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Stafford Loan: Application

Federal Direct Loan

The Direct Loan is a long-term, low-interest loan created to help you pay for your education. The loan is federally insured and guaranteed by a guarantee agency. Eligibility for the Direct Loan is based on financial need. Your eligibility is determined by reviewing the data submitted on your Free Application for Federal Student Aid (FAFSA) and on supporting documents, if required. In addition to financial need, you must be enrolled or accepted for enrollment in a degree or professional program. You must be enrolled at least half-time (6 hours or more) and be a U. S. citizen or eligible non-citizen (permanent resident).

Unsubsidized Direct Loan

The Unsubsidized Direct Loan program is available to all students regardless of income. Students will pay the interest during the in-school and deferment periods. A lender may capitalize as often as quarterly, however, some lenders will capitalize the accrued interest (add it to principal) only once, when repayment begins.

Borrowing a student loan is an important decision. Please feel free to contact our office at (815) 288-5511, ext. 339 if you have any questions about the student loans available to you. We look forward to assisting you in financing your education at Sauk Valley Community College.

Information

First Name*

Last Name

Student ID*

Student SSN*

E-Mail Address*

Phone Number*

Loan Period

Semester(s)*

Academic Year*

Amount Requested

Subsidized*

Unsubsidized*

Total*

If you are not eligible or become ineligible for any or all of the subsidized loan amount requested, do you give permission for the loan to be processed as an unsubsidized loan?*

Yes

No

Is this your First Direct Loan at SVCC?*

Yes

No

Are you receiving Third-Party Funding? (such as BEST, AmeriCorps, Partners for Employment, etc.)*

Yes

No

If you are receiving Third-Party Funding, this is counted towards your total Financial Aid Award package. Third-Party payments usually occur AFTER loans have been processed and awarded. Because of this, your loan may be delayed for disbursement/reduced throughout the semester based on eligibility. By checking this box, you understand this policy and may follow up with the Financial Assistance Office for further questions on how this will affect your Award Package.

Confirmations

By checking this box, I understand that if I must complete Entrance Loan Counseling before my Direct Loan will be processed. I will make an appointment for Entrance Loan Counseling by calling (815) 288-5511, Extension 339.

By checking this box, I understand that all correspondence pertaining to the processing of the Direct Loan request will be through my SVCC e-mail address. Once my Direct Loan has been processed, I will receive a Loan Approval Letter through my SVCC e-mail address. The e-mail address provided on the Direct Loan application will be used only as an alternate means of contact.

By signing your name below, and clicking the submit button, you hereby authorize Sauk Valley Community College (SVCC) to process the Direct loan request. Signing and then clicking the submit button implies that you understand that you must complete a Master Promissory Note if you are a first time borrower at SVCC.

Student Electronic Signature*

Date*