Federal Stafford Loan Request Form
If you wish to apply for a Federal Direct Stafford Loan for the 2012-13 academic year, please review this information carefully and follow the steps outlined in this section. You must complete a request form each time you wish to borrow a Federal Stafford Loan.
Federal Stafford Loans
A Federal Direct Subsidized Stafford Loan is a loan that the Government pays the interest while you are in school. Repayment and the interest begins (new loan regulation starting with loan disbursements after July 1, 2012) 6 months after you drop below half-time enrollment.
A Federal Direct Unsubsidized Stafford Loan is a loan in which you will be responsible for the interest beginning shortly after the loan is delivered. Click here for detailed information about Stafford Loans.
The maximum amount that you may borrow [combined amount of subsidized and unsubsidized] is based on your grade level, the amount of your other financial aid, your enrollment status, and Free Application for Federal Student Aid [FAFSA] results. You may be eligible up to the maximum for your grade level for each term of eligibility:
- Freshman: $1,750 + $1,000 unsubsidized – maximum $2,750 per term
- Sophomore: $2,250 + $1,000 unsubsidized – maximum $3,250 per term
- Independent undergraduates may be eligible for an additional Federal Unsubsidized Stafford Loan
The formula for your maximum loan amount is your Cost of Attendance minus your Expected Family Contribution (EFC from FAFSA) minus any other aid will equal your need. Please be aware that if you receive any other scholarships or awards, it may reduce your loan eligibility.
You must be enrolled in a minimum of 6 credit hours and attendance verified before your loan will disburse to your student account. You must be meeting Satisfactory Academic Progress (SAP), be a degree seeking student, and not in default at the time that the loan funds transfer.
Electronic Funds Transfer
Federal Stafford Loans will be transmitted to Lorain County Community College electronically and credited to your tuition account. This process expedites the delivery of loan funds and eliminates the need for you to endorse a check. You have the right to cancel your Federal Stafford Loan at any time during the current enrollment period. Funds will not be credited to your student account until you meet all eligibility requirements.
Information is believed to be correct at the time of publishing, but is subject to change. 11/2010
LCCC Loan Application Steps
- Review MyCampus for correct name, address, email, etc. LCCC will process your loan and communicate with you about this loan using your LCCC email address and home address information on file. Please confirm in MyCampus that all bio/demographic data is-up-to date and correct. Incorrect information could delay the processing or receipt of your loan request.
- Complete the Federal Stafford Loan Request Form below. Completing this form will initiate the loan process for you at LCCC. Once your request for a loan has been processed by LCCC, you will see an award amount on your MyCampus account. This will be your indication that the U.S. Department of Education has received your loan application and is processing it.
- Complete Entrance Counseling for each loan term. You must go to http://www.studentloans.gov/ and complete your Entrance Counseling.
- Complete a Master Promissory Note with the U.S. Department of Education. You must go to http://www.studentloans.gov/ and complete your Master Promissory Note. This will provide your consent to borrow a loan.