Federal Family Educational Loans
PROCESSING FEDERAL FAMILY EDUCATION LOANS
The Financial Aid Office at Oklahoma City community College, or any school affiliated organization, does not recommend, promote, or endorse the education loan products of any lender. Students and parent borrowers select the lender from which they chose to borrow. Borrowers are encouraged to research each lender they are considering. The OCCC Financial Aid Office makes available any and all brochures provided by any lender. These brochures are readily available in the lobby of the Financial Aid Office. Borrowers are encouraged to visit lender websites to compare benefits available at the time of borrowing and at the time of repayment.
Students and/or parents may link to the Directory Lenders available through the Oklahoma Guaranteed Student Loan Program, (OGSLP) by following the instructions below.
- From the Financial Aid Office web page, click the Oklahoma Higher Education link.
- From the Oklahoma Higher Education menu, click on Guaranteed Student Loans.
- From the Oklahoma Guaranteed Student Loan Program menu bar, click on: "For Schools and Lenders".
- On the left side of the page under INFO, scroll down and click on Lender List.
Student Financial Aid at Oklahoma City Community College initially awards up to the base annual student loan limit when it offers financial assistance. Students classified as first year students may be offered $3,500 and second year students may be offered $4,500 if circumstances warrant the maximum amount.These amounts may be a combination of Subsidized and Unsubsidized loans.
Dependent students may be offered an additional $2,000 Unsubsidized loan if need and costs indicate eligibility and only after Federal Work Study for those students interested in work.
Additional unsubsidized student loans for self-supporting students are offered as part of the Financial Aid Office packaging policy only after Federal Work Study for those students interested in work.
- Eligibility for all loans is dependent upon your having applied for assistance using the Free Application for Federal Student Aid (FAFSA). All families are encouraged to submit a FAFSA since no student may borrow a Stafford Loan unless results of the FAFSA are on file with the college.
- Financial Aid must include the dependent student's eligibility for a Stafford Loan as other financial assistance when certifying a PLUS Loan unless the parent borrower certifies in writing they do not wish the student to borrow.
- Results of the "need analysis" process using the data you supply on the FAFSA determines the ability of you and your family to contribute toward the costs of attending college. This is called the Expected Family Contribution, or EFC.
- If it is determined you have demonstrated "financial need" based upon your FAFSA, you will be offered assistance to help meet your "need" which may include a loan on the Award Offer Letter which will be mailed to you by Financial Aid. You may view your awards and print your award letter from Mine Online.
- When you bring your Award Offer Letter to Financial Aid, and if you have accepted the loan offer, you may be required to complete loan entrance counseling materials. First time borrowers and first time borrowers at OCCC are required to complete these online counseling materials. You are able to complete your online counseling by going to Mapping Your Future. Click on the entrance counseling button to complete your entrance requirements. Print your confirmation number acknowledging you have met entrance requirements and submit it with your Award offer Letter and Loan Request Form to Financial Aid staff at the Front Counter. You may also complete your loan Promissory Note online.
- If you complete your entrance materials using the computer stations in Financial Aid, you will have an opportunity to ask the financial aid staff any questions you may have.
- The loan entrance materials, your Award Offer Letter, Loan Request Form, and additional related materials will be routed for further processing by Financial Aid loan staff. A Financial Aid Loan Advisor will review all materials to ensure accuracy of all items. You may be contacted to clarify any questions.
- When your loan application information is cleared, it will be transmitted electronically by Financial Aid to the Oklahoma Guaranteed Student Loan Program (OGSLP) for guarantee. Parent Loans (PLUS Loans) are not electronically transmitted. The promissory note will be sent to your parent once the Financial Aid Office certifies it. Your parent will then take the certified promissory note to the lender they choose.
- Once your loan eligibility information is electronically transmitted to OGSLP, you will complete your Promissory Note. If you do not complete your promissory note, your funds will not be transmitted to the College on the date the College has chosen for transfer of funds. To avoid delays, complete your Promissory Note immediately. Financial Aid Staff will provide an information sheet giving the online site for your lender.
- You will receive a Notice of Guarantee from OGSLP when they have received all necessary information, it is complete and accurate, and they are able to complete the guarantee process.
- The Notice of Guarantee will include information about the amount of loan you have been approved for, the interest rate on that loan and your cumulative borrowing under the Oklahoma Guaranteed Loan Programs.
- Loan funds must be divided into two disbursements during any loan period (fall through spring) unless the loan is approved after the exact midpoint of the loan period.
- The Notice of Guarantee will also include the approximate date the lender will transfer loan funds to the College by Electronic Funds Transfer (EFT). This is not the date funds will go onto your BURSAR account for tuition, fees, books, or supplies nor is it the date you will receive any refund do to you.
- Loan funds transmitted to the College as scheduled will be on your Bursar account within three days. Any refund due to you after charges are paid will be processed in accordance with the preference you selected at HigherOne.
- Students who are awarded and accept a Federal Stafford Student Loan, Federal Pell Grant, or a Federal SEOG, before the due date of their tuition/fee payment for a semester will not be charged finance or late fees. Students who owe tuition and fees and books/supplies charges to the College will have these charges deducted from the first category of federal funds received on campus. If these are deducted from a Student Loan, a cash refund for the remainder of the loan will be mailed to the student. If Pell or SEOG are the first federal funds received by the College, tuition/fees/books, if charged, will be deducted from these funds. The remainder of these federal funds will be refunded to the student on the next scheduled Pell disbursement date. You may pick up a Pell disbursement schedule at Financial Aid or the FA Webpage.
- To be eligible to receive any loan refund check at OCCC, the student must meet the following criteria:
- be enrolled at least halftime throughout the loan period (semester or academic year) as defined by the College Financial Aid Office.
- for purposes of calculating summer financial assistance awards, Financial Aid also uses 6-8 credit hours as half time, 9-11 as three-quarter time, and 12 or more as full time. Therefore you must carry 6-8 credit hours during summer.
- the semester for which the loan is intended must be starting within 10 days or have started.
- remain eligible for student assistance after the loan is initially certified.
- students who have informed the Financial Aid Office that they are transferring to another school will cause Financial Aid to cancel all future assistance so you will be able to receive assistance at your new school. This will include notifying the OGSLP to cancel your loan eligibility at OCCC.
- As a reminder, student aid funds may not be used for expenses which are not related to costs of attending college.
- Students who are eligible for Federal Stafford Loans, only are able to charge books and supplies at the Student Store by request from the Financial Aid Office. Loans awarded, accepted, and processed before the start of a semester will be applied to your charges before the start of the semester if you have remained eligible.
- You may cancel your Federal Stafford Student Loan and a parent may cancel a Federal PLUS Loan at any time during the process by contacting the Financial Aid Student Loan Assistant. Once loan funds have been transmitted to the College from your lender and transmitted to your Bursar account, you will be notified that funds were applied to your account. You have fourteen (14) days from the date of your notification letter to cancel the loan. You must return any refund you received from the loan. The College will then return the full loan amount to your lender..