Fillable DIRECT LOAN BORROWER INSTRUCTIONS (Del Mar College)

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DIRECT LOAN BORROWER INSTRUCTIONS (Del Mar College)

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* Students requesting a Direct Loan, please complete the New Loan Request available online on the Viking Self Service
through WebDMC Financial Aid Checklist.
DIRECT LOAN BORROWER INSTRUCTIONS
FIRST TIME LOAN BORROWERS---Loan funds process for ALL first time borrowers will be delayed 30 days
from the beginning of the semester. (For summer, from beginning of 1
st
summer session).
Loans for 1st time DMC borrowers are expected to be released on or after the following dates. Actual disbursement dates
vary depending on the refund preference selection as there can be additional business day processes:
For 2019/2020
Fall 2019: October 3, 2019
Spring 2020: February 20, 2020
Summer 2020: July 2, 2020
For 2020/2021
Fall 2020: October 2, 2020
Spring 2021: February 26, 2021
Summer 2021: July 8, 2021
DO NOT FOLLOW THESE STEPS IF YOU HAVE NOT ACCEPTED YOUR LOAN AWARD:
Once you have accepted your loan award through the WebDMC student portal, make sure to read the following
instructions thoroughly and ta
ke appropriate action as soon as possible to ensure you receive your William D. Ford Direct
Student Loan funds in a timely manner.
All direct loan borrowers are REQUIRED to be enrolled at least half-time (six credit hours or more).You must have
already started your six credit hours for your funds to be released. If you are not enrolled in six credit hours until you start
your block/rapid track courses, your funds would be delayed until after the class begins. For summer, student must be
enrolled at least half-time (three hours) each summer session.
All first time loan borrowers at Del Mar College are REQUIRED to attend a MANDATORY Loan Advising Session on
campus. (You may choose to attend a session before or after receiving a loan award by visiting the Financial Aid
Mandatory Loan Advising Session Schedules). Schedules can be found on; delmar.edu. Unfortunately, due to campus
closure resulting from the evolving situation of the Coronavirus disease (COVID-19), students should receive a
Reminder Loan Borrower Requirement email to complete this requirement via email.
In addition students are REQUIRED to complete an Entrance Counseling (valid for 1 academic year), and a Master
Promissory Note (valid for 10 years) electronically on studentaid.gov. The additional NEW online loan requirement,
Informed Borrower Tool (IBT) Confirmation (valid for 1 academic year), will be effective for Academic Year
2021-2022 loans.
You will use your FSA ID that you created when completed your FAFSA application, to login. If you do not remember
your FSA ID login, you can retrieve it on fsaid.ed.gov. Failure to complete the Direct Loan requirements within two
weeks of this notification, will result in the cancellation of your student loan. Keep in mind that these electronic
processes take up to 48 hours to be processed and received by DMC.
Instructions on how to complete the above online mandatory loan requirements upon logging into studentaid.gov;
1. Confirm your information (if requested)
2. From the "Complete Aid Process" drop down menu select “Complete E
ntrance Counseling” or “Master Promissory
Note for Subsidized/ Unsubsidized Loan MPN”
Be sure
you allow enough time
to complete the entire process during a single session. If you exit the website before
submitting the above two electronic requirements, you may have to start the pr
ocess over. In the event you experience any
problems with the above please feel free to contact Financial Aid Services: (361) 698-1293. Contact us if you choose to
decline the entire loan or request a lower amount on your loan or if you plan on enrolling for the 9 weeks or 12 weeks
session only in the summer, we can revise your loan award to enable you to receive your award in two disbursements.
Disbursement Regulations: Loan awards for the entire academic year are split (half fall/half spring).
Loan awards for one semester ONLY are split in two disbursements within that particular semester.
Summer disbursements vary on course timeframe. Check with us to confirm your disbursement date(s).
PLEASE NOTE: The Loan Origination Center (LOC) will be mailing you the loan disclosure notice with anticipated
dates of disbursement and disbursement amounts. Be aware that these dates are not the dates that you will receive your
funds. (Refer to Financial Aid Disbursement Schedules).
Deadlines to apply for a loan;
Fall: October 1 Spring: March 1
Summer: June 1
I certify that I understand the information provided in the Direct Loan Borrowers Instructions and if I
wish to proceed with receiving the federal student loan (subsidized/ unsubsidized) the loan requirements
indicated MUST be completed.
Student ID#: _____________________________
Student Full Name Printed: _____________________________________
Student Signature: __________________________________
Date:__________________
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signature
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PLEASE TURN OVER AND COMPLETE THE BACK
Loan Advising Session Quiz
____________________________________________ _________________________________
Name Student ID
1. The Master Promissory Note (MPN) is a binding agreement on which:
⃝ a. I can find my rights and responsibilities
⃝ b. I promise to repay the student loan
⃝ c. I agree to make passing grades while attending college
⃝ d. a and b only
2. I will most likely receive my loan funds:
⃝ a. All at once, on the first day of class
⃝ b. In multiple disbursements throughout the loan period
⃝ c. As soon as the semester is over to ensure I passed my classes
⃝ d. As soon as I contact the financial aid office that I need my funds
3. Which of the following is true?
⃝ a. A subsidized loan is need-based
⃝ b. The government pays the interest on a subsidized loan while I am enrolled at least half time
⃝ c. The government pays the interest on an unsubsidized loan while I am enrolled in 6 hours
⃝ d. a and b only
4. I am entitled to reduce or cancel my loan any time before it is disbursed to me.
a. True
b. False
5. I am under no obligation to repay my student loan if:
⃝ a. I do not complete my education
⃝ b. I cannot find a job after graduation
⃝ c. I did not receive a billing statement from my servicer
⃝ d. None of the above – I am required to repay my student loan no matter what
6. I should notify my loan servicer immediately if:
⃝ a. I am having trouble making payments
⃝ b. My address or phone number changes
⃝ c. I complete a course in personal finance
⃝ d. a and b only
7. If I default on my student loan:
⃝ a. My credit rating will be damaged
⃝ b. I am no longer eligible for deferment options
⃝ c. I am no longer eligible to apply for more financial aid
⃝ d. All of the above
8. If I experience trouble making payments, I should:
⃝ a. Contact my servicer immediately to check on an alternative repayment plan, deferment eligibility, or a
forbearance option.
⃝ b. Continue to make payments until I receive a written notice that an alternative payment plan, a deferment, or
a forbearance has been granted.
⃝ c. Write a letter to the school I was attending and request an extension
⃝ d. a and b only
9. All students entering repayment go on a ______ repayment plan in which they repay the student loan with interest
back over a ten year period.
⃝ a. Graduated
⃝ b. Fixed
⃝ c. Standard
⃝ d. None of the Above
10. Describe what happens to a college or university if their total default rate reaches 30% or higher:
Please read each statement below and initial. I understand and agree to the following statements…
_____ If I am a first time borrower at DMC my loan will not disburse until at least 30 days after my classes start.
_____ I must complete a Master Promissory Note (valid for ten years), in addition to the Loan Entrance Counseling
at studentaid.gov EACH academic year. I cannot do this step until after I have accepted my loan award online
through my WebDMC login. (For any loans for 2021-2022 Academic Year, I MUST complete an Informed Borrower
Tool (IBT) Confirmation online in addition to the other online requirements).
_____ I am required to check my student and personal emails at least once a week for any correspondence from the
financial aid office.
_____ The information provided in this session can change regularly. Although I am not required to attend this
session again, I will research Direct Loan rules and regulations each year on my own.
_____ My loan will be cancelled automatically by the financial aid office after two weeks of being offered a loan, if I
do not complete all of my steps. The cancelled loan will not be reinstated for that semester.
_____ Submitting a loan appeal is no guarantee that I will even be approved for a student loan. Loan appeals take at
least 30 days to be reviewed.
____________________________________________________ _______________________________________
Signature Date
Del Mar College
Direct Loan Borrower
References Information
Please print neatly and complete each blank.
Name _____________________________________________ SSN ________________________________
Address ______________________________________________________________________________________
City ________________________________ State ____________________ Zip _____________________
Cell No. ____________________________________ Alternate No. ______________________________________
Personal Email Address __________________________________________________________________________
Parental/Spouse Reference (if parents are deceased or unavailable, provide closest family member’s information)
Name of Parent or Spouse____________________________________________ Relationship ______________
Address ______________________________________________________________________________________
City ________________________________ State ____________________ Zip _____________________
Cell No. ____________________________________ Alternate No. ______________________________________
Personal Email Address __________________________________________________________________________
You MUST list two more people (with different addresses) who will know your whereabouts for at least 3 years.
Name ______________________________________ Name ______________________________________
Relationship to you ___________________________ Relationship to you ___________________________
Address ____________________________________ Address ____________________________________
City_________________ State__________ Zip_______ City________________ State_________ Zip_______
Cell No. _______________ Alternate No._____________ Cell No. _____________Alternate No.____________
Email Address ___________________________________ Email Address _______________________________
Certification: I give DMC permission to contact me or my references by any means listed above.
________________________________________________________ ____________________________
Signature Date
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signature
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Financial Aid Services Survey
Mandatory Loan Advising
This survey is being conducted to enable us to get a better idea of student concerns
and questions regarding the services of the Office of Financial Aid. Participation is
voluntary and all responses will be anonymous. Please respond to the following
questions regarding your experiences with the Mandatory Loan Advising session
TODAY’S DATE: ____________________________
Please fill out the fields below.
I. I received the information I needed and know exactly what I need to
do next.
Agree
Somewhat Agree
Somewhat Disagree
Disagree
II. I was treated in a friendly, knowledgeable and professional manner.
Agree
Somewhat Agree
Somewhat Disagree
Disagree
III. I am satisfied with the quality of service in the Financial Aid Office.
Agree
Somewhat Agree
Somewhat Disagree
Disagree
IV. Please assign a grade to the usefulness of this information to you
and/or your family.
Excellent
Average
Poor
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DIRECT LOAN BORROWER INSTRUCTIONS (Del Mar College)

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Completed 6 October 2020

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