HOW TO APPLY FOR STUDENT LOANS

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We would like to inform you that effective with the start of the Fall 2009 semester, Westchester Community College has been approved to participate in the Federal Direct Student Stafford Loan and the Federal Direct PLUS loan programs.

WHAT DOES THIS CHANGE MEAN TO YOU THE STUDENT?

You and your parents will be borrowing your Stafford and Plus loans directly from the Federal Department of Education. There will be no middle man such as a bank. Your loans will not be sold, so when it comes time for you to repay them, you will be making your repayment to the Federal Department of Education directly.
You will not lose any of the deferment benefits you previously enjoyed under the FFELP loan program.
The eligibility requirements remain the same.
The amounts you may borrow are mandated by law and do not change.
There will be a more efficient and streamlined process for you and the school to track your loan and forestall any problems.
You will receive more of the loan funds you borrowed since there is no insurance fee. The only fee you will be charged is an origination fee of .5%. You will receive 99.5% of the loan funds borrowed since 1.5% of the origination fee is waived up front and will only be added back to your charges if you fail to make twelve consecutive on time repayments when the time comes for you to repay your loan.
You will be able to consolidate your other federal loans under the Direct Loan program so that all your loans are in one place and you will be dealing with one agency during repayment.

HOW DO I APPLY FOR A FEDERAL DIRECT STAFFORD LOAN?

Complete the 2009-2010 FAFSA on line at www.fafsa.ed.gov
Complete and submit the 2009-2010 Westchester Community College Data Sheet to the Office of Student Financial Assistance.
Complete the Direct Loan Entrance on line by visiting www.dl.ed.gov
1. Click on Entrance and Exit Counseling
2. Select Entrance Counseling
3. Click on the word GO
You will use the same pin number used to sign your FAFSA. All students must complete the Direct Loan entrance online, even if an entrance was done for the FFELP loan program on a prior occasion. Your loan will not be processed until an entrance has been completed.
Complete the Direct Loan Promissory Note by visiting www.dlenote.ed.gov. Print page 1 of your completed Promissory Note and bring with you to your appointment with the counselor.
Once all your documentation has been submitted to the college, you should make an appointment to discuss your loan amounts with a financial aid Counselor.

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