Financial Aid Student Loan Guide

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1 THE LOS ANGELES COMMUNITY COLLEGE DISTRICT Financial Aid Student Loan Guide City East Los Angeles Harbor Mission Pierce Southwest Trade-Tech Valley West Los Angeles Student Loan Request Form Page 1

2 LACCD Loan Philosophy As low-cost public institutions with limited entrance requirements, we are concerned about our students and believe that it is critical that we establish a clear rationale for student loan eligibility at our institutions. We wish to be certain that when students transfer they have sufficient loan eligibility to complete their education, and that students who do not intend to go beyond the community college level will not be overly burdened by debt. If students need additional loans when they are receiving a fee waiver and grant assistance, they will almost certainly need to continue to borrow when they transfer. For most community college students, loans in addition to other financial assistance are not recommended. Loans are not recommended for first-time students so successful completion ( or proof of such at another college) of at least one semester of college level classwork is highly recommended Enrollment in a majority of degree applicable classes is also highly recommended Current loan debt when added to the loan you are requesting, leaves enough for you to finish your goals. We reserve the right to deny your request based upon prior student loan default or bankruptcy. WHAT IS A DIRECT LOAN? Things You Should Know Direct Loans are low interest loans to students and parents to help pay for the cost of a student s education after high school. The lender is the U.S. Department of Education. There are no banks or lending institutions. There are two types of Direct Loans: Subsidized loans and unsubsidized loans. o Subsidized loans are awarded on the basis of financial need. You won't be charged any interest until you graduate or drop below six units because the federal government subsidizes the interest during the time you are enrolled. Effective July 2012, the government will no longer subsidize the interest during the six month grace period. o Unsubsidized loans charge interest from the time the money is first disbursed until it is paid in full. The interest is capitalized when you enter repayment, meaning that you pay interest on any interest that has already accrued. One way to minimize how much interest accrues is to pay the interest as it accumulates. If you still have several years until you receive your degree, this can become very expensive NOT RECOMMENDED. ATTENTION NEW STUDENT LOAN BORROWERS Effective July 1, 2013, subsidized Stafford loans will be limited to 150% of a student s program. This means that if a student is pursuing a two-year program at a community college, students will be limited to three (3) years of subsidized Stafford loan. Add link for more details (entrance counseling materials on May 16 letter from Jeff Baker) ENTRANCE COUNSELING REQUIREMENT Federal laws require all borrowers to participate in student loan Entrance Counseling. The counseling explains the terms and conditions for the loan. It also provides borrowers with information about the various Direct Loan repayment options. Your campus will inform you about its counseling requirements Student Loan Request Form Page 2

3 If this will be your first student loan request, you must complete the Entrance Loan Counseling before submitting your loan request document. This will ensure that you understand your rights and responsibilities as a student loan borrower. Go to and click on Sign In under Manage My Direct Loan. You will need your Personal Identification Number (PIN) to complete the Entrance Loan Counseling. Your institution may have additional requirements. EXIT COUNSELING REQUIREMENT You will receive a notice about Exit Counseling from us when you graduate or drop below six (6) approved units or withdraw from classes. Most colleges require borrowers to do exit counseling once a year. The Direct Loan Servicing Center will send you information on your loan and when repayment begins. Borrower Eligibility In order to request a Direct Student Loan, you must meet the following requirements: Complete a Free Application for Federal Student Aid (FAFSA) at Have received a Award Notification or a letter stating you are ineligible for any need-based aid. Satisfy the general student financial aid eligibility requirements. Be enrolled in a minimum of six (6) units. Students who are on an Extension Petition must be enrolled in six (6) approved units. Comply with Entrance and Exit Loan Counseling requirements. Maintain Satisfactory Academic Progress standards. Borrowing the low-interest, Federal Direct Loan is a privilege. Even though it is a loan, the college has the right to refuse to certify a loan application for high-risk borrowers. Such conditions are: NOTIFICATION A previous default on a federal student loan. Notification of previously discharged federal student loans due to disability or bankruptcy. Notification of delinquent federal student loan repayment status. Instances of inconsistent, fraudulent FAFSA, or admissions application information. Applicants with loan indebtedness in excess of a maximum for two-year public institutions. Not meeting satisfactory academic progress standards consistently. Watch for correspondence from your loan servicer. Take careful note of their contact information. It is critical that if your address or phone number changes, you notify your servicer. Maintaining correct information can help you protect your credit and keep your loan in good standing. DROPPING BELOW HALF TIME If you drop prior to the scheduled Fall semester disbursement, the disbursement will be cancelled and loan fund(s) will be returned promptly to the U.S. Department of Education. If you drop below half time after the scheduled fall disbursement and before the Fall semester is completed, you will not be eligible for a Spring semester disbursement of your loan. In both scenarios you may be eligible for a loan for the spring semester only, and a new loan request must be submitted. If you drop below half time prior to the scheduled spring semester disbursement the disbursement will be cancelled. We are concerned and you should be concerned about accruing debt when your progress is limited Student Loan Request Form Page 3

4 FEDERAL LOAN BORROWING LIMITS A student s financial need and annual loan limits determine how much a student may borrow. Students will either be classified as Grade Level One (0-30 units completed) or Grade Level Two (over 30 units completed and student is enrolled in a program of more than one year). For most students, we will look not only at completed units, but at how long it will take to complete your program. The total undergraduate aggregate loan limits are as follows: Maximum Total Debt from Stafford Loans When You Graduate (aggregate loan limits) Dependent Undergrad Student $31,000 No more than $23,000 of this amount may be in subsidized loans. Independent Undergrad Student $57,500 No more than $23,000 of this amount may be in subsidized loans. Important reminder: If you have several years remaining until you achieve your Bachelors degree, you should consider limiting borrowing so you retain loan eligibility. You should also know that Pell Grant eligibility is now capped at 12 full-time semesters. Application Process Complete the Student Loan Request Form Sign the Rights and Responsibilities Checklist Meet Entrance Counseling requirement(s) Complete your college s financial literacy requirement Bring the original signed Social Security card Bring a valid government issued photo-identification such as driver s license or U.S. passport New student loan borrowers: Complete the Master Promissory Note (MPN) at Continuing borrowers: Attach a printout of my past loan history at Student Loan Request Form Page 4

5 Section A (Please print clearly. Do not leave any information blank) Student Loan Request Form Last Name First Name MI Social Security Number Mailing Address City/State Zip Code Cell Phone Number Alternative Phone # Address Section B Only borrow what you need (we strongly encourage you to borrow less than the annual limit). You should consider your expenses and your income (including financial aid) to determine this amount. How much do you need to borrow? $ Expected Graduation Date: What is your educational goal? Certificate in AA/AS Degree Transfer Section C Please initial after you have read the following statements below. I understand that... This is a loan and must be repaid with accrued interest. Initial: This loan is to be used for educationally related expenses. Initial: I must have a signed Master Promissory Note (MPN) to receive this loan and collection of all debts acquired under this MPN is fully enforceable in a court of law. Initial: I must immediately notify the holder of my loan if my status changes and that failure on my part to adhere to the terms and conditions of my loan may result in default and may affect my rights as a student loan borrower. Initial: My loan(s) will be originated for the loan period that I am eligible for and the loan(s) may be prorated if my educational goal at will be completed in less than a full academic year. Initial: I must be enrolled in at least six (6) approved units for my loan request to be certified. This means that if I am on a Petition Extension due to satisfactory academic progress, only the courses listed on my Student Educational Plan as approved by the Financial Aid Office will be counted in the approved units. Initial: My loan will be cancelled if my enrollment is less than six (6) approved units at the time of my first loan disbursement. Initial: New borrowers only: As a new loan borrower, I understand that my first loan disbursement will be delayed thirty (30) days from the first day of semester. Initial: Continuing borrowers only: I have visited the National Student Loan Data System at I have attached a printout of my past loan activity and I am aware of my student loan balance. Initial: Borrower Request and Certification: The information contained on this loan request is true and correct to the best of my knowledge. I understand that I am requesting a loan that MUST BE REPAID, including any fees, interest and/or collection costs. I also understand all the terms and conditions for this loan. I understand the documents and eligibility requirements to apply for this loan and I understand that the loan will not be certified if documents are incomplete or I have not met eligibility requirements. Student s Signature Date Student Loan Request Form Page 5

6 Rights and Responsibilities I understand that I have a right to the following: (Check off each box as you read.) Written information on my loan obligations and information on my rights and responsibilities as a borrower. A copy of my Master Promisorry Note (MPN) either before or at the time my loan is disbursed. A grace period and an explanation of what this means. Notification, if I am in my grace period or repayment, no later than 45 days after a lender assigns, sells or transfers my loan to another lender. A disclosure statement, received before I begin to repay my loan, that includes information about interest rates, fees, the balance I owe, and a loan repayment schedule. Deferment or forbearance of repayment for certain defined periods, if I qualify and if I request it. Prepayment of my loan in whole or in part anytime without an early-repayment penalty. Documentation that my loan is paid in full. To cancel or reduce all or a portion of my loan by notifying the loan servicer within 120 days of disbursement. I understand I am responsible for: Completing exit counseling before I leave school or drop below half-time enrollment. Repaying my loan according to my repayment schedule even if I do not complete my academic program, I am dissatisfied with the education I received, or I am unable to find employment after I graduate. Notifying my lender or loan servicer within 10 days if I: Move or change my address Change my telephone number Change my name Change my social security number Change employers or my employer s address or telephone number changes Making monthly payments on my loan after my grace period ends, unless I have a deferment or forbearance. Notifying my lender or loan servicer of anything that might alter my eligibility for an existing deferment or forbearance. I have read the Rights and Responsibilities Checklist. Student s Signature Date Student Loan Request Form Page 6

7 USA Funds Life Skills Student Guide West Los Angeles College, WLAC Financial Literacy Through your school, you now have access to USA Funds Life Skills, a free online learning program that offers you advice for managing your time and money wisely while on campus and after graduation. This Student Guide provides basic information about the tool and outlines the steps necessary to access and complete the lesson(s) that your school has assigned to you. Log in. New users are required to complete a simple, one-time registration process. Once you complete the initial registration process, only your username and password are required for future visits. 1. Open your browser and go to o Helpful hint: Save this address as a favorite to simplify access for future visits. 2. Click Request a new account in the Login box to create your account. 3. Complete all of the information on the Request Account page. Some fields require the school defined information listed below. o Enter your school address as your username. o Enter the student ID number assigned to you by your institution as your school-assigned student ID. o Enter as your School Code. Note: This code must be entered exactly as shown here. o Enter as your Student Access Code. Note: This code must be entered exactly as shown here. 4. Click Create Account in the lower right corner to create your account. o Note: If you forget your password on future visits, click Forgot your password? in the Login box to receive an containing your password to the address you provided when you created your account. Get started. To access and complete the lessons, follow these steps: 1. Select My Catalog from the left navigation menu or select the My Catalog tab at the top of the page. 2. Click on the name of a lesson and click Enroll on the right side of the screen. o Lessons can be completed in any order. If you are unable to complete a lesson in one visit, you can return to it at any time and continue where you left off. Click the name of the lesson under My Learning on your Home page to return to the in-progress lesson. 3. Click on the name of the lesson again under OLT Lessons to begin the lesson. o Note: Your computer settings must be set to allow pop-ups to access the lesson. The lessons also contain sound so you may want to use headphones. 4. Click Next to advance through the lesson. 5. Complete the Lesson Challenge quiz at the end of the lesson. You must achieve 70 percent or higher to pass the lesson. Once achieved, your score will be recorded on your transcript as well as your school s weekly report. (See next section for transcript information.) o Scroll to the bottom of the Lesson Challenge results and click Print to print your quiz results. 6. Click Ok to close your quiz results and click Close Window to exit the lesson. 7. Click USA Funds Life Skills Survey under Course Activities to complete a brief survey about the lesson. 8. Click the Home tab to return to the Home page. 9. Repeat the previous steps until you have completed all of the lessons assigned to you. You can review the lessons and retake the Lesson Challenges to improve your score at any time by navigating to the lesson through the course catalog.

8 Your school has assigned the following lesson(s) to you: 103 What Do I Need to Know About Repaying My Student Loans? 104 What If I Have Trouble Repaying My Student Loans? 105 How Do I Manage My Student Loans While I m in School? 203 How Do I Live on a Budget While I'm in School? 204 How Do I Manage My School Life? 205 How Do I Manage My Personal Life While I Am in School? 304 Where Does My Paycheck Go? 305 How Do I Live On A Budget After I Have Completed School? 401 How Do I Manage My Credit Card Debt? 402 What Do Credit Scores Mean to Me? 403 What Do Credit Reports Mean to Me? 404 How Can I Protect Myself From Identity Theft? 405 How Do I Manage My Debt? 406 How Do I Set Savings Goals? 407 How Can I Make the Most of My Savings? 602 How Will I Pay for My Graduate Education? 603 How Much Income Should I Expect? You are required to complete course 203 as well as one additional course from the list above. See your results. A printable transcript of your lesson activity is available at any time. 1. Click My Transcripts in the left navigation menu. o Your transcript will provide details about any lesson in which you have enrolled, including completion status, registration date, completion date and final assessment score. 2. You have the option to print or export your transcript. o Click Print in the upper right corner to print your transcript. o Click Export in the upper right corner, choose an export format and click Export to create an electronic version of your transcript. Complete multiple assignments. If you are assigned multiple lessons from different staff (for example, one group of lessons from the financial aid office and another group of lessons from a professor), you will need to enter additional access codes to your account. This is required for your lesson completion results to be accurately reported to those who assigned the USA Funds Life Skills lessons to you. 1. Click My Account in the left navigation menu. 2. Enter the additional code(s) in the available Student Access Code fields. o Note: If you override an existing code with a new code, your completion results no longer will be reported to the person who provided the existing code. 3. Click Update. Get help. For assistance, use the Contact Us link or call USA Funds Customer Support, Monday through Friday, between 8 a.m. and 8 p.m. Eastern time at (800) After these hours, support is available at (866) Revised 1/2012

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