D. FORD FEDERAL DIRECT STUDENT LOAN (DOC # 14) 2008-2009 San Diego Miramar College participates in the William D. Ford Federal Direct Subsidized Student Loan Program. Instead of borrowing from a bank, you will borrow directly from the federal government. You may borrow up to $3,500 as a first-year student and $4,500 as a second-year student. As an undergraduate student, you cannot borrow more than a cumulative total of $23,000. The interest is a variable rate that changes each school year. Borrowers are required to pay an origination and insurance fee which is currently, 2.5%. These fees are deducted from the proceeds of the loan. A Rebate of 1.5% of each gross disbursement is added back automatically to your check disbursement. You will keep the Rebate Amount if you make your first twelve monthly payments on time. Otherwise, the Rebate Amount will be added back to your principal balance to be repaid. The Financial Aid Office will determine the actual loan amount for which you are eligible. You must have financial need to qualify for a subsidized loan, which must be repaid. Checks will be disbursed twice per loan period. Students who are first year, first-time borrowers will have their loan checks disbursed thirty days after the first day of class. In order to be eligible to receive a direct student loan, a student must meet all of the following criteria: Meet all eligibility requirements for financial aid Be enrolled in at least 6 semester units with one class at Miramar College. The financial aid application must be analyzed according to Federal Methodology and evaluated for accuracy by a financial aid technician Passed and completed the Loan Entrance Counseling Quiz Have an Education Program Plan on file (for students applying for loans greater than $3,500) A Direct Loan is a debt that must be repaid. As a result, you should only borrow the amount you need. Checks will be mailed out according to the payment schedule. Loan applications that are processed after the initial disbursement dates will be mailed out as soon as they are accepted and authorized by the loan servicer. Students who are attending only one semester at Miramar College will have their cost of education adjusted. Their loan requests will be processed based on a one-semester budget. Name: __________________________________________________________________ Last First Middle Initial Student ID Number: ____________________________________________________________________ What is your current degree objective? AA / BA / Cert Major: _________________________ What amount do you want to borrow for the 2008/09 school year?* $ ___________________ When will you complete your program at Miramar College? __________ / ______________ Month Year ________________________________________ _______________________ Signature * Students must have an Educational Program Plan on file in orderDatereceive a loan greater than $3,500. to OFFICE USE ONLY Student completed “Rights & Responsibilities” checklist: YES NO Loan Period: Fall (8/25/08 - 12/17/09) Received a prior loan: _____________ # of units completed: ______________ Spring (1/26/09 - 5/23/09) Grade Level: ________ INDEPENDENT DEPENDENT Fall & Spring (8/25/08 - 5/23/09) Loan eligibility: $ _____________________ LOAN ENTRANCE COUNSELING -The loan entrance counseling website: www.dlssonline.com. -Click on “Entrance Counseling” and review the Entrance Counseling Session… -Make sure you read all the information prior to taking the quiz. -Before you take the quiz, a window for Pin Registration opens. You are required to obtain a PIN before taking the Entrance Counseling Quiz. You should have received your PIN in the mail after completing the FAFSA application. If you haven’t received a PIN you can do so on the U.S. Department of Education PIN site:www.pin.ed.gov. About the quiz: You must answer all questions in order to continue beyond the quiz page. You will need to answer 12 out of 15 questions correctly. If you do not, you will have the option to take the quiz again. You may also choose to review before taking the quiz. Please note that each time you take the quiz there will be a new set of questions. After completing your counseling session and answering all the questions on the quiz correctly, follow the instructions for acknowledgement your rights and responsibilities. Then click on “Save and Acknowledge” button. The schools you have indicated will retrieve the results of your entrance-counseling quiz or you can simply print the page showing that you have successfully completed the quiz and bring it to your financial aid office. GOOD LUCK…….
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