Applying for Federal Direct Subsidized and/or Unsubsidized Stafford Loans

After completing the Free Application for Federal Student Aid (FAFSA) and submitting all requested verification documents to the financial aid office, students may be eligible for a Federal Direct Loan. Parents may apply for a Direct Plus Loan. Students must be enrolled in 6 credit hours each semester to qualify for a federal loan.

Direct Loans are low-interest loans for students to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution. The interest rate for the Federal Direct Subsidized Loan is fixed at 3.4% for the 2011-2012 academic year. The Federal Direct Unsubsidized Loan has a fixed interest rate of 6.8%. Annual borrowing limits vary based on the student's year in school.

Minimum Requirements for applying for a student loan:

• Be enrolled for at least 6 credit hours
• Have a grade point average of 2.0 or better
• Meet the current DCCC Satisfactory Academic Progress Policy

Minimum Requirements for maintaining eligibility for a student loan:

• Successfully complete at least 6 hours for each term of loan disbursement
• Earn a minimum 2.00 GPA for the term of disbursement
• Maintain a cumulative 2.00 GPA
• Meet satisfactory academic progress for completion rate and maximum time frame

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Federal Direct Loan Application Process:

After you have completed the Free Application for Federal Student Aid (FAFSA) and you have submitted all requested documents to the DCCC Financial Aid Office, you will need to follow the steps below to apply for a federal student loan:

• STEP 1:  Go to the Student Loan web site at www.studentloans.gov.
  
  
• STEP 2:  Set up your student account at the Sign In box using your PIN (Personal Identification Number).
  
  
• STEP 3:  Please read the instructions under the Learn More box and especially the “Direct Loan Overview” and “What you need for Direct Loans?”
  
  
• STEP 4:  Complete the Entrance Counseling online.  This must be completed before we originate your loan.
  Note-All students, including current students, who plan to borrow Federal Direct Stafford loans MUST complete new loan entrance counseling each year.

• STEP 5:  Complete the Master Promissory Note online (e-MPN). 
  Note - All students, including current students, who plan to borrow Federal Direct Stafford Loans MUST complete a new Federal Direct Loan Master Promissory Note (MPN) each year.

• STEP 6:  After you complete the entrance counseling and the e-MPN online, you will need to attend an on-campus group session.
  • For 2012 Spring available dates, click here
  • For 2012 (Davie Campus Only) Spring Semester dates, click here
    
    
• STEP 7:  Complete a Pre-Loan Data Worksheet, click here and submit it to the Financial Aid Office via mail, fax or in-person prior to your scheduled loan session. No one will be allowed to attend the session without the completed worksheet.  Please bring your StormTrac Student ID to the session; it will be required on all paperwork.

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