How to Apply For A Student Loan

Student loans, unlike grants and work-study, are borrowed money that must be repaid with interest. You cannot have these loans canceled because you didn’t like the education you received, didn’t get a job in your field of study or because you’re having financial difficulty. Loans are legal obligations, so before you take out a student loan, think about amount you’ll repay over the years. Learn the basics and manage your loan debt.  Visit www.StudentLoans.gov and then click on Managing Repayment at the top of the page.

1. Fill out a Free Application for Federal Student Aid (FAFSA) and indicate Delta College’s school code (002251). If you are eligible for grant assistance, you will receive an e-mail notification from the Delta College Financial Aid Office. Your Financial Aid Award Letter will be viewable through your MyDelta account.
2. Next complete the Entrance Counseling and sign the Master Promissory Note (MPN) at www.StudentLoans.gov once confirmation is received you must put the Identification Number on the loan request. 
3. To request a loan, log in to MyDelta and complete the Federal Stafford Loan Application found in the Financial Aid section.
4. If you have not completed Step 2 the Financial Aid Office will not process your loan request.

Student Loan Disbursement

• After the Stafford or Parent Plus loan has been certified by Delta College, the student will receive notification by email directing her/him to access their MyDelta Account for approved loan type and amount based on the credits indicated on the loan request form.
• The borrower will also receive information regarding the Stafford and/or Parent Plus Loan approval from the guarantor. This letter will include the approved loan amount and anticipated dates when the check will be released to Delta College for processing.
• Attendance and satisfactory academic progress will be verified before loan disbursement(s) will be released to the student.
• The first disbursement of a two-semester loan funds will be released approximately 8 weeks into the semester after classes have started and the student is enrolled in 6 or more credit hours.
• The second disbursement of a two-semester loan funds will be released approximately 8 weeks into the semester after the second semester begins.
• One-semester loans funds will be released approximately 8 weeks into the semester after the student is enrolled in 6 or more credit hours. One semester loans will be released in a single disbursement.
• A student’s tuition and fees may be charged up to the amount of her/his approved loan less origination fees. If a balance remains after the charges have been deducted from the loan, this must be paid by payment deadline. 
•  Students may charge books against a student loan if a credit balance remains after tution and fees have been paid.  To apply, log in to your MyDelta account, in the Student menu, click on the Stafford Loan Bookstore Advance link under Financial Aid.
• Once the student receives notification that their check is available it will be mailed by the Student Finance Office to their home address on file.
• Refunds of loan proceeds will be given to the student once the account has been paid in full.
• If the account is not paid in full by the time registration begins for the next semester Delta College will place a hold/freeze on the student’s account until her/his tuition and fee charges have been paid in full.

Federal Policies for Stafford and Parent Plus Loans

• Before a Parent Plus Loan can be processed, Delta College must have received a completed FAFSA for the student.
• Student must be registered in a minimum of six credit hours. 
• Student must be working towards a degree or certificate program at Delta College. 
• If student drops below 6 credits and has received loan funds, the grace period will begin immediately. 
• Students must meet all Delta College Financial Aid Satisfactory Standards of Academic Progress (SAP) policies. 
• Attendance and satisfactory academic progress will be verified before loan disbursement(s) will be released to the student.
• Student borrowers need to complete the Master Promissory Note and Entrance Loan Counseling prior to submitting the Federal Direct Student Loan Request Form. 
• Parent borrowers needs to complete the Master Promissory Note.
• Loan counseling is not required for a Parent Plus loan. 
• Exit Loan Counseling must also be completed once student graduates or drops below part-time at Delta College. 
• Delta College will not authorize late disbursements after the end of the loan period.
• In computing the aggregate indebtedness, all Federal Loans received at Delta College and at other institutions will be considered.
• You can access information regarding your Federal student loans at www.nslds.ed.gov. You will need your Federal pin number to access this site. 
• Loans will be recalculated for eligibility if you registered for fewer credit hours than indicated on your loan application.

2010 - 2011 Loan Calculator

Loan Repayment Options (PDF)