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- Students must complete the FAFSA (Free Application for Federal Student Aid) and submit all required documentation to the Financial Aid Office before you apply for a federal Stafford loan.
- Students must complete the on-line entrance counseling session at www.opennet.salliemae.com. Review the lender information and select a lender. NOTE: Students may choose any lender who participates in the FFELP (Federal Family Education Loan Program).
- When selecting a lender, review the benefits and incentives offered by the lender. It’s important to choose wisely and preferably with the same lender throughout your college career.
- Students must complete the Master Promissory Note (MPN) on-line and then schedule an entrance counseling interview with a financial aid counselor at Davidson County Community College (DCCC). You should read and make sure you understand all the terms associated with your loan.
- A subsidized Stafford loan is considered “need-based” aid while an unsubsidized Stafford loan is considered “non need-based” aid. For the academic year 2007-2008, a first year student at DCCC (students with 29 accumulated credit hours) may apply for a total of $3500 for the year. A second year student at DCCC (students with 30 or more accumulated credit hours) may apply for a total of $4500 for the year. However, no student can receive a subsidized Stafford loan over our Cost of Attendance (COA).
- To calculate your eligibility, we take the Cost of Attendance, subtract your valid Expected Family Contribution (EFC) and subtract any financial aid you may be eligible for such as the Pell Grant, scholarships, state funds, etc which leaves your remaining financial need.
- Students receiving funds from any federal aid program must be in good academic standing toward their credential. The Satisfactory Academic Progress policy is mandated by the federal government. To remain eligible for federal financial aid, a student needs to make real and measurable progress toward a certificate, diploma or degree by completing at least 67% or two thirds of the credit hours enrolled per term. Students are also expected to maintain a grade point average of 2.00.
- Students must be enrolled in at least six credit hours in an eligible Title IV program per term including the summer session. If you drop below six credit hours after the loan has been certified and before the funds are disbursed, the funds will be returned to the lender and your loan will be cancelled for that term.
- Students must keep their address and phone numbers up to date in the DCCC Admissions Office.
- Students are encouraged to borrow only what is needed for educational expenses. You may reduce your requested amount after your loan has been certified or you may request return of funds to the lender within fourteen days of the anticipated disbursement dates.
- Students who apply for $600 or more for the academic year must have two disbursements. One disbursement will be made for each term the student is enrolled.
- Students who have completed the entrance counseling interview with a financial aid counselor will have their loan application certified and receive notification when the funds have arrived at the college.
- Students should keep all paperwork pertaining to the loan in a safe place.
- All Stafford loans must be repaid. A subsidized Stafford loan is considered “need-based” aid which means the federal government will pay all interest on your loan until you begin repayment, which will begin six months after you graduate or cease to be enrolled at least half time status at a post secondary institution.
- All Stafford loans must be repaid. An unsubsidized Stafford loan is considered “non need-based” aid which means based on your eligibility, you have met the college’s Cost of Attendance. This also means the borrower (the student) is responsible for all interest payments while attending school and during any grace and/or authorized deferment periods. The borrower may choose to postpone interest payment on an unsubsidized loan by deferring interest and adding the interest to the principal balance called “capitalization”.
- Be aware that DCCC has thoroughly researched the lenders on our “resource lender list”. The lenders selected for 2007-2008 were based on reviews of customer service, prior history as a lender with the college and repayment options available to students and parents. PLEASE NOTE THAT STUDENTS AND PARENTS HAVE THE OPTION TO SELECT A LENDER OF THEIR CHOICE. Neither the college nor its employees receive any type of benefits by referring you to the resource lender list.
- If you have additional questions, please contact the Financial Aid Office, Mendenhall Building, Room 208 at 336.249.8186.
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