Cabrillo College Financial Aid & Scholarships

Student Loans

Loans must be repaid!

Cabrillo recommends that students borrow only when it is absolutely necessary. Students who are planning to transfer should be aware that loans are generally the largest portion of a financial aid package at four year colleges so you should consider your total educational indebtedness before borrowing at Cabrillo.

It takes 4-6 weeks after the loan request is submitted to receive the loan funds. We start disbursing loans after the 4th week of the term.

Note: Loans are affected by the Federal Repeat Policy.

2021-2022 Loan Request Deadlines

Fall 2021: October 22, 2021

  • Fall direct loan requests available mid August
  • We will start downloading Entrance and MPN's August 1, 2021
  • Entrance or MPN's completed on or after May 1, 2021 will be considered for 2021-2022

Spring 2022: April 8, 2022

Check our Calendar for more deadlines

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Contact Us
Aptos Campus
(831) 479-6548
Watsonville Center
(831) 786-4701
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Types of Loans Available at Cabrillo

William D. Ford Federal Direct Loans

Direct Loans are low-interest loans for students to help pay for the cost of their education. The lender is the U.S. Department of Education rather than a bank or other financial institution. Direct Loans are a form of financial aid and must be repaid with interest. Subsidized and Unsubsidized Loans with a first disbursement from July 1, 2021 to June 30, 2022 will have a fixed interest rate of 3.73% and a loan fee of 1.057%.

Cabrillo College does NOT participate in Direct Parent PLUS Loan or Private Alternative Loan programs.

Subsidized Direct Loan

While you are enrolled in at least 6 units and during any approved deferment periods, the federal government will pay the interest on your Subsidized Loans. After you graduate, withdraw from school, or drop below 6 units enrollment, there is a 6 month grace period before repayment of the loans begins. When you enter repayment, you are responsible to begin repaying the amount you borrowed as well as the interest that accrued and will accrue during the repayment period.

Unsubsidized Direct Loan

The federal government DOES NOT PAY THE INTEREST ON UNSUBSIDIZED LOANS!— This should be a loan of last resort!

Interest accrues immediately after disbursement. If you borrow Unsubsidized Loans, we strongly recommend that you begin making interest payments right after you receive your loan. Call your servicer for more information. If you do not make interest payments while you are in school, the interest continues to accrue and is added (capitalized) to your principal loan balance at repayment. When interest capitalization occurs, you will then be paying interest on top of interest which greatly increases the amount of your loan and the total amount you will be repaying.

 

Interest Rate Tables

Direct Loan Request Process

  • File a FAFSA for the current school year.
  • Submit all requested documents through MyVerify, if chosen for verification. 
  • You will receive a “Final Review Done” email when the above steps are completed.

If you are interested in a student loan, you must be enrolled in an eligible program and will be required to complete a SAP Appeal (Maximum Time Frame) online. You will need to explain why you need additional time at Cabrillo. Be sure to attach a copy of your comprehensive education plan. Loan funding will be restricted to the units on your Comprehensive Educational Plan.

Bachelor students taking preparatory courses necessary for their enrollment in an eligible program at another institution are only eligible for loans for a period of up to one year.

You can request a SAP Appeal in your MyVerify account by clicking the request button in the upper right corner of the screen and select 'SAP Appeal' for the current school year.

All loan students are required to create and follow a Comprehensive Educational Plan developed and archived by a Cabrillo College Academic Counselor.

Your Educational Plan should extend until your date of program completion, graduation, or transfer. Be clear with your counselor about what you need. If you have attended other colleges, arrange to have official transcripts sent to Cabrillo Admissions and Records. Official transcripts from previously attended colleges need to be on file before you schedule an appointment with a counselor.

Submit a Student Correspondence form located in your eForms library to notify Financial Aid that your Educational Plan has been archived by your Academic Counselor.

  • Note: Remedial classes are not degree-applicable and the ore degree applicable units.
  • Units from late starting or short-term classes will not be counted until you start attending the class.

Note: Remedial classes are not degree applicable and the Financial Aid Repeat policy will affect which courses are counted.

  • Cabrillo College requires that students complete Entrance Counseling EVERY school year when you request a Direct Loan. We will consider Entrance Counseling completed between May 1, 2021-April 8, 2022 for the 2021-2022 school year.
  • Complete online through the Student Aid website located here
    • Click on Log In and utilize your FSA ID to log in.
    • Under the “Complete Aid Process” tab, select "Complete Entrance Counseling". You should receive a confirmation email from Cabrillo College within a week of completing your Entrance Counseling.MPNs will be downloaded on Tuesday and Thursday until the loan deadline in Spring 2022 (4/08/22).

MPNs will be downloaded on Tuesday and Thursday until the loan deadline in Spring 2022 (4/08/22).

  • Complete online through the Student Aid website located ew MPN EVERY school year that a Direct Loan is requested. We will consider MPN’s completed between May 1, 2021-April 8, 2022 for the 2021-2022 school year.
  • Complete online through Student Aid website located here
    • Click on Log In and utilize your FSA ID to log in.
    • Under the “Complete Aid Process” tab, select Complete Master Promissory. You should receive a confirmation email from Cabrillo College within a week of completing your MPN. 

Note: Follow the directions carefully. You will need two references (people you can contact in case you are unreachable) to complete the MPN. Your FSA ID acts as your electronic signature and your promise to repay the loan. After you complete your MPN and submit it to ED, you will be able to print a copy for your records.entrance and MPNs will be downloaded on Tuesday and Thursday until the loan deadline in Spring 2022 (4/08/22).

  • Cabrillo College recommends that you complete an Annual Student Loan Acknowledgement EVERY school year when you request a Direct Loan.  Our goal is to help you understand your loans and how they affect your financial future.
  • Complete online through Student Aid website located here.
  • Select your Student status to begin.  Click on Log In to start and utilize your FSA ID to log in.

-If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan.

-If you have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you are eligible to borrow.

-You’ll also see other federal student aid information, including the interest rates and repayment options to make managing your student loans easier.

  • Students are required to complete the Direct Loan Request Form accessed through your eforms library.
  • You will NOT be able to submit the Direct Loan Request form until steps 1-6 are completed.
  • Allow 4-6 weeks after you submit your loan forms to receive your loan funds.

Note: Only one request is accepted per school year. If you are attending Fall and Spring you must request the full year loan amount. You will NOT be able to request additional funds in the Spring. Plan ahead. If your grade level changes mid year and you have already received a loan for the school year, you may be eligible to request additional subsidized loan funds. To do so, submit a Student Correspondence request.

  • Computer Cost Printout - OPTIONAL
    • Must submit an itemized estimate from vendor or receipt at the same time you submit your Loan request. This results in a budget adjustment in case you are not eligible for the full loan amount you requested.
    • Personal computer is a one time only budget adjustment at Cabrillo College.
    • Submit printout by email to financial.aid@cabrillo.edu. Make sure you indicate that it is for your student loan budget adjustment.
  • Academic Progress Report - ONLY IF REQUESTED
    • If your SAP status is in Warning or Probation status, a progress report may be requested. This form will be used to determine eligibility for loan funds.
    • This form will only be available and accepted after the 4th week of the term.
  • Loan funds are disbursed in two disbursements for both full year and one term loans.

-Full year loans are disbursed, once during the Fall term and again the second during the Spring term.

-One term loans second disbursements will be after you have completed half of the term.

  • Subsidized and Unsubsidized funds may come together in one disbursement.
  • 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 on your loan disclosure statement emailed to you by the Department of Education.
  • To view Disclosure statement https://studentaid.gov/

-Log in

-Click on you name on the top right

-Select Documents

-Once you are in MY DOCUMENTS tab at the bottom of the page, you will see Disclosure Statements.

  • If you want to decrease or cancel your loan, please notify the Financial Aid Office by completing a Student Correspondence on eforms or by sending an email to financial.aid@cabrillo.edu
  • 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 disbursement and your loan will be canceled.
  • If your SAP status is Probation or Warning, you may be required to submit a Progress Report from all your Instructors to determine eligibility for loan funds. For more information about your SAP status view our SAP page.
  • You must be enrolled in and attending 6 degree applicable units towards your major or the loan will be canceled. Classes enrolled in but are repeats per the Financial Aid Repeat policy will not be counted.

-Remedial units are not degree applicable and cannot be counted (i.e. ESL, 200 level courses).

-Units from late starting or short-term classes will not be counted unless you are currently attending the class.

Loans are not disbursed until after the 4th week of the term and take 4-6 weeks after the loan request is submitted to receive the loan funds.

  • Complete online through Student Aid website located here
  • Click on Log In and utilize your FSA ID to log in.
  • Individualized instructions are included with each step, so read carefully before moving on to the next step
  • You will need two references to complete the Exit Counseling
  • We will receive notice of the completed Exit Counseling electronically from the US Department of Education

Loan Exit Counseling is REQUIRED:

  • If you drop below half-time enrollment (6.0 units)
  • Within 30 days PRIOR to graduating or leaving Cabrillo

30 Days Periods for Exit or Graduation

Fall 2021: 11/12/21-12/11/21

Spring 2022: 04/22/22-05/21/22

Loan Processing Timeline

  • Step 1

    Entrance Counseling and signed MPN completed by loan deadline. Entrance and MPN Received Notice emails sent.

  • Step 2

    Required loan forms submitted by loan deadline AFTER Entrance Counseling, MPN and Final Review Done are completed.

    Note: Loan forms submitted prior to the Entrance, MPN, and Final Review Done steps being completed, will be returned as denied and a Returned Loan Notice email will be sent.

    *During peak processing periods, timelines could be doubled for steps 3-6

  • Step 3

    Loan forms are reviewed, loan is originated and sent to the Department of Education. Loan Originated email sent. 2-3 weeks

  • Step 4

    Department of Education processes loans and sends you a disclosure statement with disbursement dates. Allow approximately two weeks from the disbursement dates for processing. 1-2 weeks

  • Step 5

    Enrollment and academic progress is verified, loan(s) is processed. Disbursement Notice email sent. 1 week

    Note: 2nd Disbursements will be canceled within three weeks of the disbursement date if you do not meet SAP requirements, or are not registered in 6 degree applicable units towards your major

  • Step 6

    Financial Aid, including loans, will first pay any outstanding Cabrillo charges and the remaining funds will be disbursed as a refund to the option you have chosen when you set up your refund selection preference with BankMobile. 1-2 weeks

    Note: Loans are disbursed until after the 4th week of the term

The amount you may borrow for a single academic year will vary due to the following

  • the loan amount you request;
  • Your year in school, based on the requirements of your chosen program of study at Cabrillo;
  • Whether you are considered a DEPENDENT or an INDEPENDENT student for federal financial aid purposes;
  • The length of time you will be in attendance, also known as your enrollment period, at Cabrillo during the academic year;
  • Your cost of attendance;
  • Your Expected Family Contribution (EFC);
  • Other financial aid you will receive during the academic year;
  • Your remaining eligibility under the annual or aggregate loan limits.

It is your responsibility to know what your total student loan debt is!

Loan fees are charged to originate a student loan and are calculated as a percentage of the total loan amount. The loan fees are deducted proportionately from each loan disbursement. The loan fee is subtracted directly from the loan before it is disbursed to you. This means you will receive a smaller loan than the total amount that you actually borrowed, but you will still be responsible for repaying the entire amount that you borrowed. You can learn more about loan fees here.

Aggregate limits are the maximum total outstanding loan debt. These aggregate limits include both Direct and Subsidized Loans and any subsidized and unsubsidized Federal Stafford Loans received through the Federal Family Education Loan (FFEL) Program. 

Dependent Students

$31,000 (maximum $23,000 subsidized) 

Independent Students

$57,500 (maximum $23,000 subsidized)

The recommended maximum aggregate loan debt for your entire time at Cabrillo College is $17,000. Plan accordingly. 

The maximum amount you can borrow each year in Direct and unsubsidized Loans depends on your grade level and on whether you are a dependent or independent student.

Grade Level

Base Amount Subsidized/Unsubsidized Combined

Additional Unsubsidized

Yearly Maximum

 Level 1 (0-29.9 completed units)

$3,500

$2,000

$5,500

Level 2 (30+ completed units)

$4,500

$2,000

$6,500

The maximum amount you can borrow each year in Direct and unsubsidized Loans depends on your grade level and on whether you are a dependent or independent student.

Grade Level

Base Amount Subsidized/Unsubsidized Combined

Additional Unsubsidized

Yearly Maximum

 Level 1 (0-29.9 completed units)

$3,500

$6,000

$9,500

Level 2 (30+ completed units)

$4,500

$6,000

$10,500

We are here to help!
financial.aid@cabrillo.edu (831) 479-6548