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To initiate
a Stafford Loan application at Polk Community College, you are
required to have accomplished the following:
- Successful on-time completion
of the FAFSA application.
(Whether you qualify for the Pell Grant or not, the budget from
the FAFSA application is utilized when you apply for the Stafford
Loan.) This requirement includes submission of all verification
papers, tax reviews, and other necessary paperwork to your Financial
Aid Advisor.
- Successful completion of twelve
(12) college credits at Polk Community College
- GPA of 2.0
- Compliance with the application
deadlines.
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Eligibility:
1. You must complete the Free Application
for Federal Student Aid before you can apply for a Stafford Loan.
Additional information or forms may be required to complete your
application after these documents have been submitted.
2. For first time borrowers, in order to
apply for a Stafford Loan, you must have completed 12 credit
hours (excluding remedial courses) at PCC with a 2.00 GPA. For continuing students, you must
have completed 66 2/3 % of all classes taken per term and overall.
Students who fail to meet these criteria will NOT qualify for
a Stafford Loan.
Documents
Needed:
- (FAFSA) Free Application for
Federal Student Aid,
completed and mailed to Pell Processing.
- Student Aid
Report (SAR) mailed directly to you from Pell Processing.
- Application
and Promissory Note for Federal Student Loans - choose a lender
from our list - after eligibility is determined, a form will
be mailed to you, from your lender, for completion and submission back to your lender.
- Selected students will be required to
turn in certain tax documents.
The Loan Process:
- The loan process
is not a "Speedy Process". The process of determining
eligibility and calculating your award routinely takes 3-4 weeks
or longer after the file is complete.
- When your file
is complete, it is reviewed by a loan counselor to determine
your eligibility and calculate your award. Your file is processed
in the order it was received.
- Loan monies
are distributed in two disbursements. The disbursement must be
sufficient to cover the summer terms. Remember to save a part
of your refund to PAY for the summer semester, as the tuition
for those terms is not automatically deducted.
- Financial Aid
awards are based on continual enrollment. If you break enrollment
(skip a term) your loan will be canceled. To reactivate your loan, you must submit written
notice immediately and more forms will be necessary. Your award
must be recalculated and a decrease in eligibility, as well as
a delay in disbursement should be anticipated.
- Students must
be in at least 6 credit hours each term to qualify for the loan.
All classes taken MUST be in the students current program of
study.
- Nursing students who are enrolled in Nursing II/III split must
wait for their disbursement
upon entry to Nursing III at which time enrollment will be at least
half time.
- You will be
notified by mail once your check has arrived at PCC and is available
for you to pick up.
- You MUST
complete the online Entrance/Exit Interview process before you will
be allowed to receive your check. The online address is:
https://www.osfaffelp.org/StudentCounseling/home.aspx
Criteria for
selecting loan recipients:
- Selection is
based on student's eligibility as determined by the lender and
the Federal Government.
- Borrowers will not receive a disbursement until the student has been enrolled
for 30 days.
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