Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest. Loans are legal obligations, so before you take out a student loan, think about the amount you really need and the amount you’ll have to repay over the years. It is important that you carefully consider your need to borrow since student loans must be repaid and debt can add up fast. See the Borrower Rights and Responsibilities Highlights section at the bottom of this page for more detailed information. Note that FinAid! provides a Loan calculator to assist you in estimating future payments.
If you are eligible for a Federal Direct Student Loan at Clatsop, you will receive a Financial Aid Offer with an Estimated Loan Request after your FAFSA and all required items have determined your eligibility. The Financial Aid Office contacts you via the email address you list on your FAFSA so be sure to check your email often. Emails from the Clatsop Financial Aid Office will say “Financial Aid Mail” in the subject line and will instruct you to access your MyCCC account to check on financial aid information, offers and updates. To be eligible for student loans, you must also be enrolled at least half-time (6-8 credits). The Estimated Loan Request will state the type an estimated amount of loan that you are being offered. Your actual eligibility will be determined at the time your loan(s) are certified. You have the following options with the Estimated Loan Request:
- Accept the full amount for all loans offered.
- Accept the full amount offered for an individual loan (subsidized or unsubsidized).
- Accept an offered loan but request a lower amount.
- Decide later.
- Decline offers of loan(s) by simply not submitting the Loan Request
STEPS TO ACTIVATE YOUR LOAN(S):
You must complete and submit the Loan Request form to the Financial Aid Office and complete the following by the Loan Application Deadlines:
- Complete the Direct Loan Entrance Counseling (quiz) requirement.
- Complete the Master Promissory Note (MPN) requirement -if you need assistance with this site or process, you may call 1-800-557-7394.
Each of these take requirements take approximately 30 minutes to complete. Once all requirements are met, your loan(s) will be certified, and you will be sent a revised Financial Aid Offer reflecting the loans. This process may take 2 or 3 weeks.
*NOTE: If you are a first-time borrower and a first-time freshman, you will have a 30-day delay on your loan(s).
Your loan period is generally the current/next term for which you meet the loan application deadline through the end of the academic year. Retroactive eligibility may only be considered for consecutive terms where satisfactory academic progress was earned. An updated Award Letter will be issued reflecting loan awards by type and term. The net amount will be divided into term disbursements and applied to your student account.
You may request a partial or full cancelation of a student loan by submitting a written request to the Financial Aid Office within 14 days of when the funding is applied to your student account.
Clatsop does not participate in PLUS or alternative loan programs.
Is My Loan Eligibility Subject To Change During the Year?
YES! Your loan eligibility may be subject to change throughout the year. Refer to our Revisions to Financial Aid Offer page for more information on why your aid eligibility may be subject to changes throughout the year.
When Will You Receive Your Loan Funding?
That depends. You will be notified when your loan has been activated and certified through your MyCCC account with an anticipated date of disbursement. The loan amounts on your Financial Aid Offer will reflect the gross amount borrowed but loan fees will be automatically deducted leaving your actual dollar amount slightly less. Your net loan will be divided over the number of terms of your loan period (or by two required for a single-term loan) and applied to your student account as early as the dates below or the first or second following Friday after you have received Financial Aid Offer notification.
*NOTE: If you are a first-time borrower and a first-time freshman, you will have a 30-day delay on your loan(s).
Borrower Rights and Responsibilities Highlights:
- Only borrow as a last resort to meet real, educational needs. Debt can add up fast.
- A great reference for managing your loans and repayment is Federal Student Aid Repayment Information, the Repayment Estimator and Fastweb’s Repaying Student Loans Quick Reference Guide.
- Personal budgeting tool to assist with your own budget – www.finaid.org/calculators/
- Consider not only your current need, but also your realistic career goals, how much you expect to earn and estimated debt load and repayment burden before you borrow.
- When you enter into an agreement regarding a Title IV, HEA student loan, that loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by authorized agencies, lenders and institutions determined to be authorized users of the data system.
Other Loan Information:
Dependent Care Costs: If you have Dependent Care costs due to attending college that are not paid by another agency, you can submit a Dependent Care Expense Request for review. This may increase the amount of student loan that you are offered in order to assist you in paying your dependent care expenses while in attendance. You would need to complete and submit a Dependent Care Expense Form for review and submit with your initial Loan Request.
Second-Year Student : If you receive a Loan Request, you may be eligible to increase the subsidized amount of loan or total amount of loans you may borrow if you are a second-year student. To qualify as a second year student, you must be able to show that you have at least 45 required credits toward your declared two-year associate degree. Required credits mean the credits that are actually listed on the checklist. To have this reviewed, you will need to meet with your advisor to complete a Degree Checklist listing all of your completed classes toward your degree and it must be signed off by your advisor. This should be submitted with your initial Loan Request. After review, you will be notified if it changes your type of loan or loan amount. See the front desk in Student Services to pick up a Degree Checklist.
Loan Cancelation: You have the right to cancel all or any part of your loan prior to receiving funds by submitting a completed Loan adjustment form to the Financial Aid Office. After receipt of loan funds, but before 120 days, you may return the full amount of the loan funds you received to the Business Office or to the Department of Education and incur no loan fees or interest charges.
