San Juan College Direct Student Loan
Requirements - Application Request Process
2015-2016 Student Loan
(Fall 2015/Spring 2016 & Summer 2016)
Please read ALL information about student loans on this webpage
All student borrowers must have a successfully completed FAFSA (http://www.fafsa.ed.gov) on file with the San Juan College Financial Aid Office. Student borrowers will need their FSA ID# to assist in completing the student loan process for the fall 2015 – spring 2016 semester terms.
San Juan College (SJC) offers Federal Direct Loans as required by federal guidelines. Student borrowers interested in applying for a student loan at SJC, will need to complete the following requirements:
All completed loan request application forms will be reviewed by SJC Financial Aid in accordance with U.S. Department of Education regulations and an eligible award split between Fall and Spring semesters, similar to how other financial aid is packaged (PELL, SSIG, etc.)
Loans are AWARDED based on student completing eligibility requirements.
Students must be registered in at least 6 credit hours for each term
they require a loan. Students are eligible to RECEIVE their loan payment once they have
STARTED the course that totals up to their 6th credit hour.
Only Special Circumstances or a justifiable emergency will be considered on an individual basis for additional loan request increases for any semester term except summer. Students must contact the Loan Advisor and schedule an appointment.
LOCAL and ON CAMPUS STUDENTS……
- NEW SAN JUAN COLLEGE STUDENTS
- 1ST TIME STUDENT LOAN BORROWERS
- DID NOT ATTEND A STUDENT LOAN SEMINAR 2014-15
Must schedule and attend
2 hr. Loan Financial Literacy Seminar conducted by Financial Aid staff on the San Juan College campus by scheduled appointment only.
Click the ‘ SCHEDULE’ button below to view the Loan Financial Literacy Seminar Schedule for Fall and Spring terms 2015-2016:
- To schedule your seminar date call: (505) 566-3420 or (505) 566-3564
The SJC Fall 2015-Spring 2016 Direct Loan Request Application form will be provided to the student borrower upon successful completion of the Loan Financial Literacy seminar.
Single Semester/Term Student Loan
(Spring only or Summer only –
there are NO Fall only loans) Single term loans require two disbursements:
Spring: 1st half of loan after
census date; 2nd half one month later
Summer: 1st half of loan after
census date; 2nd half one week later
SPRING 2016 TERM
Loan Application Request form will be available November 2015
Spring Semester – New Local/On Campus student borrowers who plan their first or returning semester at SJC during spring semester will
attend a scheduled on campus loan financial literacy seminar. The Loan Financial Literacy seminars for spring
term are scheduled beginning
November. Direct Loan request form applications will be available upon completion of the Seminar.
FINANCIAL AID FORM
(Pell/Scholarships/Loans) Will be available February or March of 2016
To review your student loan and Pell Grant history, go to:
LOCAL / ON CAMPUS CONTINUING STUDENTS
WHO ATTENDED A STUDENT LOAN SEMINAR 2014-2015
DISTANCE/ONLINE PROGRAMS STUDENTS
(be sure to return to the SJC Student Loan 2015-2016 webpage and complete the form below)
- Direct Loan Entrance Counseling
REGARDLESS of having completed Entrance Counseling for a previous academic year at SJC, ALL students must complete Entrance Counseling at San Juan College for the 2015-2016 academic year as new information has become available. Please update your Entrance Counseling:
Master Promissory Note (MPN). Which is located at www.studentloans.gov.
- San Juan College Distance/Online Program Student Direct Loan Request Application Form (Do not email form until above #1 & #2 are complete.)
Fall 2015 – Spring 2016 Student Loan Request Application Form (WRD)
Open the Form by clicking on the above URL; select FILE and click on SAVE AS; select your desktop and save the document to your computer; read Instructions and type in ALL required information; Type your student ID on the signature line; type the date; SAVE and close. (By following the above instructions, students do not need to print and rescan the form into their computer.)
Attach your completed loan application request to an email and send to:
Loan Application Request form Submission Priority Deadlines: Fall/Spring: October 30
Spring only: March 18
Summer only: Varies with enrollment
Complete loan application requests submitted past the priority date for Fall or Spring semester terms may not be in award status prior to semester end. Thus, if the student is still eligible for that semester aid, the loan funds will be included in the next disbursement scheduled which could fall into the next semester.
Please continue to read ALL information about student loans on this webpage
- SJC participates with the William D. Ford Direct Lending Program. This is a Stafford Student Loan but is delivered directly from the federal government through San Juan College to student borrowers instead of through various banks and lending institutions
Federal student loans are not generally eliminated as part of personal bankruptcy. Contact your federal loan servicer to discuss federal student loan repayment options.
As of July 1, 2013, first-time borrowers will be limited to receiving Subsidized Loans up to 150% of their declared programs (example: 2 year AA degree- 3 years Subsidized Loan eligibility.)
Federal loan funds are disbursed in at least two installments; no installment will be greater than half the amount of your loan. A fee is automatically deducted as the funds transmit electronically from the Origination department (U.S. Department of Education)
Alternative loan funds are disbursed one installment per semester the same time other aid is disbursed.
Whatever loan type, the financial aid funds must first be used to pay for tuition and fees or other charges on the student borrowers’ school account. If loan funds remain, check will be process and mailed through the postal service to the student borrower, unless the student provides the school a written request to hold the funds until later in the enrollment period.
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Who may receive this loan?
Undergraduate students with financial need
Undergraduate students and graduate or professional students
Graduate or professional students and parents of dependent undergraduate students.
An adverse credit history might affect your eligibility.
- May require an established credit record which will influence the cost of the loan depending on your credit score and other factors
- Cosigner may be required
- Cannot be consolidated into a Direct Consolidation Loan
- Loan forgiveness options are unlikely
What is the Current Interest Rate?
4.66% for loans with a first disbursement date after June 30, 2014 and before
July 1, 2015
Undergraduate Students 4.66% for loans with a first disbursement date after June 30, 2014 and before
July 1, 2015
6.21% for loans with a first
disbursement date after June 30, 2014 and before
July 1, 2015
7.21% for loans with a first disbursement date after June 30, 2014 and before
July 1, 2015
Variable interest rates can exceed 18%