Stafford Loans
A Few Words of Advice...Borrow only if absolutely necessary.
Loan Information
Federal Stafford Loans (FSL): federally guaranteed loans which must be repaid, with interest.
The maximum eligibility for grade level 1 (freshmen 0 - 29 college units) is $3,500 per academic year, and the maximum eligibility for grade level 2 (sophomores 30 college units or more) is $4,500 per academic year. Students receiving loan funds for one semester at MiraCosta in order to complete their educational program may receive prorated amounts.
You will not be required to make principal payments while you are in school at least half-time. Six months after leaving school, dropping below half-time or graduating, you will begin to make regular monthly payments on both the principal (the amount you borrowed) and the interest (the amount charged to you for borrowing the money). Depending upon the total amount you borrowed, it may take up to ten years to repay your loan(s).
Be sure to enter "2" on question #31 of your FAFSA if you are interested in borrowing loan funds.
Per MiraCosta College Policy: a student requesting a loan who has borrowed $12,500 from any educational loan program will be required to follow the appeals process. This process includes an appointment with the Director of Financial Aid, a completed budget worksheet documenting expenses and resources, as well as a plan for repayment based on the student's educational goal.
If a recalculation of your file is required, it may take as long as 4 to 6 weeks, depending on the number of applications we have received and other workload factors.
Stafford Loan funds are disbursed in equal payments throughout the entire loan period. After checks have been received in the Financial Aid Office, staff members are required to re-verify eligibility for those funds before they can be released. No loan checks will be released under any circumstances prior to the thirtieth day of a semester or summer session. ALL loan checks will be mailed to students.
As part of MiraCosta College's Default Prevention Policy and in an effort to reduce the debt burden of our students we will award only one loan program during the school year. Any student who desires to borrow additional loan funds will be required to document that his/her income and benefits during school from all sources including financial aid are not sufficient to meet the recognized MiraCosta cost of education. A petition for additional loan funds can be picked up at the Financial Aid Office. San Elijo students can obtain the petition by calling us on the Hotline located in the SEC Admissions Office.
Loan eligibility information and deadlines can be found at MiraCosta's Financial Aid Guide for the appropriate school year at the MAIN Financial Aid Office web page.
Some lenders offer a variety of repayment options and some reward students who pay on time by reducing the interest rate while repaying the loan. These savings can be significant. Check with your lender about the services and benefits available to you. It is the position of the institution that no special referral or business arrangement exists between our institution and any of the participating lenders.
MiraCosta College recommends you always borrow from the same lender, regardless of the college you are attending, to minimize confusion and prevent untimely repayment of your debts.
A Few More Words of Advice. . . Borrow only what is absolutely necessary. You may be paying back this loan for a long time. Take the time now to ask questions and make the right decision, that decision can save you money. Stay in touch with your lender. Your lender can offer you crucial assistance, but only if you ask!
Student Loan Information
All first-time loan borrowers at MiraCosta College must attend the following loan counseling sessions:
a) Loan Entrance Counseling b) Loan Exit Counseling
Entrance sessions must be attended before we can certify/process your loan.
No late admittance to loan counseling sessions can be granted. (That includes 5 minutes late.)
You are required to bring a picture ID card, your 2009-2010 Financial Aid Award Notice, and the “Proof of Completion” page to the entrance session.
Click on the EDTest link and complete the online ENTRANCE counseling test. Print the “Proof of Completion" page.
You should select a session as soon as possible: the allowed limit is twenty students per session and sessions fill up quickly.
Exit sessions must be attended after you receive your first loan check.
No late admittance to loan counseling sessions can be granted. (That includes 5 minutes late.)
You are required to bring a picture ID card and the “Proof of Completion” page to the exit session.
Click on the EDTest link and complete the online EXIT counseling test. Print the “Proof of Completion” page.
You should select a session as soon as possible: the allowed limit is twenty students per session and sessions fill up quickly.
Failure to attend a required loan session will delay your loan check. It could also delay your academic transcript. All Loan Sessions are located on the Oceanside Campus, Building 3000.
Note: The loan counseling session dates are listed below for your convenience.
To sign up you must call (760)795- 6711. Loan applications for Fall only loans will not be processed after December 4, 2009. Loan applications that include Spring 2010 will not be processed after April 9, 2010.
REPEAT BORROWERS: If you receive a 2009-2010 Financial Aid Award Notice indicating a loan award, please complete and submit your loan application to our office. Applications are available in the Financial Aid Office.
Additionally, before you leave MiraCosta College, you must complete an online LOAN EXIT COUNSELING test, print and submit a copy to the Financial Aid Office. A HOLD will be placed on your academic record if you fail to comply.
Loan Entrance Counseling Sessions
Monday, June 22, 2009 5:30 p.m.
Wednesday, July 15, 2009 9:00 a.m. 2:00 p.m.
Wednesday, August 26, 2009 2:00 p.m. 5:30 p.m.
Thursday, August 27, 2009 9:00 a.m.
Tuesday, September 8, 2009 5:30 p.m.
Monday, September 21, 2009 9:00 a.m. 2:00 p.m.
Wednesday, October 14, 2009 9:00 a.m.
Thursday, November 19, 2009 2:00 p.m. 5:30 p.m.
Monday, November 30, 2009 5:30 p.m.
Wednesday, February 10, 2010 9:00 a.m. 2:00 p.m.
Thursday, February 25, 2010 5:30 p.m.
Monday, March 8, 2010 9:00 a.m. 2:00 p.m.
Tuesday, April 6, 2010 2:00 p.m. 5:30 p.m.
Thursday, April 8, 2010 9:00 a.m. 5:30 p.m.
Loan Exit Counseling
Tuesday, September 15, 2009 2:00 p.m.
Monday, September 21, 2009 5:30 p.m.
Wednesday, October 14, 2009 2:00 p.m.
Thursday, October 22, 2009 5:30 p.m.
Thursday, November 19, 2009 9:00 a.m.
Monday, November 30, 2009 5:30 p.m.
Tuesday, December 8, 2009 9:00 a.m. 2:00 p.m. 5:30 p.m.
Wednesday, December 9, 200 2:00 p.m.
Tuesday, January 12, 2010 9:00 a.m.
Thursday, February 11, 2010 9:00 a.m. 2:00 p.m. 5:30 p.m.
Tuesday, March 9, 2010 9:00 a.m. 2:00 p.m. 5:30 p.m.
Wednesday, April 14, 2010 9:00 a.m. 2:00 p.m. 5:30 p.m.
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