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In order to qualify for a student loan, all of the following requirements apply:

  1. Complete a FAFSA.
  2. Submit all required documents to complete a financial aid file with Delta College. .
  3. Be awarded financial aid or have their file evaluated by a Specialist.
  4. The student must be in good academic standing according to the Financial Aid Satisfactory Academic Progress Policy.
  5. Cannot be in default on any other federal student loans.
  6. New borrowers must complete Entrance Loan Counseling. 

Note: Continuing students who have previously received a Federal Stafford Loan at Delta College AND have attended a Delta College Loan Entrance Counseling session since January 2000, do not need to attend another Entrance Session.  For more information, stop by the Financial Aid/Veterans office located in Holt 101.

Special Announcement: Delta College Loan Program Update

We recently researched and compared two student loan programs for our students, the Federal Family Educational Loan Program (FFELP) and the Federal Direct Student Loan Program (FDSLP). Delta has participated in the FFELP program for the last several academic years. During our research it became evident that the Direct Loan program was the better loan program for our students for a number of reasons.

  • FFELP funds are disbursed through private lenders (such as major national banks, My Rich Uncle, etc.). Those lenders are inundating our students with direct to consumer marketing that tends to be very confusing and overwhelming. The Direct Loan program is funded directly by the Federal Government, eliminating the middle man and the confusion.
  • Direct Lending has the new Public Service Loan Forgiveness program that will forgive remaining debt after 10 years of eligible employment and qualifying loan payments for people working in key public service professions such as teaching, government, social work, law enforcement, and non-profit 501(c)(3) organizations.
  • The Direct Loan program is fully integrated with the federal financial aid process, simplifying the administration of the government funds. San Joaquin Delta College has the software and business process in place to administer this program due to the other federal programs we administer. However, we do need to make some initial updates to these processes.
  • Students will only have to track their loans with one lender instead of multiple lenders.
  • Loans can be sold in FFELP, negating their borrower benefits. Loans are never sold in the Direct Loan program.

We will begin participating in the Direct Loan program in the Fall of 2008.

August 13, 2008


 

 


Student Rights Student Responsibilities

You have the right to ask a school:
  • What it costs to attend and about the refund policies for students who drop out.
  • How the school determines whether students are maintaining satisfactory academic progress and what happens if they are not.
  • What financial assistance is available, including all federal, state and school financial aid programs.
  • What the deadline is for submitting each aid application and about the criteria used to select recipients.
  • How each student's financial need is determined, including how costs for tuition and fees, room and board, transportation, books and supplies, and personal and miscellaneous expenses are considered in your budget.
  • What resources—such as parental contribution, other financial aid, personal assets, etc.—are included in the need calculation, and how much of your financial need, determined by the school, has been met.
  • To explain the various programs in your student aid package. If you believe you have been treated unfairly, you may request reconsideration.
  • What portion of the financial aid must be repaid and what portion is grant aid.
  • What is the interest rate, the total amount to be repaid, repayment procedures, the length of time to repay the loan, and the date when repayment begins.
  • How to apply for additional aid if your financial circumstances change.
It is your responsibility to:
  • Review all information about a school's program before enrolling.
  • Pay special attention to your application for student financial aid, complete it accurately, and submit it on time to the right place. Errors can delay financial aid. Intentional misreporting of information on application forms for financial aid is a criminal offense subject to penalties. Aid awarded due to inaccurate information will have to be repaid.
  • Submit all paperwork by the deadline.
  • Submit all paperwork to the right place.
  • Respond promptly and return all additional documentation, verification, corrections, and/or new information requested by the financial aid office or the agency to which you submitted applications.
  • Read, understand, and keep copies of all forms that you sign.
  • Notify the lender within 10 days of changes in your name, permanent mailing address, and school status.
  • Repay the loan according to the repayment schedule. Payment is required even if you do not get a bill.
  • Do not wait for the lender to contact you; write and request a repayment schedule.
  • If you cannot make a payment or think no payment is due, contact your lender and request a deferment of repayment, forbearance, hardship extension, or in-school extension.
  • Understand the school's refund procedures.
Defaulted Student Loans
Okay, you've DEFAULTED on your student loan... Now what?!

If you wish to regain eligibility for financial aid and/or get on the right track in reference to your credit records this is what you need to do:
  • Pay the defaulted loan in full or
  • Meet the satisfactory repayment criteria with six consecutive satisfactory payments. or
  • You may be eligible to consolidate your defaulted student loans or
  • Some consolidation lenders require that students make satisfactory repayment on their defaulted student loans before they will consider consolidating the loans.
  • You can rehabilitate your loan-that is, to bring it out of default-you must make 12 consecutive, voluntary, reasonable, and affordable monthly payments under an agreement with the Servicing Center. Once you make these 12 payments, default information will be removed from your credit record.

 Things to remember

Do NOT be afraid to contact your lender or collection company, they are there to help you find the best way to to either:
  • pay off your student loan or
  • assist you in regaining your financial aid elibility or
  • straighten out your credit record.

Resources


August 13, 2008
 
• San Joaquin Delta College • 5151 Pacific Ave • Stockton, CA 95207 • 209-954-5151 • sjdchelp@deltacollege.edu •SiteMap