Understanding how we determine your award amount:
Loan amounts will be based on your Current Aid Award and the Cost of Attendance for your program.
Cost of Attendance for your program
Cost of Attendance for your program
- Expected Family Contribution
- Amount or Estimate of financial aid
- Amount or Estimate of financial aid
Maximum amount that can be requested (unsubsidized)
Maximum amount that can be requested (subsidized)
A subsidized loan is need based as determined by your FAFSA. A subsidized loan will be awarded first and does not
accrue interest while in school. Requested loan amounts above the maximum subsided amount will be unsubsidized.
Unsubsidized loans accrue interest immediately. There are also lifetime and program limits of subsidized usage that can
eliminate you from Subsidized eligibility. For more information, please contact your Financial Aid Advisor.
You have the right to cancel all or a portion of the loan and to request that Durham Technical Community College return
the loan proceeds to the holder of the loan; however, if you have already received your net difference (refund) check or
direct deposit, the College is not responsible for returning the funds. If the College returns loan funds that were used to
pay your account balance, you will be responsible for immediate payment of the account balance that the return of
funds creates. Your cancellation request must be received by the Financial Aid Office by completing an Aid Adjustment
Form.
Borrower certification - Please initial each statement to acknowledge you have read and understand the following:
_____ I must be registered at least half time (6 credit hours) in an eligible plan of study to receive a Direct Loan. If I drop
below this at any point, I understand my eligibility for Direct Loans could by eliminated.
_____ I authorize the Financial Aid office to forward to my lender and guarantor all the data required to process my
Federal Direct Loan Application and that all information provided is true and correct.
_____ I provide Durham Tech authorization to apply loan funds to my account to pay for current year charges.
_____ I have read, understand and agree to the terms and conditions outlined on Durham Tech’s Website regarding the
receipt of and required repayment of these funds, Satisfactory Academic Progress, and other applicable policies.
_____ First time borrowers with Durham Tech are required to complete online entrance counseling and an MPN
via studentloans.gov. I have completed this or will do so. I understand failing to complete this will result in my
loan not disbursing.
_____ I understand that semester loan limits are half of the annual limits. I cannot receive the annual limit in one term.
_____ I understand that all loans must be split into two equal payments. Meaning if my loan is Fall only for $1500.00;
$750.00 will be disbursed at the beginning of the semester and the other $750 will be disbursed at the mid-point of the
semester, if you remain eligible.
_____ I understand that I must provide a high school transcript or proof of an Associate’s Degree, Bachelor’s Degree,
Master’s Degree or PhD to Student Information and Records to receive loans.
Signature: ______________________________________________ Date: ________________
Revised 4/3/2020
