How do I apply for a loan?
Last Updated: Aug 29, 2014 | 52 Views
Topics: Financial Aid
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- Apply to the college and be admitted into an approved Degree or Certificate plan, and be making Satisfactory Academic Progress in that plan http://www.lfcc.edu/startnow.
- Complete the FAFSA (Free Application for Federal Student Aid) at http://www.fafsa.ed.gov/ for the current year.
- Submit all FAFSA verification items to the Financial Aid Office if not previously requested. Please check your To-Do list on your MYLFCC account.
- Complete Loan Entrance Counseling. This will take about 30 minutes. All returning and first time borrowers at LFCC are required to complete Loan Entrance Counseling. You can do this online at: https://studentloans.gov/. Once you access this website, click “Sign In” and enter the requested information. *Please note: You will need your FAFSA pin #. Next click on “Complete Entrance Counseling”.
- Complete the electronic Master Promissory Note (MPN) at the secure Department of Education site at https://studentloans.gov. Once you access this website, click “Sign In” and enter the requested information. *Please note: You will need your FAFSA pin #. Next click on “Complete Master Promissory Note” then select “Subsidized/Unsubsidized” as the type of loan you would like to receive.
- Determine how much you need to borrow as well as the loan period. All loans come in TWO disbursements. We recommend Fall/Spring loans. BEWARE of student loan debt and borrow only what you need. The maximum amounts per year listed in the chart below. Students taking a one semester loan are only entitled to half the maximum amount per semester.
- Complete the Loan Request Form on or before the recommended completion date each semester. This form is available on the website or in the Financial Aid Office.
- View award at your MyLFCC >Student Center>View Financial Aid (Be sure to turn in any documents listed under your “To Do List” as well as these will need to be turned in before an award will be processed.
- Enroll & attend your classes. You must attend your classes to be eligible for the loan disbursements. If you drop or withdraw to below half-time (6 credits) before your loan is disbursed, the funds will be returned. Loan checks (balances remaining after tuition & books) will be mailed between the fifth and sixth week each semester. Please plan your finances accordingly.
Please allow 4-6 weeks for College Processing, depending on the time of year.