IMPORTANT INFORMATION TO REMEMBER ABOUT LOANS:
1. Keep 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 loan
eligibility 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 following
formula, 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
payment. You must repay the funds you borrow, any fees associated with the loan, and any interest accrued. Borrow only what you
need!
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 the
first 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
you 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, future
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 BankMobile
Refund 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
following 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
Need 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.
Contact Information: FDLTCC Financial Aid Office Direct Loan History - NSLDS
218-879-0800 1-800-4-FED-AID
dsutherland@fdltcc.edu nslds.ed.gov/npas/index.htm
