Kodiak Corner/Student Financial Services
Phone: (425) 352-8860 Fax: (425)352-8564 Email: finaid@cascadia.edu
SUMMER 2019 - SPRING 2020 STUDENT LOAN INSTRUCTION SHEET
To apply for a student loan follow the instructions below. Direct Loans are low-interest loans for students to help pay for
the cost of a student’s education. The lender is the U.S. Department of Education (DOE) rather than a bank or other financial
institution. We cannot process a student loan until our office has received a 2019-2020 Free Application for Federal Student
Aid (FAFSA) AND Student Loan Request Worksheet, in addition to the items listed in steps 1 & 2 below. All students must
reapply for every academic year they wish to request a student loan.
Step 1: Complete the Loan Entrance Counseling which goes over your rights and responsibilities of being a student
loan borrower. This step is required BEFORE we process your loan request. NOTE: “Financial Awareness
Counseling” is not the same as Entrance Counseling, and will not satisfy the Entrance Counseling requirement. Go to
www.studentloans.gov and ‘log in’. Once logged in, select the ‘Complete Entrance Counseling link. When you finish the
session, print out the rights & responsibilities page and save it for your records. If you have already completed your
Entrance Counseling, and do not see this reflected in your Financial Aid Portal, please contact our office.
Step 2: Complete and sign your Direct Stafford Master Promissory Note (MPN). This step is also required
BEFORE we process your loan request. Go to www.studentloans.gov and select ‘log in’. Once logged in, select
‘Complete MPN’. CONTINUING STUDENTS NOTE: If you completed a Direct Loan MPN at Cascadia or another
institution, and loan funds were disbursed to you or the college, a new MPN may not be necessary. If you believe that you
have already completed your MPN and do not see this reflected in your Financial Aid Portal, please contact our office.
Step 3: Complete and submit the attached Student Loan Worksheet to the Cascadia Financial Aid office. Keep
these instruction/information sheets for later reference; do NOT turn it in with the worksheet form.
Step 4: Loan request is processed once steps 1 3 are completed and we receive confirmation from the DOE regarding
your entrance counseling and MPN. If your financial aid file has already been awarded grants or other aid, please allow 3
to 5 weeks processing time to process your loan request. If your file has not yet been awarded, regular and peak
processing timelines apply. You will receive an award letter alert to check your awards on the Student Financial Aid Portal
after we certify your loan request. Your Portal will list the loan amount(s) for which you are eligible for. (Take note of both
Gross AND Net amounts listed in your Portal. The Net amount is the amount you receive after the loan origination fee is
deducted from the Gross award.)
Step 5: Refunds are disbursed through BankMobile. Funds are sent to the school, and will first be applied to any
outstanding tuition and related fee charges, then any remaining funds will be wired to BankMobile and made available to
you via whichever refund preference you have selected. Loans processed PRIOR to the start of quarter are not disbursed
until the quarter starts. For loans processed AFTER the beginning of the quarter your funds should be disbursed to you
shortly after your loan has been processed and you receive your notification email.
View your Direct Loans in the National Student Loan Data System (NSLDS)
Phone: 1-800-4-FED-AID
Web site: nslds.ed.gov
If you do not have Internet access, you may use the computers in Kodiak Corner to complete the Entrance Counseling and MPN.
Kodiak Corner/Student Financial Services
Phone: (425) 352-8860 Fax: (425)352-8564 Email: finaid@cascadia.edu
SUMMER 2019 SPRING 2020 STUDENT LOAN INFORMATION SHEET
Please read all the information on this page. Once you have read this and completed the loan worksheet, please return the loan
worksheet to the financial aid office. Keep the instruction and information sheets for referencing at a later time.
1. You must have a completed financial aid file with the Cascadia Financial Aid Office. This means you have completed the FAFSA,
had the FAFSA received and processed by both the Department of Education (DOE) and the financial aid office and submitted all
other documentation requested by the financial aid office.
2. You must be enrolled in an eligible degree or certificate program and taking at least six credits that apply to your selected
program in each quarter you wish to receive a loan at Cascadia College. If it is determined at the time of origination or at a later
time, that you were not or are no longer attending at least 6 eligible credits, you will not be eligible to receive the loan funds and/or
could owe a repayment.
3. A loan request worksheet, entrance counseling and Master Promissory Note are required to process your loan. Once the financial
aid office has received confirmation from the DOE that you have completed these steps, we will then certify your loan. The loan
entrance counseling goes over your rights and responsibilities of being a student loan borrower and is required each academic year
that you request loans. Your MPN is your promise to pay back the loan and may not be required each new year (see instruction
sheet for more information).
4. If you check two or more quarters, the loan will be divided equally among all checked quarters for which you are eligible.
We can divide your loan between prior quarters in the same year, if you were eligible during the prior quarter(s). If you are finishing
your degree prior to year-end, your loan will be prorated for the appropriate quarters. If you have questions, please contact our office.
5. Grade level is determined by the number of COMPLETED credits toward the degree you are currently seeking at Cascadia.
Preparatory coursework (below 100 level) will not be considered as part of the currently enrolled degree for loan purposes, as those
courses do not meet degree completion requirements.
6. There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In
general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your current program. This is
called your “maximum eligibility period”. (You can find the published length of any program of study in your school’s catalog.) This
means that your maximum eligibility period can change if you change programs. Also, if you receive Direct Subsidized Loans for one
program and then change to another program, the Direct Subsidized Loans you received for the earlier program will generally count
against your new maximum eligibility period. For more information regarding the Direct Subsidized maximum eligibility period, visit
https://studentloans.gov/myDirectLoan/directSubsidizedLoanTimeLimitation.action
.
7. The DOE charges a loan origination fee. This fee is deducted before you receive any loan money, so your net loan amount
will be the amount you requested minus the loan fee. The origination fee for Direct Student Loans with the first disbursement
being made on or after October 1, 2018, will be 1.062%.
8. Remember, this is a student loan and it MUST BE REPAID. Don’t borrow more than you need.
9. You have the right to cancel your student loan at any time. If your loan funds have been disbursed to you, you have within 14
business days to return the funds to the college for a full refund back to the loan program. If you have already received your loan
disbursement and it has been more than 14 days, you can send the funds directly back to the DOE. Contact the financial aid office if
you have any questions.
10. Generally, you can expect your loan funds to arrive 5 to 10 business days after the loan request has been processed/originated,
except in the case where the request has been processed before the start of the quarter; in which case your refund will become
available during the first week of the quarter assuming you meet eligibility requirements for the loan money. No refunds are issued
before the quarter begins. We do request funds from the DOE before the quarter starts to give us time to process them, but we do
not disburse refunds until the quarter starts.
11. All loan recipients are required to complete loan exit counseling when they graduate, leave school, or drop below half-time
status. Exit counseling should be done one quarter before your expected graduation date or within two weeks of when you stop
attending all classes or withdraw from the college. Loan exit counseling can be done at https://www.studentloans.gov
.
Kodiak Corner/Student Financial Services
Email: finaid@cascad
ia.edu
SU
MMER 2019 SPRING 2020 FEDERAL DIRECT STUDENT LOAN WORKSHEET
This
form is to apply for a Federal Direct Student loan. This is a loan and must be repaid.
Please read carefully and complete every item. An incomplete form will delay processing of your loan.
Social Security Number: ________________________ SID#: ________________________ Day or Cell Number: _____________________
Last Name: ____________________________________ First Name: __________________________ MI:____________
1) You m
ust complete the Entrance Counseling Exam (see step #1 on instruction sheet for more info.)
2) Y
ou must complete the Master Promissory Note (MPN). (see step #2 on instruction sheet for more info.)
L
OAN PERIOD INFORMATION: (see statement # 4 on information sheet)
3) For which quarter(s) are you requesting a loan? If this is a secondary loan request, meaning you were already awarded a loan and took a quarter
off during that loan period, you are now requesting a NEW loan for the quarter(s) indicated below. DO NOT DUPLICATE quarters already requested/awarded.
SUMMER 19 FALL 19 WINTER 20 SPRING 20
4) Will you complete your degree/certificate at Cascadia prior to Spring quarter 2020*? YES NO
*If you are not seeking a degree from Cascadia, please
email finaid@cascadia.edu
to discuss possible funding options for prerequisite coursework.
LOAN AMOUNTS: (see statement # 6 – 9 on information sheet)
ANNUAL MAXIMUM LOAN LIMITS
DEPENDENT STUDENT
Grade
Level
Subsidized
Only
Total Subsidized &
Unsubsidized
1
st
Year
$3,500
$5,500
2
nd
Year
$4,500
$6,500
INDEPENDENT STUDENT
Grade
Level
Total Subsidized
& Unsubsidized
1
st
Year
$9,500
2
nd
Year
$10,500
BAS PROGRAM STUDENT 3
RD
/4
TH
YEAR
Subsidized
Only
Total Subsidized
& Unsubsidized
Dependent
$5,500
$7,500
Independent
$5,500
$12,500
NOTE: You must have financial need to be eligible for subsidized funds, and not have met the maximum eligibility period (see statement #7 on information sheet.) We
award the eligible amount of subsidized funds first, and then the unsubsidized loan up to your Cost of Attendance; which may be less than the amount requested or the
maximum annual amounts shown in the charts.
5) How much do you want to borrow? $ ________________ (amount will be divided between selected quarter(s) above)
6) Would you like your loan to include UNSUBSIDIZED funds - which accumulates interest while you are in school?
If you have been identified as a “NO NEED” student, then you are only eligible for UNSUBSIDIZED funds and checking NO would lead to an incomplete form.
YES NO
7) Work Study awards are reduced and/or eliminated when you request a loan. If you would like to retain or have work study awarded to
you (if you requested work study via the FAFSA),
initial here: __________
Requesting work study may limit or eliminate your eligibility for SUBSIDIZED loan funding.
By signing below, I state that I have read, understand and agree to the Student Loan Information section provided with this worksheet, and further
understand that I must be enrolled in an eligible program of study at Cascadia College, remain enrolled and the classes I take must be required for that
program in order to be eligible for funding through the Direct Loan program.
8) Student Signature: ___________________________________________________ Date: ____________________
Ca
scadia College is an equal opportunity institution and does not discriminate on the basis of race, color, religion, gender and/or sex, disability, national origin, citizenship
status, age, sexual orientation, veteran’s status, or genetic information. All Cascadia materials are available in alternative formats and can be requested by contacting the Human
Resources office.