Stafford Loan Information & Application
STAFFORD STUDENT LOAN APPLICATION INSTRUCTIONS
Before you can apply for a Federal Stafford Student Loan, you must first have completed the Free Application for Federal Student Aid (FAFSA) and have already received from Skagit Valley College your Award Notification or a Grant Denial letter, indicating whether or not other aid is available to you for the academic year. Note: Receipt of your Student Aid Report (SAR) from the federal processor does not mean your file is complete.
If you have not yet completed the FAFSA, you may do so by visiting their website or completing a paper application, available in the Financial Aid Office. Please contact Financial Aid at (360) 416-7666 for important information before applying for aid over the web.
Important Borrower Information
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Serious consideration should be given when borrowing money for education. The amount you borrow for your education must be repaid with interest, once you are no longer a half-time student so it is strongly recommended that you borrow only what you need to meet your educational costs. This is the time for you to think about how much you will need to borrow. Information to help you determine the amount of loan and what monthly payments will be can be found at the Northwest Education Loan Association (NELA) website. Under "Borrowers", choose "Dollars and Sense".
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Next, make sure you are eligible for the loan for which you are applying. The Financial Aid Office determines your eligibility, based upon your completed financial file and assuming you are complying with the Satisfactory Progress Policy and Conditions of Award requirements. Please read and be sure you understand the policies and all information contained in these documents. You may download the documents here, or obtain hardcopies from the Financial Aid Office.
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It is important for you to know that if you are in your first quarter of your program at Skagit Valley College and are a first-time borrower of the Stafford Loan program, there is a federally mandated "30 day delayed disbursement requirement". In other words, the school cannot receive your first loan disbursement from the bank until 30 days into your first quarter. Only then, can we release funds to you so please plan accordingly.
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Please keep in mind that the "expected disbursement date" your lender has on record for your loan is the bank funds transfer date, not the date you will receive the money. You must allow 3 days for check processing, and will receive the funds no earlier than the first official day of the quarter for which the loan is intended. Completed Attendance Verification Forms are required to pick up all loan checks.
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It is the responsibility of the Financial Aid Office to make sure students do not receive more financial aid than they are eligible for. This includes all types of financial aid (i.e. Veterans benefits, Scholarships, Workforce Development Council (NWDC), DVR, Workforce funds, Training Completion Aid, WorkFirst, Employer tuition plans, etc.)
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Skagit Valley College's check ordering system will not print a check if there has been a "punitive action" code placed on your account. This means any bad debts (i.e. parking fines, nsf checks, library fines, etc.) will keep your check from writing. You are responsible for contacting the Cashier to make sure all punitive action codes have been taken care of prior to check writing.
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Please be aware of the school's policy regarding short-term loans. If you have taken a short-term loan, you must pay it within 24 hours of the receipt of your student loan check. The loan check you receive will not have the short-term loan deducted.
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You will need the most recent version of Adobe Acrobat Reader to read portions of the loan application and Master Promissory Note. If you do not have Adobe Acrobat Reader, you can download a free copy.
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Browsers: Due to the potential for abnormal termination and exiting of the program, it is recommended that you use either Microsoft Internet Explorer 6.0 or greater or Netscape Navigator 6.1 or greater. Your browser must be set to support or enable "cookies". Check your browser's settings to ensure that it is configured properly.
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Students who do not plan on selecting a lender from Skagit Valley College's preferred lender list must contact their lender to obtain a hard-copy of the Master Promissory Note, as well as a stamped, addressed envelope so that we may mail the MPN and our certification to your lender. You must still complete and submit the online Borrower Loan Confirmation and Entrance Counseling. You will be required to print the results of both of these and submit them to the financial aid office since Skagit Valley College will not be receiving electronic notification of your application.
Skagit Valley College's Preferred Lender List
(Alphabetical, not in order of preference)
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Bank of America
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College Loan Corporation
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Key Bank
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Nellie Mae
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US Bank
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Wells Fargo
You Must Gather Information:
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You will need the name, full address, phone number, and relationship of two (2) separate references with separate addresses. One should be a parent. The other can be a relative or friend. Both references must have separate addresses from each other and separate addresses from you, unless it is a parent. If you live at SVC Campus View Village, you cannot use that address as your permanent address for loan purposes. Also, no references with addresses at Campus View Village will be accepted.
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Your driver's license number will be needed on the Master Promissory Note.
Steps To Complete The Loan Application
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Once you have read all instructions on this page, you will select Begin Stafford Loan Application Process. (link at bottom of page) This will lead you to the Borrower Loan Confirmation page. The Borrower Loan Confirmation will give the financial aid office information all which quarters you will be attending and how much loan you wish to borrow. Once you submit this page you will be prompted to complete Online Loan Entrance Counseling .
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Due to privacy laws and to reduce identity fraud, all borrowers must initially create an account before access to the Online Loan Entrance Counseling will be granted. Select "create a new account" and provide the requested information to complete the account setup. It is important to note that the account setup is case sensitive and you must be sure the information you enter is accurate. A typo or other error will prevent future access to your account and you will be unable to complete the loan application. If you have difficulties with your account, please contact SallieMae's OpenNet Technical Services at 1-888-272-5543 and press "1". If their help is not sufficient, call the Northwest Education Loan Association (NELA) customer service number at 1-800-979-4441 and press "1". Be sure to let them know you've already worked with OpenNet's Technical Services and they were unable to help you. After successfully logging into your account, you will complete loan Entrance Counseling. The results will be made available in a report to the Financial Aid Office the following day, assuming you select the final "CONTINUE" box at the end of your loan counseling session. Your name, SS#, and quiz results will appear on the screen. It is recommended that you print this page as proof of completion of your Entrance Counseling.
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Next, you will be directed to complete your Master Promissory Note. Please be sure your name appears as it is printed on your Social Security Card. At the end of this form you will be required to electronically sign the document. The application will also prompt you to print a copy of the Master Promissory Note. Keep this as proof of completion. Do not submit the printed copy to the financial aid office. Then select the final NEXT button to ensure that your information is complete and available for electronic certification.
Final Note: Once the Financial Aid Office has confirmation of all 3 of items necessary to complete your loan application, we can determine your loan eligibility. During peak processing times you may expect a 6-8 week delay, but we try to complete processing 4 weeks from the time you submit your completed application. Once your loan has been processed, you will receive a letter indicating the type, amount of loan and when to expect the first check. For questions, please contact the Financial Aid Office at (360) 416-7666 (Mount Vernon Campus).
