Stafford Loan
|
To initiate a Stafford Loan application at Polk State College, you are required to have accomplished the following:
|
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 PSC 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 PSC 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://studentloans.gov/myDirectLoan/index.action
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.