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
.
