To apply for a Federal Student Loan, you must complete the five steps below. Your loan eligibility will be based on your FAFSA results. Neither credit checks nor co-signers are required. However, you cannot be in default on a previous student loan, owe a repayment of other federal financial aid, or be enrolled in less than 6 units.
Step 1 – Fill out the Free Application for Federal Student Aid (FAFSA) and submit all documents requested by the Financial Aid Office. After your file is complete and you have been awarded all other financial aid for which you are eligible, go to Step 2.
Step 2 – Read the Federal Stafford Loan Process information for academic year 2009-2010, which will explain about loan limits, types of loans and other important information.
Step 3 – Select a lender and complete an on-line Master Promissory Note (MPN) with your lender. The MPN is a legal document between you and your lender.
Step 4 – Complete the online Loan Entrance Counseling Workshop. This is a federal requirement. After you have successfully completed the on-line workshop, the results will be sent to the Financial Aid Office within 2 business days.
Step 5 – Complete the Federal Stafford Loan Request Form for academic year 2009-2010 and submit it to the Rocklin Campus or Nevada County Campus Financial Aid Office.
Remember, all financial aid is a resource designed to supplement the cost of education and is not intended to be used as a student’s sole means of income. Students are encouraged to save their loan eligibility for use at a four-year college, university, or private school where costs are higher.
Information on how loans are disbursed can be found under Disbursement of Funds.
Loan Exit Workshop
If you received a federal student loan while attending Sierra College, and are now graduating, transferring, or have dropped below 6 units, you are required to do an online Loan Exit Workshop. This is a federal requirement.