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8045 E. Chapman Ave. Orange, CA 92869 (714) 628-4900
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Student Loans


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LOAN WORKSHOPS

Loan workshops are APPROXIMATELY 1 hour in length

Day

Date

Time

Location

Monday April 20  2:00pm Location:  E-104
Tuesday

February 24

March 24

 8:00am

 2:00pm

Location:  E-104

Location:  E-104

Wednesday

February 18

March 18

April 29

 3:30pm

 6:00pm

 8:00am

Location:  E-104

Location:  E-104

Location:  E-104

Thursday

March 12

April 16

May 14

 1:30pm

 2:00pm

11:30am

Location:  E-104

Location:  E-104

Location:  E- 104

Friday

n/a n/a

n/a

 
 
 
 
Participants must stop by The Financial Aid Office to sign-up and receive final location of workshop
or call us at (714) 628-4876 for details.
 


Loan Application Process

FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP)
SANTIAGO CANYON COLLEGE
 

HOW TO APPLY FOR AN EDUCATIONAL LOAN:

      1)      First file a FAFSA.

      2)      Wait for your Financial Aid Packet to be mailed to you.

3)      Complete your Financial Aid Packet and submit it COMPLETED to the Financial Aid Office.

 

4)      We will process your packet and send an Award Letter to you.

 

5)      Once your Award Letter is received, pick up your Student Loan Packet from the Financial Aid Office and sign up for a Loan Workshop. (Workshops are for First time borrowing students attending Our School).

 

6)      Attend the Workshop you signed up for (if it applies to you).

 

7)      After completing workshop Logon to Arrow <>                                         (Follow online Instructions)

 

8)      Submit Complete Loan Packet to Financial Aid.

 

9)      Once your Loan is certified, a letter will be sent to you stating your estimated disbursements date. 

 

10)  Financial Aid will process the check(s); you will be notified by EMAIL that your check(s) are ready to be picked up at the Cashier’s Office 

 

11)  You must complete the Exit Counseling Process before picking up your second disbursements. 

Logon here to complete

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*** Financial Aid Tip ***

When picking up your check(s) from the Cashiers Office, arrive at least a 1/2 hour prior to closing to ensure that staff memebers will have adequate time to process your disbursement.

 

Default Management Policy

All Students who apply for a Federal Family Education Student Loan through the financial aid program are subject to the Default Management Policy and review.   Students who do not meet the following are subject to the default management review process, where a Financial Aid Committee will determine further eligibility of the student’s participation in the loan program for the next academic term.

     All students in order to certify or re-certify, for disbursement, their next academic term’s student loan eligibility and remain out of the Default Management Review process must have maintained the following:

 

ü  A student must have a G.P.A. of 2.0 or higher in order to receive their next term student loan check.

or

ü  A student must have completed and received credit for 6 units or more in order to receive their next term student loan check.

or

ü  A student may not have withdrawn or have any drops that would bring their active units under 6 units prior to the 60% attendance mark per the regulation by the Department of Education in order to receive their next term student loan check.

 

ü  A student who was on probation during the initial enrollment period a loan was certified for and does not academically improve during the term will enter into the Default Management Review. 

 

ü  A student who is newly enrolled at Santiago Canyon College and completes or receives credit for less than 6 units will enter into the Default Management Review. 

 

Default Management Policy Review:

 

Students who do not meet the Default Management Policy will have their file reviewed by a Financial Aid Review Committee and will be notified if they have maintained eligibility.  

 

Be Advised:

 

All students who enter the Default Management Review Policy may be required to receive one-on-one counseling with a Student Loan Advisor, have their instructor’s verification on file that the student is actively attending their enrolled classes, and/or the student’s academic school budget will be reviewed and modified if need be per the guidelines issued by the Department of Education.

 

What is the difference between a Subsidized and Unsubsidized Loan?

Subsidized Stafford loans are need-based, and the government pays the interest on these loans while you are in school, during a six-month grace period immediately preceding repayment, and during authorized deferment. 

Unsubsidized Stafford loans are not need-based, and you are responsible for all of the interest that accrues on the loan, including while you are in school.

Subsidized Stafford Loan

 

Eligibility:

·         Full-time or half-time undergraduate students (minimum enrollment of 6 units)

·         Dependent or Independent students

·         Need based loan

 

Maximum Annual Loan Amounts:

·         Grade Level 1    = $3,500        (0-29 Units)     Freshmen

·         Grade Level 2    = $4,500        (30-70 Units)   Sophomores

·         Calculation: Cost of Attendance minus Expected Family Contribution minus Financial Aid and scholarships = Unmet Need.  Loan amount cannot exceed the annual loan limit or the unmet need, whichever is less.

·         Maximum amounts for all loans being processed for only one semester of the academic year, will be prorated to 50%.

 

Interest and Repayment:

·         There is no interest or principal payments on the Subsidized Stafford loan as long as you are actively enrolled in at least half-time status (6 units).

·         There is a six month grace period before repayment begins.

·         Loan fees may be charged at the lenders discretion.



Unsubsidized Stafford Loan

Eligibility:

·         Full-time or half-time undergraduate students (minimum enrollment of 6 units)

·         Dependent or Independent students

·         Non-need based loan

 

Maximum Annual Amounts:

·         Grade Level 1   = $3,500        (0-29 Units)     Freshmen

·         Grade Level 2   = $4,500        (30-70 Units)   Sophomores

·         Calculation: Cost of Attendance minus Financial Aid (including Subsidized Stafford loan), scholarships and Veterans Benefits = Loan Amount.  Loan amount can not exceed the annual loan limit or student budget.

·         Maximum amounts for all loans being processed for only one semester of the academic year, will be prorated to 50%.

 

Interest/Repayment:

·         There is a six month grace period before repayment begins on the principal.

·         Interest payments begin immediately.  The interest can be paid quarterly or accrued and capitalized.

·         Loan fees may be charged at the lenders discretion.


Additional Unsubsidized Stafford Loan - Independent Students Only

      Eligibility:

·         Full-time or half-time undergraduate students (minimum enrollment of 6 units)

·         Independent students only

 

Maximum Annual Amounts:

·         Grade Level 1 and 2 = $6,000           

·         Calculation: Cost of Attendance, minus financial aid (including all other Stafford loans), Veterans Benefits and scholarships = Loan Amount.  The loan amount cannot exceed the annual loan limit or the student budget.

·         Maximum amounts for all loans being processed for only one semester of the academic year, will be prorated to 50%.

 

Interest/Repayment:

·         Interest payments begin immediately. They may be paid quarterly or accrued and capitalized.

·         There is a six month grace period before repayment begins on the principal.

·         Loan fees may be charged at the lenders discretion.


Additional Unsubsidized Stafford Loan - Dependent Students Only

NEW, effective July, 2008

Eligibility:

·         Full-time or half-time undergraduate students (minimum enrollment of 6 units)

·         Dependent students only

 

 

Maximum Annual Amounts:

·         Grade Level 1 and 2 = $2,000

·         Calculation: Cost of Attendance, minus financial aid awards (including all other Stafford loans), and scholarships = Loan Amount.  The loan amount cannot exceed the annual loan limit or the student budget.

·         Maximum amounts for all loans being processed for only one semester of the academic year, will be prorated to 50%.

 

Interest/Repayment:

·         Interest payments begin immediately. They may be paid quarterly or accrued and capitalized.

·         There is a six month grace period before repayment begins on the principal.

·         Loan fees may be charged at the lenders discretion.

 

Federal PLUS Loan - For Parents of Dependent Students Only

      Eligibility:

·         Full-time or half-time undergraduate students (minimum enrollment of 6 units)

·         The parent or step parent must be a citizen or an eligible non-citizen.

·         Lenders perform a credit check.  Loans are available to parents with no adverse credit history.

·         If a lender denies a loan due to the parent’s negative credit history, the dependent student may then apply for the independent Additional Unsubsidized Stafford Loan.

 

Maximum Annual Amounts:

·         Up to the total Cost of Attendance but the loan amount cannot exceed the Cost of Attendance.

·         Calculation: Cost of Attendance minus Financial Aid (including all Stafford loans) and scholarships = Loan Amount.  Loan amount can not exceed the Cost of Attendance.

 

Interest/Repayment:

·         Repayment begins within 30 days after the loan has been fully disbursed.

·         A loan origination fee and an insurance premium are charged.


Aggregate Loan Amounts

   

·         Dependent Students: $31,000 (no more than $23,000 may be Subsidized)

·         Independent Students: $57,500 (no more than $23,000 may be Subsidized)

 

The policy of the school you attend, especially at the community college level, may affect aggregate loan amounts.

 

The Financial Aid staff is available to assist you through the application process in order to determine which financial aid programs you qualify for.  We are committed to the prompt delivery of student aid and we strive to provide quality service to students.  To speak with a financial aid representative, please call the Santiago Canyon College Financial Aid Office at (714) 628-4876 or visit us in Building E, Room 104.