#how to apply for student loans
How to Apply: Apply for Federal Loans
Federal Direct Loan Program
Accepting your Federal Loans
Before accepting your student loans, we encourage you to learn more about the program by visiting StudentAid.ed.gov .
The William D. Ford Direct Loan Program is the largest federal student loan program. Under this program, the U.S. Department of Education is your lender . There are four types of Direct Loans available:
- Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at PCC.
- Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan.
- Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Please visit www.studentloans.gov to apply for a Federal Parent PLUS Loan. Please be sure to select the correct loan period option for your student If the parent who provided information on the FAFSA is not the parent who has applied for the PLUS loan, then we will need a copy of your birth certificate to verify that the PLUS Loan applicant is your biological parent.
- Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.
Steps to Accept your Federal Loans
You must reapply for financial aid each academic year by completing the FAFSA. When you apply for financial aid each year, you will be offered loans as part of your financial aid award if you are eligible. A loan is money you borrow and must pay back with interest.
After you have completed your FAFSA and submitted all required follow-up documentation, you will be notified at your myPittcc email account that your award is ready to be reviewed. In order to receive the loan portion of your award you must accept them by completing the following steps:
Click on the link above or go to www.studentloans.gov to log in to the site using your FAFSA information to complete the Online Entrance Counseling:
There are two methods to complete your Master Promissory Note. Click on the link above or go to www.studentloans.gov and submit your MPN electronically, signing with your PIN number, or you may print a paper MPN and mail it to the address listed below for the federal government to process. The paper MPN may increase the length of time it takes to process your loans.
Department of Education
100 Capitol Commerce Blvd
Montgomery, AL 36117
Step 3: Complete Enhanced Loan Entrance Counseling – New Borrowers
Effective January 1,2012 all new borrowers at PCC must attend a mandatory one-hour workshop before you can apply for a loan. Workshops are offered several times throughout each month. Before you can register for a workshop, your FAFSA processing must be complete and all follow-up paperwork submitted to PCC. You will receive assistance in completing the loan request form during the workshop. A photo ID is required for entrance to the meeting. Please click here to sign up for the workshop.
Step 4: Federal Stafford Loan Acceptance Form – New and Returning Borrowers
You accept your loan awards by completing the Loan Acceptance Form and submitting it to the Financial Aid office. You will not receive loan funds if you do not complete this important step. DO NOT submit this form BEFORE you receive your award letter.
You will need to provide a comprehensive listing of your current student loan debt. Go to www.nslds.ed.gov. print your loan history, and attach a copy of it to your Loan Acceptance Form; even if your identifiers cannot be found. If the amount listed above is greater than $0, click on “MyStudentDataDownload” at www.nslds.ed.gov to find your lender name, phone number, and website address
To decline your loans
If you would like to decline your Federal Stafford Loans, you simply do not have to accept your loans on WebAdvisor nor submit the Loan Acceptance Form.
Who is my Lender/Servicer?
To find out who services your student loans (your lender), and how to contact the servicer, call the Department of Education customer service line at: 1-800-4-FED-AID (1-800-433-3243).
To find out your Federal Stafford Loan balance and/or total debt go to www.nslds.ed.gov .
Single Semester Loans
Single semester loans are only permitted in certain circumstances.
- Transferring mid-year: Submit a non-returnable copy of the letter from the school you’ll attend that clearly states your acceptance into that school for the following term; or
- Graduating mid-year: Submit a non-returnable letter from your faculty advisor that confirms you have completed the courses and have registered for the appropriate classes this semester to graduate at the end of the semester.
PCC is working with the Department of Education to help prevent high student loan debt while attending PCC. First-year independent students are limited to borrowing up to $2,000 per academic year in unsubsidized loans. Upon successful completion, second-year independent students will be able to borrow up to the full $6,000 in unsubsidized loans in addition to the subsidized limits. An independent student is defined under one or more of the following criteria: married, 24 years of age or older, you provide more than half of the support for a child, veteran, or others as specified by the Department of Education. Dependent student loans limits will remain the same.
New Loan Length Restrictions
Beginning July 1, 2013, the length of time students will have access to subsidized loans is limited for new borrowers. Students cannot borrow more than 150% of a student’s program length. For example, students who enroll in a two-year degree program can only borrow loans for three years total. Once that limit has been reached, a student may borrow only unsubsidized loans, and will begin to accrue interest on outstanding subsidized loans. For more information, please visit: Direct Subsidized Loan Limit .
Graduating or Leaving PCC?
All students who receive a student loan at PCC must complete Exit Counseling when they drop below half time, graduate or leave the college due to withdrawal. Students who leave the College without completing exit counseling are at a higher risk of defaulting on their loans. Be in the know about your loans and complete Exit Counseling.
Click on the link below to complete the requirement online.
Free Financial Resources for YOU!
PCC has teamed up with SALT. a new, free membership program that helps you manage your student loans and money. SALT is easy, confidential, and just for you; all for free!
With SALT. you can:
- Keep track of your student loans
- Get loan advice from an expert counselor
- Look for a job or internship
- See how to save money wisely
Visit SALTMONEY.ORG to get your future started!
Loan Repayment and What Can I Afford?
If you have received a student loan while in school, you will go into repayment on that loan at some point. Click on the link below to learn more about loan repayment.
FSA Ombudsman Group
830 First Street, N.S. Mail Stop 5144