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Federal Direct Student Loan Request Summer 2016 - Spring 2017

To be completed if you DID NOT receive Federal Direct Loan funds from SVC in the 2015/2016 award year

Current total student loan debt* :

$
.00

*Not including this request. If you are unsure of 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/.

You must be in a financial aid fundable certificate or degree program and enrolled in 6 or more required program credits.. Check all the boxes that you will be enrolled in 6 or more credits required for your degree or certificate program.


The following table provides the interest rates/fees for new Direct Loans made on or after July 1, 2016, and before July 1, 2017. These rates will apply to all new Direct Loans made during this time.

Loan Interest Rate Fee
Direct Subsidized Loans (Undergraduates) 3.76% 1.068%
Direct Unsubsidized Loans (Undergraduates) 3.76% 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)

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.

Check this box if you do NOT want to be considered for Unsubsidized Direct Loan. (If you qualify for only a small amount of Subsidized loan or non at all, we will contact you and discuss your options)

Be sure to request what you need for the entire school year.

Multiple requests will not be processed

In most cases the loan amount will be divided equally among all quarters you are consecutively enrolled in 6+ credits. Subsidized funds (do not accrue interest while you are in school) will be determined first. The balance of the eligible loan amount will be Unsubsidized (accrues interest from the point of disbursement). The loan amount you qualify for may be less than what you request. It is based on your cost of attendance and other aid awarded.

What to do next?

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

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 (FSA) ID Number and password. These are the credentials you used to sign your FASFA. 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”

It is not necessary to print or submit copies to the Financial Aid Office. We will recieve the information electronically.

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

Complete a Master Promissory Note (MPN) for Subsidized/Unsubsidized Loans. Be sure to have both your reference's 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.

It is not necessary to print or submit copies to the Financial Aid Office. We will recieve the information electronically.

Once you have submitted Step 1, completed Step 2 (Entrance Counseling) and Step 3 (Master Promissory Note), 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. 

You can check the Financial Aid "Portal" from SVC's website to be sure all of the components of your loan application are received. Please give 4-8 days from submittal time to see the information in the Portal.

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.