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Federal Direct Student Loan Request Summer 2015 - Spring 2016

Fill this out if you DID NOT receive Federal Direct Loan funds from SVC in the 2014/2015 award year

This form is required to apply for a Federal Direct Stafford Student Loan For Periods Of Enrollment Summer 2015 Through Spring 2016 only.
This is a loan which must be repaid.

Current total student loan debt* :

$
.00

*Not including this request. If you don't know your total debt, you can retrieve your loan balance at www.nslds.ed.gov. (Click on "Financial Aid Review")

What will your monthly payment be on this total ?

$
.00

You may get an estimate on your monthly repayment figure at www.finaid.org/calculators/.
(Under "Loans" go to "Loan Calculator")

You must be in an eligible program, enrolled in 6 or more required program credits and can not be enrolled in non-required classes. Check all the boxes that you will be enrolled in 6 or more credits required for your degree or certificate program.

Congress has passed and the President has signed the Bipartisan Student Loan Certainty Act of 2013, which ties federal student loan interest rates to financial markets. Under this Act, interest rates will be determined each spring for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.

The following table provides the interest rates for new Direct Loans made on or after July 1, 2015, and before July 1, 2016. These rates will apply to all new Direct Loans made during this time.

Loan Interest Rate Fee
Direct Subsidized Loans (Undergraduates) 4.29% 1.068%
Direct Unsubsidized Loans (Undergraduates) 4.29% 1.068%

Annual maximum Loan Limits

Dependent Student
*Base Loan
+
Additional
1st year $3,500
+
$2,000 = $5,500
2nd year $4,500
+
$2,000 = $6,500
Independent Student
*Base Loan
+
Additional
1st year $3,500
+
$6,000 = $9,500
2nd year $4,500
+
$6,000 = $10,500
*Base loan interest can be subsidized depending on need/outcome of your FAFSA and 150% Direct Subsidized Loan Limit rules.

NOTES: To be considered a 2nd year student you must have earned at least 45 college level credits in your current degree program.

If you are in your junior or senior year of the Bachelor's Degree ENVC program or are in the PLEA program, your loan limits will be different than above. Please contact the Financial Aid Office for your Annual Maximum Loan Limits.

Requested Loan Amount

$
.00
or (check box if you want the maximum loan)

(Request what you need for the entire school year. Multiple requests will not be processed)

Check this box if you have work study (FWS or SWS) on your award letter and would like it removed to maximize your loan eligibility. Note: If you check this box you are not eligible to work under the work study programs.

In most cases the loan amount will be divided equally among all quarters you are consecutively enrolled in 6+ credits. Subsidized funds will be considered first. The balance of the eligible loan amount will be unsubsidized, and calculated on a quarterly basis. The loan amount you are eligible for may be less than what you request. It is based on your cost of attendance.

What to do next?

Step 1: Complete this form, the Skagit Valley College Loan Request

Great work, you are well on your way. Step one is to submit this form. Once you click ‘Submit Form’ at the bottom of this page, the SVC Financial Aid Office will receive Step 1 of your loan request and you will be directed to the Federal Student Loans website where you will login using your Federal Student Aid Programs Pin Number. Once there, you will complete Steps 2 and 3 of the loan application. Please make a note of Steps 2 and 3, but don't worry too much. We will guide you through these two steps after you submit this form.

Step 2 Complete “Entrance Counseling as an Undergraduate Student”

Important NOTE: Do not select the Entrance Counseling for Graduate or Plus Loans. You must complete “Entrance Counseling as an Undergraduate Student”

Once Entrance Counseling (Step 2) is complete, you must print the results of your Entrance Counseling session and submit the paper copy to the Financial Aid Office at SVC.  The printed results will be a one page document with your name and last 4 digits of your social security number.

Step 3 Complete “Master Promissory Note For Subsidized/Unsubsidized Loans”

Once you have completed and printed evidence of Entrance Counseling, you will select “Complete MPN For Subsidized/Unsubsidized Loans” to input your demographic and reference information.  Be sure to have your reference information handy before you begin (full name, address, email address and phone number) for each of your 2 required references.  Please remember that you cannot use a reference that lives at your address (unless it is a parent) and you cannot use a reference with a temporary Campus View Village address.

NOTE: be sure to select “Subsidized/Unsubsidized” MPN or you risk completing the wrong type of MPN and your loan will not be processed.  Once the MPN is complete, you must print the PDF version showing your demographic information, reference information and your signature (printed name) the bottom of the page.  Although there are multiple pages, we only want page 1, showing all of the aforementioned information.  If your copy is multiple pages of the aforementioned information, this is a clue that you have printed the HTML version and have not fully submitted the MPN.  Continue on until you see the PDF version.  You will print a full copy (all the pages) of the PDF version for your own records and an extra copy of just page 1 for the Financial Aid Office. 

Once you have submitted paper copies of Step 2 (Entrance Counseling) and Step 3 (Master Promissory Note) to the Financial Aid Office, your loan application will be considered complete and will be processed in the order it was submitted, keeping in mind that only completed and fully processed Financial Aid files can have loan applications certified.  It would be wise to print this instruction page before clicking “Submit Form” so you know which pages to print and which pages will be accepted by the Financial Aid Office.

To comply with federal law, we are required to ask for your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). We will use your SSN/ITIN to report Education Tax Credit Information, to administer state/federal financial aid, to verify enrollment, degree and academic transcript records, and to conduct institutional research. If you do not submit your SSN/ITIN, you will not be denied access to the college, however, you may be subject to civil penalties (refer to IRS Treasury Regulation 1.6050-1(e)(4) for more information. Pursuant to state law (RCW 28B.10.042) and federal law (Family Educational Rights and Privacy Act), the college will protect your SSN from unauthorized use and/or disclosure.