Applying for Loans


Applying for a Federal Direct Stafford Loan

All steps must be completed before loans can be processed

  1. Complete FAFSA -File a  Free Application for Federal Student Aid (FAFSA) at the following link: www.fafsa.gov/ and your financial aid file at OCCC must be complete.

  2. Receive Award Notification Email - Once awarded, you will receive an email from the Financial Aid Office that your awards are now available to be viewed on your MineOnline account. You can access your OCCC email at: email.occc.edu/.

  3. Review Award Letter - Once Award Notification email is received, your Financial Aid Awards and amounts can be viewed by logging on to your OCCC MineOnline account. You can access your MineOnline account at: webadvisor.occc.edu. OCCC Financial Aid Office no longer requires that you submit your award letter to our office when accepting a loan offer.

  4. Complete Online Loan Request Form - Complete and submit the Loan Request Form online at the following link: www.occc.edu/FinancialAid/forms.html (Once you press the submit button-please allow 20 seconds before closing the site to ensure that we receive your Loan Request Form). You can ONLY submit this form using Internet Explorer

 

  1. Complete Direct Loan Entrance Counseling - Complete Loan Entrance Counseling by going to the following link: https://studentloans.gov. The US Department of Education requires first-time borrowers at OCCC to complete a loan entrance interview session. OCCC is requiring all students for 2013-2014 and 2014-2015 academic year to complete loan entrance counseling through Direct Lending. We do not need a paper copy of your entrance counseling. We will electronically import entrance counseling files daily.

  2. Complete Electronic Direct Loan Master Promissory Note - Complete and sign the required Direct Loan Electronic Master Promissory Note (EMPN). You may complete this process on-line at: https://studentloans.gov. You will be required to use your U.S. Department of Education issued PIN to complete an electronic MPN. For additional information or to ask general PIN questions, you can visit the official PIN website at: www.pin.ed.gov/. We do not need a copy of your EMPN, please keep a copy for your records. We will import EMPN files daily.

After ten years, the Master Promissory Note will automatically expire after the date it is signed or received by your lender. However, there are other reasons why your MPN might be cancelled before the ten year expiration date. These may include:

No disbursements are made within twelve months of the date you signed the master promissory note.

You decide not to receive any more loans with that lender. If you choose this option, it is your responsibility to tell your lender.


For your Direct Loan funds to be disbursed you must also be enrolled in at least 6 credit hours.

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 Electronic Master Promissory Note (EMPN). The parent borrower may complete this process online at: https://studentloans.gov. The parent borrower will be required to use their U.S. Department of Education issued PIN to complete an electronic MPN. For additional information or to ask general PIN questions, you can visit the official PIN website at: http://www.pin.ed.gov/. We do not need a copy of the parent borrower's EMPN. We encourage parent borrowers to keep a copy for their records. We will import EMPN files 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. You can stop by the office or email jsublett@occc.edu or ldrury@occc.edu 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 may want to complete the following:

  1. Complete FAFSA - File a Free Application for Federal Student Aid (FAFSA) at the following link: http://www.fafsa.gov/ and your financial aid file at OCCC must be complete. The yearly limit on a private loan is equal to your cost of attendance (determined by OCCC Financial Aid Office) 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.