A Few Words of Advice...Borrow only if absolutely necessary.
MiraCosta Financial Aid Office does not participate in certifying alternative/private education bank loans or Parent Plus loans.
Attention Federal Direct Loan Borrowers
Beginning July 1, 2013, the Department of Education began limiting the amount of time that NEW borrowers can receive a Direct Subsidized loan. New borrowers are students that have NEVER borrowed a Direct Subsidized loan and borrowed for the first time during the 2013-14 school year or after OR who have borrowed a Direct loan in the past and paid it off in full. You may not receive Direct Subsidized loans for more than 150% of the published length of your program. If you are enrolled longer than the time needed to complete your program, you will lose the subsidy portion of the loan and interest will accrue. Please access this link for more information:
- Time Limitation on Direct Subsidized Loan Eligibility for First Time Borrowers on or after July 1, 2013
Federal Direct Loans
Federal 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, though most of the contact will be with your loan servicer.
The maximum eligibility for grade level 1 (freshmen 0-29 college units) is $3,500 per academic year, maximum eligibility for grade level 2 (sophomores 30 college units or more) is $4,500 per academic year, and the maximum eligibility for grade level 3 or 4 (juniors/seniors 60+ college units or more) is $5,500 per academic year. Students receiving loan funds for one semester at MiraCosta in order to complete their educational program may receive prorated amounts.
Federal Direct Subsidized Loans
Subsidized loans are based on financial need. The U.S. Department of Education pays the interest on a Direct Subsidized Loan:
- while you are in school at least half-time,
- for the first six months after you leave school (referred to as a grace period*), and
- during a period of deferment (a postponement of loan payments).
*Note: If you received a Direct Subsidized Loan that is first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.
Federal Direct Unsubsidized Loans
Unsubsidized loans are not based on financial need. Interest is accruing while you are in school and added to the principal loan amount when you go into repayment. MiraCosta’s Financial Aid Office strongly encourages you to explore all options before requesting an unsubsidized loan.
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).
Apply for a Direct Loan at MiraCosta College
- Complete a 2021-22 Free Application for Federal Student Aid (FAFSA)
- Complete all required financial aid items on your SURF Tasks list
- Complete the Direct Loan Request Form by clicking the link below:
Please complete the ENTIRE loan form and steps in order to avoid delays in the processing of your loan request.
Federal Direct Loan funds are disbursed in equal payments throughout the entire loan period. Loan disbursements will be delivered according to your chosen direct deposit option using BankMobile.
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.