Fillable FEDERAL DIRECT LOAN UPDATE FORM | 2020-2021 (Lake Michigan College)

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FEDERAL DIRECT LOAN UPDATE FORM | 2020-2021 (Lake Michigan College)

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1
Dependent Students Base Max Additional Unsubsidized
Freshman (0-29 credits) $3,500 $2,000 (max-$5,500 total)
Sophomore (30+ credits) $4,500 $2,000 (max-$6,500 total)
)
Independent Students Base Max Additional Unsubsidized
Freshman (0-29 credits $3,500 $6,000 (max-$9,500 total)
Sophomore (30+ credits) $4,500 $6,000 (max-$10,500 total)
Financial Aid Office, 2755 E. Napier Avenue
Benton Harbor, MI 49022
Phone: 269-927-8112/ Fax: 269-927-8183
Email: finaid@lakemichigancollege.edu
FEDERAL DIRECT LOAN UPDATE FORM | 2020-2021
LMC Student ID
Name
Phone
Email
All students (unless cancelling your entire loan) must complete Section A including the acknowledgments. Please
check one of the following and then complete only the related sections regarding the updates that you want regarding
your Federal Direct Loans.
To Cancel a previously accepted loan – Complete Section B (Section A not required)
To Reduce the amount on a previously accepted loan – Complete Section C (and Section A)
To Reinstate & Accept a previously Declined/Cancelled loan – Complete Section D (and Section A)
To Increase an already Accepted loan – Complete Section E (and Section A)
Section A – Enrollment Information, Loan Information, and Student Loan Acknowledgments
1) Indicate the number of credit hours you will be enrolled for during each of the semesters for which you are
requesting a loan. Note: You must enroll in a minimum of six credit hours each semester you request a loan.
Fall: Below 6 Credit Hours 6-8 Credit Hours 9-11 Credit Hours 12+ Credit Hours
Spring:
Below 6 Credit Hours 6-8 Credit Hours 9-11 Credit Hours 12+ Credit Hours
Summer:
Below 6 Credit Hours 6+ Credit Hours
2) Have you already accepted Student Loans through your Wavelink Account? Yes No
3) Have you completed all of the requirements for the Student Loans (Master Promissory Note, Loan Entrance
Counseling, and Financial Avenue)? Yes No
4) Loan Information
• Subsidized—Loans are need-based for which interest is paid by the government while in school at least half time.
• Unsubsidized—Loans where the student is responsible for paying the interest that accrues from the time the
loan is disbursed.
• 150% Subsidized Loan Limit—Limit on the number of credit hours (50% more than the normal number of credit
hours it takes to complete a program) for which you can borrow subsidized loan. Once over this 150% threshold,
a student is only eligible for unsubsidized loan funding.
• Origination Fees and Interest Rates—The origination fee is a loan processing fee that the federal government
takes out of the loans before disbursement to help run the program. The current origination fee is 1.059%, and
the current interest rate is 4.53%.
• Loan Limits—LMC students cannot borrow beyond the sophomore level. The full “Base” amount can be fully or
partly Subsidized depending on eligibility. If not eligible, then it is Unsubsidized.
Aggregate Loan Limits
Please Borrow Responsibly!
Dependent Students: $31,000 (only $23,000 can be subsidized)
These are LOANS that MUST be Repaid!
Independent Students: $57,500 (only $23,000 can be subsidized)
2
The following must be acknowledged before we will begin processing your Loan Update Form:
• I understand that that the total amount of financial aid (including loans) cannot exceed the cost of attendance as established
by Lake Michigan College.
• I understand that I must remain enrolled in and attend at least 6 credit hours each term at the time of disbursement in order
to receive loan funds.
• I understand that the loan proceeds must only be used for authorized expenses including tuition, room and board, fees,
books, supplies, equipment, dependent child care, and transportation costs.
• I understand all loan request forms are reviewed by the financial aid department and LMC can refuse to originate the loan or
can modify the loan amount if the school documents the reason and explains the reason to the borrower.
• I understand that I have the right to cancel all or a portion of my loan. All cancellation notices must be done in writing and
submitted to the Financial Aid office before the loans are disbursed.
• You are required to go through Exit Counseling at studentloans.gov within 30 days from the time you drop below 6 credit
hours, cease enrollment, or graduate.
• The National Student Loan Data System (NSLDS) provides a website to track and manage federal student loans and/or
grants. It is available 24 hour a day/7 days a week at nslds.ed.gov. Use your FSA ID and password to access this information.
I certify that I have read and understand the information above regarding Federal Direct Loans. I further understand that financial
aid policies, procedures, and guidelines are not limited to what is provided in this document and that it is my responsibility to
obtain, read and understand all policies and regulations relative to my loans and any other financial aid. I also understand that if I
withdraw from classes, I may be required to return part or all of the loan amount I receive.
Student Signature: Date:
For Sections B through E below, please provide the loan period(s) for which you are requesting the updates:
Loan Period: Fall/Spring Fall Only Spring Only Spring/Summer Summer Only
Section B—Cancel Previously Accepted Loan
I would like to cancel all loans that were previously accepted and have not been disbursed.
Section C—Reduce the Amount of a Previously Accepted Loan
I would like to reduce the amount of my loan to $
Section D—Re-instate a Previously Declined/Cancelled Loan
I would like to reinstate the loan that I previously accepted (If decreasing the amount, also fill out Section C)
Section E—To Increase an Already Accepted Loan
I would like to increase my loan by $ . I understand that the final amount is determined by my eligibility
and therefore, t
he amount increased may only be the maximum available under my circumstances.
My
signature below authorizes the changes to my Federal Direct Loans. I understand that if I don’t fully understand
everything on this form that I will contact the Financial Aid Department for clarification before signing.
Student Signature: Date:
FA Office Use Only Loan Period______________ Approved_____ Denied_____
COA_____________ EFC______________ Enrollment: FA ___ SP ___ SU ___ Grade Level_____ SAP _____ SULA ____ Aggregate_____ Ind or Dep_____
Aid_____________ Need______________ Loan already accepted: Sub____________ Unsub _____________
Eligible/Approved Sub____________ Eligible/Approved Unsub_____________ RRAAREQ_____ RHACOMM______
Loan processed by __________________________ Date ____________________
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FEDERAL DIRECT LOAN UPDATE FORM 2020-2021 (Lake Michigan College)

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Completed 26 July 2020

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