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Loan Application Process

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Our Loan Application Process has changed. Please read carefully.

BEFORE applying for a student loan you must:

You will receive a Final Review Done email when this process is complete (you will also see this posted as 'Received' in WebAdvisor on the 'My Documents' page). Please read Cabrillo processing timelines.

Allow 5-8 weeks after you submit your loan forms to receive your check.

To take out a student loan, you must complete these steps each school year:

  • Receive Final Review Done email

Complete the following using the same PIN number you used for your FAFSA.

  • Complete Entrance Counseling
      • Complete online at www.studentloans.gov
      • Your U.S. Department of Education PIN is required to complete this step.
      • Cabrillo College requires that you complete Entrance Counseling each year when you apply for a Direct Loan.
      • Individualized instructions are included with each step, so read carefully before moving on to the next step.
      • We will receive notice of the completed Entrance Counseling electronically from the US Department of Education.
      • Once we have received notice that you have completed the Entrance Counseling, you will receive an email. You should receive this email within a week of completing your Entrance Counseling.
  • Sign a Master Promissory Note (MPN)
    • Complete online at www.studentloans.gov
    • Your U.S. Department of Education PIN is required to complete this step.
    • Cabrillo College requires that you complete a new MPN each year you apply for a Direct Loan.
    • Once you open the online MPN web page, click on the “Complete new MPN for Student Loans” link. Follow the directions carefully. Your PIN will act as your electronic signature and your promise to repay the loan. After you have completed your MPN and submitted it to the Department of Education, you will be able to print a copy for your records.
    • We will receive notice of the completed MPN electronically from the US Department of Education.
    • Once we have received notice that you have completed an MPN, you will receive an email. You should receive this email within a week of completing your MPN.
  • Complete Loan forms (click here for list of required loan forms)

      Note: You should NOT submit the loan forms until Final Review has been done. Loan forms submitted before Final Review has been done or after the loan deadline for the term will be denied and returned.

  • Be enrolled in and attending 6 or more degree applicable units.
    • Units from late starting or short term classes will not be counted unless you are currently attending the class.
    • BA students applying for a student loan need to appeal for a Maximum Time Frame extension and are required to be enrolled in and attending 6 or more degree applicable units from the current Educational Plan they have on file with the Financial Aid Office.
    • Note: All students with Bachelors degree or beyond have exceeded the Maximum timeframe for any program at Cabrillo College.  Refer to our SAP Policy for more details and complete the appeal process.

  • Complete online Exit Counseling to receive 2nd Loan Disbursement.
    • Complete online at www.nslds.ed.gov
    • Individualized instructions are included with each step, so read carefully before moving on to the next step.

Note: Loan processing takes an additional 5-8 weeks. Plan accordingly. Loan checks are mailed after the 4th week of the term. Any outstanding charges owed to the college will be deducted from your loan. 

Loan Processing Timeline

Step 1: Loan forms submitted. See list of required loan forms>>

During peak processing periods, timelines could be doubled for steps 2-4

Step 2: Loan forms received, reviewed, loan is originated and sent to Department of Education.
2-3 weeks
Step 3: Department of Education processes loan and mails you a disclosure statement with disbursement dates. Allow approximately two weeks from the disbursement dates for processing and mailing of loan check.
1-2 weeks
Step 4: Enrollment and academic progress is verified, loan funds are disbursed by College Bank.
2-3 weeks

Note: Loans are not disbursed until after 4th week of term unless you are not grant eligible or in an Allied Health program.

 

Loan Disbursements

  • Loan funds are disbursed in two checks for both full year and one semester loans. 
  • Second disbursements released ONLY AFTER you have completed Loan Exit Counseling.
  • Full year loans are disbursed, once during the Fall semester and once during the Spring semester. 
  • One semester loans will be disbursed in two checks.  The second check will be disbursed after you have completed half of the semester.
  • Any outstanding charges owed to the college will be deducted from your loan.
  • By law, a loan fee will be subtracted from each loan you receive. This fee will be subtracted proportionally from each disbursement of your loan. The loan fee will be shown on the loan disclosure statement that was sent to you.
  • Subsidized and Unsubsidized funds may be come together in the same check.
  • If you want to decrease or cancel your loan, please notify the Financial Aid Office.
  • Checks are mailed to the address we have on file. Keep your address current. You can verify/update your address on WebAdvisor.
  • If you do not maintain Satisfactory Academic Progress or if you drop below 6 degree applicable units, you will not be eligible to receive your check and your loan will be cancelled.
  • You must be enrolled in and attending 6 degree applicable units to receive a loan check.  Units from late starting or short-term classes will not be counted unless you are currently attending the class.
  • BA students must be enrolled in and attending 6 degree applicable units listed on their Educational Plan or the loan will be cancelled.  Classes enrolled in but not listed on an Educational Plan will not be counted.
  • You must complete Exit Counseling to receive the second disbursement of your loan. You can complete this requirement online at www.nslds.ed.gov.

 


2010-11 Loan Request Deadlines:

FALL 2010: Friday, October 29, 2010 Deadline extended to Friday, November 5, 2010.

SPRING 2011: Friday, April 15, 2011


Loan EXIT Exams are REQUIRED:

  • Before receiving a 2nd Loan Disbursement
  • If you drop below half-time enrollment (6.0 units)
  • Within 30 days PRIOR to graduating or leaving Cabrillo
30 Day Periods for Exit or Graduation
Spring 2010 05/07/10-06/05/10
Fall 2010 11/19/10-12/18/10
Spring 2011 05/06/11-06/09/11


To complete Loan Exit Counseling go to www.nslds.ed.gov
Individualized instructions are included with each step, so read carefully before moving on to the next step.

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