Applying for Student Loans

 

Applying for a Federal Direct Stafford Loan

All steps must be completed before loans will be processed. You must be enrolled in at least 6 credit hours at OCCC and meeting Satisfactory Academic Progress to receive Direct Loan funds.

1. Apply to OCCC and be admitted into an approved Degree or Certificate plan.

2. Complete the FAFSA (Free Application for Federal Student Aid) for the academic year online at FAFSA

3. Provide all required documents requested by the Financial Aid Office. You may view your requested documents online at MyOCCC Portal. Under MineOnline choose Financial Aid, then choose Required Documents. Requests for additional information are also sent to your OCCC email address. You may access your OCCC email at http://email.occc.edu/.

4. Receive Award Notification Email showing your financial aid eligibility at OCCC. The award notification is sent to your OCCC email address. You may also view your Award Letter online at MyOCCC Portal. Choose Financial Aid Awards, then choose Award Letter.

5. Review your Financial Aid awards and accept your Direct Loans online at MyOCCC Portal. Under MineOnline choose Financial Aid Awards, then choose My Awards. All loans come in two disbursements so we recommend accepting the loans for Fall and Spring if you plan to attend both semesters. Be aware of student loan debt and borrow only what you need. Your current loan debt is available online at https://www.nslds.ed.gov/

6. Complete Direct Loan Entrance Counseling (First-Time Student Loan Borrowers Only) online at https://studentloans.gov. The US Department of Education require all new first-time borrowers at OCCC  to complete a loan entrance counseling session. Confirmation of the counseling session is automatically sent to OCCC within 48 hours after completion. 

7. Complete Electronic Direct Loan Master Promissory Note (First -Time Student Loan Borrowers Only) online at https://studentloans.gov. Log in using the FSA ID you created when you completed the FAFSA. Confirmation of the MPN is automatically sent to OCCC within 48 hours after completion. MPNs are valid for 10 years. However, MPNs will expire 12 months after the MPN is signed if no loan disbursements are made.

Applying for a Federal Direct PLUS Loan

Federal Direct Plus Loans should only be requested after a student's eligibility for federal and state student financial assistance is determined. The student's eligibility for federal assistance must be established before a parent may borrow a PLUS Loan.

Parent PLUS loan borrowers cannot have an adverse credit history (a credit check will be done). In addition, parents and their dependent child must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid programs.

 Student must complete the following:

1. Complete FAFSA-File a Free Application for Federal Student Aid (FAFSA) at the following link: http://www.fafsa.gov/ and the student's financial aid file at OCCC must be complete. The yearly limit on a PLUS Loan is equal to the student's cost of attendance (determined by OCCC Financial Aid Office) minus any other financial aid the student receives.

Parent needs to complete the following:

1. Complete Parent PLUS Application - Parent borrower will need to complete and submit the Parent PLUS Application at https://studentloans.gov. Federal PLUS loans are credit based.

2. Complete PLUS Electronic Direct Loan Master Promissory Note - Parent borrower will need to complete and sign the required Direct Loan PLUS Master Promissory Note (MPN). The parent borrower may complete this process online at: https://studentloans.gov. The parent borrower will be required to use their FSA User ID.  MPN files are imported daily from Direct Lending.

3. Contact Financial Aid Office - If the parent borrower is declined a Federal Direct Plus Loan, please contact the Financial Aid Office to look at other options. Email Financial Aid Office for additional PLUS information.

 For Direct PLUS loan funds to be disbursed, the student must be enrolled in at least 6 credit hours.

Applying For A Private Educational Loan

Student should complete the following:

1. Complete FAFSA - File a Free Application for Federal Student Aid (FAFSA) at the following link: FAFSA . The yearly limit on a private loan is equal to your cost of attendance minus any other financial aid you receive.

Students must complete the following for private education loan:

1. Evaluate Lenders - Factors to keep in mind when evaluating a lender: customer service; stability of lender; if loans are held by lender or sold; borrower benefits; online lender services; repayment options; and additional services.

2. Complete Private Loan Application - You will need to apply online or obtain a paper application from your lender to apply for a private educational loan. Private loans are credit based.

3. Complete Master Promissory Note - You will need to complete a Master Promissory with your lender either through their website or by obtaining a paper copy from the lender.

4. Complete Self Certification Form - A Private Education Loan Applicant Self-Certification form is now required. This form can be obtained from OCCC Financial Aid Office or from your lender. Section 2 of that form asks for "Cost of Attendance" and "Estimated Financial Assistance". This information is calculated from your processed FAFSA and financial aid award notification. Student submits the Self Certification Form to their lender.