Applying for 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 Decgree or Certificate plan.

2. Complete the FAFSA (Free Application for Federal Student Aid) for the academic year online at https://www.fafsa.gov/. Use school code 010391. This application is free so if you are asked to pay a fee, verify you are on the correct website.

3. Provide other documents if requested by the Financial Aid Office. Requests for additional information are 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.

5. Review your Financial Aid awards and amounts by logging on to your OCCC MineOnline account at www.occc.edu. Click on Login and Choose MineOnline.

6. Complete Direct Loan Entrance Counseling (New OCCC Students and/or First-Time Borrowers Only) online at https://studentloans.gov. The US Department of Education requires all new and/or first-time borrowers at OCCC  to complete a loan entrance counseling session. Confirmation of the cousneling session is automatically sent to OCCC within 24 to 48 hours after completion. If you previously received loans at OCCC, please skip to Step 8.

7. Complete Electronic Direct Loan Master Promissory Note (First -Time Borrowers Only) online at https://studentloans.gov. Your 4-digit FAFSA PIN number is required to complete the electronic MPN. Information regarding your PIN number may be found online at https://pin.ed.gov. Confirmation of the MPN is automatically sent to OCCC within 24 to 48 hours after completion. If you received Direct Loan funds within the last 10 years, please skip to Step 8. *See special note below.

8. Complete Loan Request Form online at http://www.occc.edu/FinancialAid/forms.html. You can ONLY submit this form using Internet Explorer. Select the academic year for which you are accepting loan funds. All loans come in TWO disbursements so we recommend Fall/Spring loans if you plan to attend b oth 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/. The OCCC website will automatically take you back to the Forms page after the loan request form is submitted. Please allow approximately 20 seconds after pressing the submit button.

*Special Note - The Direct Loan master Promissory Note is usually valid for 10 years after the date it is signed or received by Direct Lending. However, your MPN will expire after 12 months if no disbursements are made after the date the MPN is signed.

 

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.