FEDERAL DIRECT STUDENT LOAN SERVICING -- Complete your ENTRANCE COUNSELING & SIGN YOUR MPN (Master Promissory Note) CLICK HERE!
DEADLINE to complete your financial aid file and submit Loan documents for Spring 2013 is April 5, 2013. (Students who miss this deadline will be considered for summer loan).
ALL students wanting a Direct Student Loan are REQUIRED to attend a Responsible Borrowing Workshop.
Federal Direct Subsidized Loan - Low interest educational loan offered by the federal government and awarded on the basis of need. The federal government pays the interest while the student is enrolled at least half-time. Repayment begins six months after graduation or when the student drops below half-time enrollment. The federal government withholds an origination fee of 1% and a default rebate fee of .5%.
Federal Direct Unsubsidized Loan - Low interest educational loan offered by the federal government and not awarded on the basis of need. The borrower is responsible for all interest, which occurs during any enrollment, grace, deferment, or forbearance period. You can choose to pay the interest or allow it to accumulate. If you allow it to acculumlate, it will be "capitalized" meaning it will be added to the principal amount of your loan and will increase the amount you have to repay. Repayment begins six months after graduation or when the student drops below half-time enrollment. Students whose income is too high to qualify for a Pell Grant or Subsidized Stafford Loan may be eligible for a Stafford Unsubsidized Loan. The federal government withholds an origination fee of 1% and a default rebate fee of .5%.
Federal Direct PLUS (Parent) Loan - (For parents of dependent students) Please contact the Financial Aid Office for more information and to request an application.
For additional student loan information please visit More Information About Student Loans.
Alternative Private Educational Loans-money which is borrowed from a bank. Terms are negotiable. The rates are often much higher and this loan often requires a co-signer. Even though these are not federally subsidized, the financial aid office is often required to confirm eligibility. If we confirm eligibility, the loan amount cannot exceed your cost of attendance at Mendocino College. Please talk to your financial aid technician before taking out one of these loans. Private Education Loan Applicant Self-Certification Form
Additional - Student Loan Information
• Individual Loan Information - www.myedaccount.com
• Calculators and interest rates
• Stafford / Direct Loan Exit Counseling
Contact Us for more information.
Created: February 28, 1997 @ 12:00 AM
Last Modified: February 26, 2013 @ 08:32 AM