Eastfield College utilizes Loans By Web. This process allows you, the student, to take control of your loan process. You will not have to stand in line to turn in your Master Promissory Note as LBW allows you to accept your Stafford Loan award online 24 hours a day, 7 days a week. This process will reduce the amount of processing time for your loan. Loan applications are processed within 4-6 weeks and students will be notified by email when their loan has been certified. This notification will include instructions for accessing and accepting the loan. Please ensure you have a DCCCD Netmail account active to receive correspondence, see the Admissions office for more information.

Information from your FAFSA application must be made available to Eastfield College. Once we have received a valid 2008-2009 Institutional Student Information Record from FAFSA with a calculate EFC, you have submitted any required paperwork requested by this office and your verification (if selected) is completed; we will be able to determine your eligibility for a student loan. In order to avoid any delays in processing of your loan request, please follow all instructions and submit the complete loan request form to our office, following the completion of the entrance session.

If you are not eligible for the maximum subsidized Stafford Loan, you may be eligible for an unsubsidized Stafford Loan for the remaining amount of Stafford eligibility. Unsubsidized means the student, rather than the Federal Government, will be responsible for the interest payments while enrolled. Please remember, when applying for a loan you are agreeing to repay the funds borrowed plus interest and any fees associated with the loan.

Eastfield College loan applicants are required to participate in an in-person entrance counseling session at least once each award year. A schedule of these sessions can be found at our website (http://www.eastfieldcollege.edu/ssi/finance/student_loans.htm ) or by contacting the Financial Aid Office. Loan funds will not be disbursed until the office receives confirmation of an applicant’s completion of the entrance counseling. Additionally, all borrowers are required to complete an Exit Interview before leaving Eastfield College. This Exit Interview can be completed online at www.mapping-your-future.org. If a student fails to complete the required Exit Counseling, student records will be blocked until the student completes the required session

Alternate methods of loan counseling delivery are considered on a case-by-case basis for true distance education students. Telecollege ONLY students please contact our Financial Aid Office at efcfava@dcccd.edu for further loan counseling information.

Completed loan applications must be submitted to the Financial Aid Office within the published time frame allowed for the fall or spring semesters. (See below)  This also applies for those submitting a Parent PLUS Loan application.

Loan applicants must be enrolled in a minimum of 6 credit hours prior to the loan being certified and certified in attendance for 6 credit hours before the loan funds are fully disbursed.

Students who are in default on a previously borrowed student loan or are in an overpayment situation with the US Department of Education or another school are not eligible for any financial aid, including Stafford loans. The student can regain eligibility for financial aid, including loan eligibility, by either paying off or making satisfactory arrangements to repay the defaulted loan or overpayment. The school must receive notification from the US Department of Education or the Guarantor of the previous loan that the debt has been satisfied.

All loan borrowers must be a regularly enrolled student for purposes of obtaining a degree or certificate and students must have a degree plan on file through the Admissions Office before the loan will be certified. Students enrolled in Continuing Education courses are not eligible to borrow from the Federal Family Education Loan Program.

If a student is ineligible for a loan or if a loan is not certified for any reason, the Financial Aid Office will provide the student a written explanation of denial through email or postal delivery.

Only DCCCD credits which apply toward the student’s declared program of study will be used to determine grade level for certification. A student will be considered a first year student for loan purposes until they have successfully completed 30 credit hours. Credits earned from developmental classes will not be used to determine if the applicant is a first or second year student.

In order to maintain eligibility for a student loan, the student must meet the guidelines of the District’s Satisfactory Academic Progress Policy, see our Financial Aid website for more information. This includes maintenance of a 2.0 GPA, successful completion of at least 67% of attempted courses during the academic year, and not having attempted more than 150% of their degree plan.

Course withdrawals negatively impact your financial aid eligibility, including loan eligibility. Withdrawal from all courses before 60% of the semester elapses may result in owing financial aid funds. Funds owed must be repaid within 45 days or the student risks being reported to the US Department of Education.

Loan funds will not be disbursed from your lender to the school until after the school certification date (12th class day) for previous loan borrowers. However, for all first time borrowers the initial loan disbursement will be delayed for a minimum of 30 days after the first day of classes.  There are two disbursements for annual loans; one for the fall semester and one for the spring semester. If a fall only or a spring only loan, there will be two disbursements within that semester.

DISBURSEMENT DATES

Fall Loan disbursements will begin September 15, 2008
Spring Loan disbursements will begin January 9, 2009

DEADLINES TO REMEMBER

Loan applications for Fall/Spring accepted
*July 17-December 11, 2008

Loan applications for spring only accepted
*January 5-May 14, 2009