Stafford Subsidized and Unsubsidized Loans

Federal Family Education Loan Program

How to Apply at LCCC

1. Complete the Free Application for Federal Student Aid (FAFSA).  You can do this electronically at http://www.fafsa.ed.gov/.
    
2. Complete the LCCC Compliance Sheet. 
   

   This form can be downloaded from the LCCC website at: www.lorainccc.edu/financialaid Click on “Compliance Sheet” in the upper right side of the screen. Return this form to the LCCC Financial Services Center, 1005 Abbe Road N., Elyria, OH 44035. Comply immediately with requests for additional information to complete the FAFSA process.

3. Complete online Entrance Loan Counseling.  Entrance Loan Counseling is required each year for every student.  Following is the web address and basic instructions:
   

   www.opennet.salliemae.com Select “borrower log in” and click on “go” Select “OH” then “Lorain County Community College” from the drop down menus and click “submit” Click on “Create a New Account”  Select “I Accept” under Terms of Service to continue  Create your Account, review the information, and click on “submit” Click on “Go” “Student - Start a Stafford Loan” and continue with loan counseling following the prompts and answering the questions. Click on “Return to Complete my Stafford Loan” (Step 4 below) after you’ve completed the loan counseling

4. Complete your Stafford Loan Master Promissory Note (MPN) ONLINE!
   

   Complete “Your profile and lender information” and click on “next” Read the on-line application instructions and click on “next” Carefully enter your application information and complete address information about your 2 references. Then, click on “next” Review application information and click on “submit application” Choose how you would like to submit your information by clicking on the appropriate radial button. An electronic signature is the fastest way for you to complete this process. Choose your printing selection. Please note: you can elect to print out the 9 pages or have SallieMae mail this information to you. Make your choice, then select “next” Follow the prompts to complete the process. You’re done when you reach the “Review Final Instructions” page and can then log out. Please note: if your lender of choice is not listed, please contact the Financial Services Center for information on how to process your loan request at (440) 366-7632. LCCC is committed to processing all loan requests for the student’s lender of choice.

5. You must be meeting all eligibility requirements before LCCC is able to process your Stafford Loan request:
   

   Have completed the FAFSA, LCCC Compliance Sheet, and provide additional information requested. Enroll for a minimum of 6 credit hours  Have a minimum 2.0 cumulative grade point average. Be meeting the LCCC Satisfactory Academic Progress Standards. You can review this policy in the current LCCC College Catalog or online by clicking here.

6. Notification and Processing:
   

   An official Disclosure Statement will be sent to you by SallieMae indicating the amount of your loan & estimated disbursment dates. LCCC will process your loan request for the maximum amount you are eligible. If you would like to borrow less money than the maximum you are eligible, please contact the Financial Services Center at (440) 366-4034.

7. Disbursement
   

   Your pending disbursement will be keyed into LCCC’s financial aid system. Tuition and bookstore charges may be credited against your pending loan disbursement provided sufficient availablility of funding to cover charges.  Semester charges on your student account are deducted from the loan disbursement. Any remaining balance is mailed directly to the student from the Bursar’s Office after the fifth week of the semester for those classes you have attended. Loan funds are disbursed to the student’s account in two separate payments. Example: one-half during Fall Semester and one-half during Spring Semester. You must be meeting all eligiblity requirements at the time of disbursement to receive your loan funds. This includes but is not limited to: meeting LCCC’s standards of Satisfactory Academic Progress,  having a minimum 2.0 cumulative grade point average, and  enrollment and attendance in 6 credit hours. Loan processing fees are deducted from each disbursement by your Lender and/or Guaranty Agency.