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Federal Direct Stafford Loans

Clatsop participates in the Federal Direct Stafford Loan Programs and offers student loans through the federal government. You must complete a Free Application for Federal Student Aid (FAFSA) and receive an Award Letter with an Estimated Loan Request Form that will estimate your individual eligibility of an offer to borrow a subsidized and/or an unsubsidized loan. When you accept an offered Federal Direct Stafford at Clatsop, you will borrow from the federal government and receive funds directly through Clatsop. It is important that you carefully consider your need to borrow since these loans must be repaid. FinAid! provides a Loan calculator to assist you in estimating future payments.

If you do not wish to borrow, do not complete the Estimated Loan Request.

If you do wish to borrow, you will need to carefully read and follow directions on Activating Your Loan.

Two types of loans:

1)  Subsidized Loan

The Federal Direct Stafford Subsidized Loan is a need-based federal loan awarded to students who demonstrate financial need. Subsidized eligibility is always calculated for you prior to Unsubsidized, as it is the least expensive loan option available since you are not responsible for interest until you actively enter repayment.  The US Department of Education pays the interest.

NEW:  Limitation on Direct Subsidized loan eligibility for First-Time Borrowers on or after July 1, 2013.  There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans.  You may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program.  This is called your maximum eligibility period.  Your maximum eligibility period is based on the published length of your current program.

For example, if you are enrolled in a four-year bachelor's degree program, the maximum period for which you can receive Direct Subsidized Loans is six years (150 percent of 4 years=6 years).  If you are enrolled in a two-year associate degree program, the maximum period for which you can receive Direct Subsidized Loans is three years (150 percent of 2 years=3 years).

After you have exhausted your maximum eligibility period, you are no longer eligible to received additional Direct Subsidized Loans.  However, you may continue to receive Direct Unsubsidized Loans.  Additional information is found at Federal Direct Stafford Subsidized Loans.

2) Unsubsidized Loan

The Federal Direct Stafford Unsubsidized Loan is a non-need based federal loan that cannot exceed the cost of attendance minus other financial aid or funding. Interest begins to accrue from the time the loan is disbursed until it is paid in full. Interest can be paid while enrolled (or during other periods of non-payment) or you may choose to allow interest to accrue. Allowing interest to accrue will increase the total amount you repay.

You have the right to cancel a loan by submitting a written request to Clatsop CC within 14 days of when the funding is applied to your student account.

Note that Clatsop does not participate in the Parent Plus, Perkins or alternative/private loan programs.

 

Last Updated: 
February 16, 2017, 10:03 am
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