Financial Aid Programs
Federal Family Education Loan (FFEL)
Program - Stafford Loans
- Subsidized Stafford
Loans
Subsidized Stafford loans are
need-based. The federal government pays the interest on the loan while you
are enrolled in school at least half-time (6 units) and during the grace
period before repayment begins. Regular monthly payments begin six months
after you graduate, drop below half-time (6 units) or withdraw from school.
- Unsubsidized Stafford Loans
Unsubsidized Stafford Loans
are available to all qualified students at participating schools,
regardless of their income. You must meet the same requirements as those for
subsidized Stafford loans, except you don't have to demonstrate financial
need. The unsubsidized Stafford loan plus all other financial aid cannot
exceed the cost of attendance. Interest accrues from the time the loan is
disbursed, and interest payments begin immediately but can be deferred. It
is to your advantage, of course, to pay the interest while in school. This
way, the debt will be the principal amount only when repayment begins.
Regular monthly payments begin six months after you graduate, drop below
half-time (6 units) or withdraw from school.
To be eligible for a Stafford Loan at Folsom Lake
College (FLC), you must meet all the eligibility
requirements for federal student aid. In addition, you must:
1.
Be in good
standing and maintain a cumulative 2.0 FLC GPA.
2.
Complete your financial aid file.
3.
Attend the
Loan Entrance Counseling/Debt Management Workshop.
4.
Submit your
completed Loan Request Form and quiz to the Financial Aid office along with copies of your Driver's License/ID
and a Social Security Card.
5.
Complete a
Debt Management form (available in the Financial Aid office) if you have
borrowed more than $10,000 in student loans.
6.
Be enrolled in
six units during the entire school year for which loan has been borrowed. If you drop below six units, your second
loan disbursement check will be canceled and the check will be returned to
the lender.
7.
Attend a
mandatory loan exit counseling session in May or at the end of the fall
semester if you transfer or graduate from Folsom Lake College.
Application Process:
Step 1:
Applicants must be admitted for enrollment at Folsom
Lake College and be enrolled at least half-time (6 units). You must have
completed the Free
Application for Federal Student Aid (FAFSA), and have attended the
Loan Entrance Counseling/Debt Management Workshop.
Step 2:
Complete the LOAN REQUEST
FORM
Item I: LOAN REQUEST FORM
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Lender Name:
Students have the right to select any lender of their choice. For
additional information on how to choose and evaluate lenders, please refer
to the Federal Student Aid Website by
clicking here.
You may also use the FFEL Program Lender choices provided by Edfund
(guarantor) to select the lender of your choice. Since some lenders on
the list may not lend to borrowers at Folsom Lake College, you must
contact the lender of your choice to verify their participation in the FFEL
program at FLC and find out their recent borrower benefits and which lender
ID to use on your Loan Request form.
Click here to view the
FFEL Program Lenders.
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Loan Period:
Select Fall & Spring for a loan to be certified for an entire award
year.
Select Fall if you plan to transfer or graduate by the end of the
fall semester.
Select Spring if you have not completed six units or do not have a
2.0 GPA in the fall OR spring is your 1st semester of attendance
at FLC.
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Loan Type:
Select the Loan Type you wish to borrow.
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Loam Amount Requested:
§ Must indicate $ amount and NOT
“max”
§ To be eligible for a 2nd Year
Grade Level loan, you must have completed 30+ transferable/degree applicable
units.
Note: The Loan Amount Request will not
be increased once
you have submitted your loan application and your loan(s)
are
certified.
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Total Loan Amount Borrowed to Date:
If you have borrowed over $10,000 in student loans, please request a Debt
Management form from the Financial Aid office. The Debt Management form
must be submitted with the Loan Request forms.
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Expected Grad date form
FLC:
Must indicate Semester and Year (ex: Fall 2013)
Item II:
FLC–STAFFORD LOAN QUIZ (Correctly answer ALL questions.)
Step 3:
After you have received your Award Letter for the
current award year, submit your completed LOAN REQUEST FORM,
QUIZ, copies of your Driver's License/ID
and Social Security Card
to the Financial Aid Office.
Certified Loan Procedure:
Once your loan has been certified, you will receive a
loan award letter from Folsom Lake College and an email from EDFUND
(guarantor),
a service of the Student
Aid Commission, with instructions on how to complete the Master
Promissory Note (MPN) online. Please refer to the instructions provided in
your Loan Entrance Counseling packet on how to complete the MPN.
What is a Promissory Note?
When you apply for a loan, you must sign a promissory
note. The Promissory Note is quite simply, a legally binding promise to repay
your loan.
Check(s) Disbursement Procedure:
When your loan check arrives at FLC from the lender, it
will be processed within three business days. The loan checks will be mailed to the
Address on file with the Admissions and Records Office.
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