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 an Award Letter with a 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, awards 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 and 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:
STEPS TO ACTIVATE YOUR LOAN(S):
You must complete and submit the Estimated Loan Request form to the Financial Aid Office and complete the following by the Loan Application Deadlines:
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 Award Letter reflecting the loans. This process may take 2 or 3 weeks.
|Loan Application Deadlines By Term:|
|Fall 2014||Nov. 14, 2014|
|Winter 2015||Feb. 20, 2015|
|Spring 2015||May 15, 2015|
Loan Requests received after these dates will not be processed until the student has registered for the following term (Winter or Spring) and the term has begun. A student must be enrolled and attending in the term for which they request a loan.
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 Award Letters 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 Award Letter will reflect the gross amount borrowed but loan fees of .5% will be automatically deducted leaving your actual dollar amount slightly less. Your net loan disbursement will be divided over the number of terms of your loan period (or by two disbursements 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 Award Letter notification:
Estimated Term Disbursement Dates
These are the earliest dates net term funds may be applied to your student account.
The rest of the term, loans will be disbursed the first or second following Friday after you receive an Award Letter notification.
(Single Term Loans)***
|Fall 2014||10/31/2014||on/after 10/10/2014**||on/after 11/07/14|
|Winter 2015||02/06/2015||on/after 01/16/2015**||on/after 02/13/15|
|Spring 2015||05/01/2015||on/after 04/10/2015**||on/after 05/08/15|
*NOTE that if you are a first time borrower and a first time freshman, you will have a 30 day delay in the first disbursement of your loan(s).
**Or first or second Friday after Award Letter notification
***Single term loans are required to have 2 disbursements. The 2nd disbursement must be held until the midpoint of a term or later. The dates above reflect the midpoint of each term. You will be notified on your Award Letter of your actual 2nd disbursement date.
Borrower Rights and Responsibilities Highlights:
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.
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