2020 Summer Loan Authorization
Financial Aid Office, 1637 Lawson Street, Durham NC 27703
Phone 919-536-7209, Fax 919-536-7260, financialaid@durhamtech.edu
This form is needed for all students requiring authorization of a Direct Loan. Complete form in its entirety, sign, date and
return to the Durham Tech Financial Aid office.
Student Name: ________________________________________ Student ID: ____________________
Email: ________________________________________________ Phone: _______________________
References (list two):
Name: ___________________________________ Relationship: ___________________ Phone: ________________
Name: ___________________________________ Relationship: ___________________ Phone: ________________
Expected graduation date:
When are you finishing/graduating from your current program? ____________________
Loan amount requested (use the chart below for reference):
I am requesting $_______________________ for the 2020 Summer Term.
LOAN LIMITS FOR THE ACADEMIC YEAR
Dependent Students
Independent Students
32 or less credit hours completed - $5,500 ($3,500 Max
for Subsidized)
32 or less credit hours completed - $9,500 ($3,500 Max for
Subsidized)
33 or more credit hours completed - $6,500 ($4,500
Max for Subsidized)
33 or more credit hours completed - $10,500 ($4,500 Max
for Subsidized)
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 subsided 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 subsided usage. For more
information, please contact your Financial Aid Advisor.
Revised Spring 2018
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 a Loan Adjustment
Form within 30 days.
Borrower ce rtification:
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 half-time enrollment (6 credit hours) for six consecutive months I will go into repayment status.
_____ I understand that if I drop or withdraw from a course, my eligibility for Direct Loans could be 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.
_____ Loan funds will be disbursed after attendance has been verified and reported for each term.
_____ 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 if I have never attended college before that I must be enrolled in six credits for a minimum of 30
days to receive this funding.
_____ I understand that semester loan limits are half of the annual limits. I cannot receive the annual limit in one term.
_____ I understand that loans will be split into two disbursements in each semester.
_____ I understand that loan must be split into two equal payment even if it is a semester loan. 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 Spring 2018
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