Fall 2020 - Spring 2021
Loan Request Form
P
lease complete this form, sign at the bottom, and submit it to the Financial Aid Office. PLEASE PRINT!
N
ame ______________________________________________________________ FDLTCC ID # _________________________
Address ____________________________________________________________________________________________________
City/State/Zip _______________________________________________________ Phone ______________________________
Is this your first year of College? Yes _____ No _____
Is this your first Federal Student Loan? Yes _____ No _____
When do you expect to graduate or transfer (Mo/Yr)? _______/___________
Have you already completed the Direct Loan online Entrance Counseling and Master Promissory Note (MPN) for FDLTCC?
If you borrowed a Federal Direct Loan from FDLTCC during 2019-2020, you do not need to complete the Entrance Counseling or
MPN again for 2020-2021. The only form you would have to complete is this Loan Request Form
F
all Semester 2020 Questions: How many credits do you plan on taking Fall 2020? ___________ credits
H
ow much do you want to borrow for Fall 2020? You may
borrow up to the total of all loans listed on your award letter. $ ________________
Spring Semester 2021 Questions: How many credits do you plan on taking Spring 2021? ___________ credits
How much do you want to borrow for Spring 2021? You may
borrow up to the total of all loans listed on your award letter. $ ________________
**
Please note: Any scholarship you receive may reduce your loan eligibility. If you have been awarded or received
scholarship funds, please inform the Financial Aid Office so we can calculate your new, correct loan eligibility.
B
y signing this worksheet, I certify that I have read and understand the information on the back of this sheet, as well as my rights
and responsibilities regarding student loans reviewed during Entrance Counseling and disclosed on my Master Promissory Note.
__
__________________________________________________________ ________________________
Signature (must be signed in blue or black ink, not electronically) Date
For Office Use Only
Yr in college:______ Dep/Ind:__________ First Yr/First Time?:__________ Scholarships? :__________ Loan period:____________
Proration % (Term Cr’s/24)?:______ Sub amount (% of max.):___________ Unsub amount (% of max):___________
An affirmative action, equal opportunity employer and educator. This document is available in alternative formats to individuals with disabilities. Consumers with hearing or
speech disabilities may contact us via their preferred Telecommunications Relay Service.        (April 9, 2020)
2101-14th Street Cloquet, MN 55720 | 218-879-0800 | www.fdltcc.edu | FAX: 218-879-0814
SCAN-EMAIL OR FAX OR MAIL THIS COMPLETED AND SIGNED FORM TO:
ds
utherland@fdltcc.edu
-or- (218) 879-0814 -or- FDLTCC Financial Aid Office 2101-14th Street Cloquet, MN 55720
IMPORTANT INFORMATION TO REMEMBER ABOUT LOANS:
1. K
eep a copy of all forms and applications for your records, and print copies of all on-line forms.
2. Loan Eligibility, “How much can I apply for?”: First you must complete the FAFSA and based on your FAFSA information your loa
n
e
ligibility will be calculated and listed on your Award Letter. For a copy of your current Award Letter, go to www.fdltcc.edu, "Current
Students", "Student eServices", "Account Access", login, click on "Switch to Student e-services", “Financial Aid”, select the correct
semester, then click on “Awards”.
3. Scholarships may reduce eligibility. Any form of funding you receive may reduce your loan eligibility, even if you receive it after
receiving your loan funds. If you have been awarded or received scholarship funds, please contact the Financial Aid Office for your
new, correct loan eligibility.
4. Cumulative Loan Limits. The cumulative limit for the subsidized loan is the lesser of 150% of the length of your program or $23,000,
whichever comes first. The combined limit (both subsidized and unsubsidized) is $57,500.
5. Pro-ration may reduce eligibility. If this is your last term at FDLTCC, your loan may need to be reduced based on the followin
g
f
ormula, which is called “Proration”: # of credits in the last term / 24 credits.
6. Application deadline: Loan applications must be received by the Financial Aid Office 5 business days before the end of the term.
7. Loan Fees: The Direct Loan (DL) program charges an Origination Fee each Direct Loan. The Origination Fee is deducted before you
receive your loan money. Contact Direct Loan at the number or website below for specific information.
8. Loans must be paid back: A loan is financial aid, but it is not a grant. Before you borrow, make sure you can afford the monthly
pa
yment. You must repay the funds you borrow, any fees associated with the loan, and any interest accrued. Borrow only what yo
u
n
eed!
9. Multiple disbursements: Regulations require multiple disbursements of student loans. You will get half of your loan during Fall
semester and the second half of your loan during Spring semester (or if you took out a loan for one (1) semester, you will receive th
e
fi
rst half of your loan during the first half of the semester, and the second half at the midpoint of the semester.)
10. Right to Cancel loans: You have the right to cancel all or a portion of your loan within fourteen (14) days of receiving the loan funds. If
y
ou wish to do this, contact the Business Office.
11. Enrollment level required: You must be enrolled for six (6) credits to receive loans. If you drop below six (6) credits, futur
e
disbursements will be cancelled.
12. First-year or second-year student? For Direct Loans, a student is considered in their first year when they have completed and/or
transferred a total of 0-29 credits, and in their second year after they have completed and/or transferred a total of 30 or more credits.
13. First loan? 30-day Hold Rule: If this is your first Direct loan, you will receive your first loan disbursement at least 30 days after the
beginning of the loan period.
14. Disbursement Information: We apply financial aid funds to your FDLTCC bill beginning the 9
th
day of the term. If there are any funds
leftover, they will be disbursed to you via BankMobile using the method you chose. Upon completion of Admissions, a BankMobil
e
R
efund Selection Kit will be sent to the address you have given FDLTCC. You will have two disbursement options: (1) use your personal
bank account ("Another Account"), (2) create a BankMobile Vibe account. Please make your Bankmobile disbursement choice ASAP to
ensure timely disbursement. To check if you have loan funds leftover or you still owe the school money, check your eServices account
online at eServices account (fdltcc.edu
) > Current Students > Student eServices > Account Access > login > Bills and Payment > View
Account > Show All Detail.
15. Loan Exit Counseling: When you leave FDLTCC, you will be required to complete Loan Exit Counseling. FDLTCC Financial Aid Office will
mail you a notice when this needs to be done.
16. Want additional information? If you would like more information about student loans, go to Student Loan Info. (studentaid.gov).
17. Difficulties repaying?: Notify your lender if you are having difficulties repaying your loan(s). You may be eligible for one of the
f
ollowing repayment options:
Deferment (Postponement of payment due to being enrolled in six or more credits at an eligible college)
Forbearance (Postponement or reduction of payment due to economic hardship or illness)
Income contingent repayment (Adjusting the payment amount based on your income)
18. Notify your lender if you:
___ Want to make extra payments or pay off early ___ Change your name or address
___ Change schools ___ Drop below half-time (6 credits)
___ Graduate ___ Can’t make payments
N
eed Help? If you have problems, issues, or questions regarding your loan balances, status, and repayment, contact the
Student Financial Aid Ombudsman at 877-557-2575.
C
ontact Information: FDLTCC Financial Aid Office Direct Loan History - NSLDS
218-879-0800 1-800-4-FED-AID
dsutherland@fdltcc.edu
ns
lds.ed.gov/npas/index.htm
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