Cerritos College
Selecting a lender
New borrowers frequently ask for help in selecting a
reliable lender. You will find a list of recommeded lenders
below, but you are not obligated to make your selection
from this list. We are confident that you will receive efficient,
dependable service from all of these lenders. If you
have borrowed previously, we encourage you to stay with
your original lender to avoid having to manage repayment
with multiple lenders.
Bank of America
c/o Sallie Mae Servicing Center
P.O. Box 59012
Panama City, FL 32412-9012
(888) 272-5543
Lender code: 806746
HACU Education Loan program (HELP)
P.O. Box 41129
Jacksonville, FL 32203
(877) 804-3603
Lender code: 833501
Sun Trust Educational Loans
c/o Sallie Mae Servicing Center
P.O. Box 59012
Panama City, FL 32412-9012
(888) 272-5543
Lender code: 820564
Wells Fargo Education Finance Services
c/o Sallie Mae Servicing Center
P.O. Box 59012
Panama City, FL 32412-9012
(888) 272-5543
Lender code: 807176
Dear student:
There are two types of Federal
Stafford Loans - subsidized and
unsubsidized. The information
provided in this guide will assist
you in understanding the Stafford
Loan Process at Cerritos
Community College, completing
your loan application/Master
Promissoty Note (MPN) and
choosing a lender.
Cerritos College does not partici-
pate in Parent Federal PLUS,
Alternative and/or Private Loans.
The Financial Aid Office
Cerritos Community College
11110 Alondra Blvd.
Norwalk, CA 90650
Phone (562) 860-2451 (ext. 2397)
E-mail: finaid-staff-list@cerritos.edu
Student Loan Appeal
Cerritos College Financial Aid Information
Cerritos College has a student Loan Default Management Plan (DMP). This Plan includes
the following procedures:
Once a student receives a financial aid award
letter, the student may apply for a student loan
under the Federal Family Educational Loan
Program (FFELP). The student must
complete a loan application online at
www.cerritos.edu/finaid/loans.html. Once the
student successfully completes the application, an
electronic certification request will be sent to
Cerritos College.
New Borrowers: Your loan application must be
completed online.
Repeat Borrowers: If you have a previous
promissory note with Sallie Mae on their OpenNet
software system, you can download the Loan
Request Form to apply for a loan or it is available
at the Financial Aid Office. Once you have
completed the Loan Request form, please submit
it to the Financial Aid Office.
Students must maintain at least half-time
enrollment to receive the funds. Once you have
received your loan funds, you must maintain at
least half-time enrollment to avoid going into
repayment status. You must also maintain
progress toward your certificate or degree.
In reviewing a request for any loan, the Financial
Aid Advisory Committee (FAAC) may use
"professional judgment" to deny a student loan on
a case-by-case basis. If denied a loan, a student
will receive a letter from the Financial Aid Office
indicating the reason for the loan denial.
The federal government requires all new
borrowers to complete entrance loan counseling
prior to disbursement to review your rights and
responsibilities as a borrower. You can complete
the online entrance loan counseling at
www.cerritos.edu/finaid/loans.html and click on
Stafford Loan Guide.
If you have problems completing your online loan
application, please call United Student Aid Funds
Servicing Center at (866) 848-9315.
Federal regulations require that students be
given exit loan counseling information at the
conclusion of their program at each school or
when they are no longer enrolled at least half-
time. Cerritos College students MUST complete
an exit loan counseling session before we can
release your 2nd disbursment. You can
complete the online Exit Counseling at
www.cerritos.edu/finaid/loans.html, and click
on the Student Loan Transition guide. Failure to
complete the session will delay payment of your
loan proceeds. Please check with the financial
aid office for available dates and times. If you
have problems conpleting your online loan
application, please call United Student Aid
Funds Servicing Center at (866) 848-9315.
When you take out a student loan, you are
borrowing money you will have to repay. Your
repayment period can last 10 years or more, so
you want to choose your lender carefully. If you
have borrowed in the past, it is best to continue
borrowing from the same lender. The first page
of this guide has a Lender List to assist you in
choosing a lender. These lenders are
committed to providing the highest level of
service to their borrowers. The interest rates,
repayment terms and other regulated loan
provisions are the same for each lender.
However, there are differences in use of
servicers (to manage loan accounts),
secondary markets (to purchase loans) and
repayment incentives (to save you money). For
specific information on service differences, you
may contact the lenders directly, or visit their
Students can apply for the Stafford
Subsidized/Unsubsidized Loans ($3,500 or
$4,500). Loan amounts will be determined at
the time the Financial Aid Office cerifies a
student's loan application. NOTE: To be
eligible for $4,500, a student must have at
least 30 units completed and those units
MUST appear on the student's offical
transcripts at Cerritos College.
Any Student interested in additional
Unsubsidized Stafford Loan money ($4,000),
must be an independent student and submit a
loan appeal form to the Fiancial Aid Advisory
Committee (FAAC). This appeal must include a
statement from the student indicating why the
additional loan is needed, with documentation,
and a budget of expenses. The appeal form is
Students can return their appeal form to the
Financial Aid Office counter, drop box, via the
Internet, by e-mail, by fax or mail.
Once the Financial Aid Office receives the
electronic certification request we will review the
student's file and determine if the student is
eligible for a loan. Your eligibility for a Stafford
Loan is based on your Free Application for
Federal Student Aid (FAFSA). You are not
required to borrow the full amount for which you
are eligible: you may borrow less. Remember to
always borrow conservatively because this loan
must be repaid.
Cerritos College has a $16,000 maximum total
loan amount for the Federal Stafford Loan
Program. This loan amount is a total of all loans
received at Cerritos College and/or other
In revieweing a request for a loan, the Financial
Aid Office may use "professional judgment" to
deny or delay a student loan on a case-by-case
basis (e.g., complete withdrawal from all of
his/her classes after receiving a loan, not meeting
Satisfactory Academic Progress (SAP)
standards, having institutional indebtedness at
Cerritos College or another college or at a
combination of all higher education institutions,
prior loan indebtedness).
If a loan is denied or delayed, a student will
receive a letter from the Financial Aid Office
indicating the reason for the loan denial or delay.
If the student is eligible for a loan, the Financial
Aid Office will send an electronic loan certification
to Sallie Mae for processing.
Origination fees are charged by the federal
government on all Federal Stafford Loans. The
current origination fee varies depending on the
The federal default fee is a fee charged by the
guaranty agency on all Federal Stafford Loans.
The current defaul fee is 1.00% and is paid to
the guaranty agency from the loan proceeds.
Your loan must be disbursed in multiple
disbursements. Generally, if your application
has been processed in a timely manner, this
means you will receive equal portions of your
loan 30 day after the first day of classes each
semester. If you attend for only one semester
of the academic year, then generally the loan
will be split into two disbursments in that
semester. NOTE: If this is the first time you
have enrolled in college, federal regulations
require you to attend classes for 30 days
before receiving your first disbursement. Loan
checks will be mailed to the address on file in
the Financial Aid Office. It is important that
students keep the Admissions and Records
Office informed of their current address at all
You must maintain at least half-time enrollment
(six [6] units) to receive funds. Once you have
received your loan funds, you must maintain
half-time enrollment to avoid going into
repayment. You must also maintain reasonable
progress toward your certificate or degree. A
student may be required to submit a mid-term
Work in Progress (WIP) report each semester
to verify class attendance and progress prior to
check disbursement.
The Financail Aid Advisory Committee (FAAC)
will review a student's financial aid file when a
student takes out a loan and later withdraws
completely from classes during the term. The
committee may make a recommendation
regarding a student's financial aid eligibility,
and may deny future loans. In addition, you
may be required to repay part or all of the loan
money you received.
What is an Electronic Signature?
An Electronic Signature is our new, convenient and fast way to sign your online application! An electronic signature is a
process by which a borrower signs their application/promissory note via the Web. Fill out the application as you normally
would, select the electronic signature option when prompted, verify your information and your application is instantly
submitted for processing. Providing a secure electronic signature is the quickest way to submit your application, and you
can eliminate potential delays associated with mailing paper applications.
Federal Stafford Loan Information
Remember before you borrow:
When you apply for a Subsidized or an Unsubsidized Stafford Loan, you are agreeing to repay all the funds you borrow,
plus interest and fees. Unlike grants and scholarships, loans must be repaid. Please assess carefully whether or not you
in fact need a loan, and monitor your debt so you can afford the montly payments upon completing your education.
EARN ING S $ ________________________ $ _______________________
O THER $ ________________________ $ _______________________
TO TAL IN C O M E $ ______________________ $ _____________________
STUDE N T LO AN PAYMENTS $ ________________________ $ _______________________
SAVING S $ ________________________ $ _______________________
REN T/HO USING $ ________________________ $ _______________________
C HILD C ARE $ ________________________ $ _______________________
UTILITIES $ ________________________ $ _______________________
G as/Electric $ ________________________ $ _______________________
Telephone $ ________________________ $ _______________________
Water $ ________________________ $ _______________________
O ther $ ________________________ $ _______________________
TRAN SPO RTATIO N $ ________________________ $ _______________________
Auto Payment $ ________________________ $ _______________________
Auto G as $ ________________________ $ _______________________
Auto Maint enance $ ________________________ $ _______________________
Auto Insurance $ ________________________ $ _______________________
Auto Registration $ ________________________ $ _______________________
Public Transportation $ ________________________ $ _______________________
Parking $ ________________________ $ _______________________
FO O D $ ________________________ $ _______________________
G roceries $ ________________________ $ _______________________
Restaurants $ ________________________ $ _______________________
Snacks $ ________________________ $ _______________________
C LO THING $ ________________________ $ _______________________
C l othes $ ________________________ $ _______________________
Lau n dry/Dry C leaning $ ________________________ $ _______________________
ENTERTAINMEN T $ ________________________ $ _______________________
C REDIT C ARD DEBT $ ________________________ $ _______________________
MEDICAL/DE N TAL $ ________________________ $ _______________________
MISC ELLAN EO US $ ________________________ $ _______________________
TO TAL EXPE N SE S $ ____________________ $ ___________________
TO TAL IN C O M E LE SS EXPE N SE S = $ ____________________ $ ___________________
Sample Budget Plan
Cerritos College Financial Aid O ffice
Student Loan Appeal
Date Submit t ed: ________________ __________________________ Social Security Number: ________________________
Student N ame:_______________________________________________________________ Student N umber: ______________________________
After G raduation J ob TI tle: ____________________________________________________ Expected G raduation Date from C erritos: _________
Transfer To: __________________________________________________________________ Expected Transfer Date: ________________________
C urrent Student Loan Debt: $ ________________________________________________________________________________________________
Please expl ain why you need ad ditional loans as well as your plans for payin g your loans. If you need a ddi tional space, please attach
your st atement to your appeal form.
________________________________________________________________________________________ _______________________________
Signature Date
Please provide copies (photocopies are O K) of academi c transcripts from ALL colleges and universities you have attended. Failure to submit
all academic transcript s will result in denial of your loan appeal.
Please complete a loan ap plication online at www.cerritos.edu/finaid/loans.html (one time only).
Please provide a copy of your Labor Mark et Information (which inclu des future employment plans and expected entry-level salary). This infor-
mation can be obtained by using the Eureka Computer Program located at Cerritos College Career Services.
Please use the budget worksheets on t h e back o f this form to assist you to describe your current expenses and those expected after your
graduation. Do not leave budget items blank. If you do not indicate the proper amount in the actual student loan payment lines, your loan
ap peal will be denied.
A G uide to E ducat io n Loans is a vailable at t h e Financial Aid O ffice to assis t you in co mpleting your loan appeal.
Please submit your completed student loan appeal to the Financial Aid O ffice. The Financial Aid Advisory C ommittee (FAAC ) will review your
ap peal and notify you in writing of its decision.
N O TE : Failure to provide all required information WILL result in denial of your loan appeal.
Phone #: