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Financial AidFederal Direct Loan (Subsidized) The Federal Direct Loan is a new federal loan program that replaced the Stafford Loan program. Instead of borrowing from a bank, students borrow directly from the Federal Government.A community college student may borrow $2,625 as a first year student and $3,500 as a second year student. A student may not borrow more than a total of $23,000 as an undergraduate student. The interest rate is a variable rate that changes each school year. Borrowers are required to pay an origination and insurance fee which is currently 3%. These fees are deducted from the proceeds of the loan. To qualify, a student must be enrolled in at least six units and must demonstrate financial need through the federal methodology. To apply for a Federal Direct Loan, students must complete a FAFSA. All new applicants must also complete a mandatory loan entrance counseling session. The counseling session is required even if a student has attended a Stafford loan workshop in the past. If a student has attended a Direct Loan workshop at City, Mesa or Miramar College in the past, it will not be necessary to conduct another entrance counseling session. You may complete the entrance counseling session online at the U.S. Department of Education's Online Entrance Counseling Session. The Financial aid Office will be notified when the session has successfully been completed. In addition, you must fill out a Loan Request Form from your Financial Aid Office.Borrowers may also be required to submit a student education plan. The actual loan amount for which a student is eligible will be determined by the Financial Aid Office. Students must have financial need to qualify and must repay the loan. Checks will be disbursed twice per loan period. Checks to first-time students or first-time borrowers will be disbursed 30 days after the start of the semester. For additional information, contact the Financial Aid Office. Back to Top
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