Federal Stafford Loan Request Form
If you wish to apply for a Federal Direct Stafford Loan for the 2013-14 academic year, please review this information carefully and follow the steps outlined in this section. We request that you complete this form once each academic year so please make sure to indicate all semesters you intend to receive a Federal Direct Stafford Loan.
Federal 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.
Financial Services cannot process a federal student loan request until the student is enrolled in at least 6 credit hours. A student must also be meeting all federal loan eligibility requirements. At the time of disbursement, a student must be attending at least 6 credit hours for the funds to disburse and credit the tuition account.
New Loan Length Restrictions
Beginning July 1, 2013, the length of time students will have access to subsidized loans is limited for new borrowers. Students cannot borrow more than 150% of a student’s program length. For example, students who enroll in a two-year degree program can only borrow loans for three years total. Once that limit has been reached, a student may borrow only unsubsidized loans, and will begin to accrue interest on outstanding subsidized loans. For more information, please visit: http://tinyurl.com/LimitRule
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 by notifying the Financial Services Center. Students must be currently attending at least 6 credit hours at the time of disbursement to receive student loan funds. 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.
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. Processing of your loan cannot continue until you complete the required steps below.
- Complete Entrance Counseling for each loan term. You must go tohttp://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.