Direct Federal Student Loan by PastGallo


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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

   ________________________________________                    _______________________
* Students must have an Educational Program Plan on file in orderDatereceive a loan greater than $3,500.

                                                                                            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:
-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

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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