Student Loans

DIRECT LOANS
The William D. Ford Federal Direct Loan Program

College of the Siskiyous participates in the William D. Ford Federal Direct Loan Program.  In order to qualify for a Direct Loan, a student must do the following:

1. Complete a FAFSA (Free Application for Federal Student Aid)
2. Complete their financial aid file with COS Financial Aid Office..
3. Have been 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. Students must be enrolled in at least six (6) or more units at COS.
6. The student cannot be in default on any other federal student loans.

NOTE:  College of the Siskiyous does not participate in the Alternative Loan Program nor do we process any summer loans.

Please read the following before applying for any loans:

What are Direct subsidized and unsubsidized loans?

Subsidized Direct Loans are need-based. The federal government pays the interest on the loan while you are in school, during the grace period before repayment begins, and during periods of approved deferment. Monthly payments begin six months after you graduate, drop below half-time or withdraw from school.

Unsubsidized Direct Loans are not based on financial need and are available to you regardless of income. Because this loan is not subsidized by the government, you are responsible for all interest which accrues during in-school, grace and deferment periods. You may choose to make periodic interest payments to the lender or opt to have the accrued interest capitalized (added on to) the principle loan amount.

How much can I borrow?
(amounts listed are maximum and will be adjusted to fit individual Cost of Attendance)

Type of Student	Subsidized	Additional Unsubsidized (except students whose parents cannot borrow PLUS)	TOTAL AMOUNT FOR SUBSIDIZED AND UNSUBSIDIZED LOANS.
Dependent Students (Except Students whose Parents Cannot Borrow a PLUS Loan)
Freshman (less than 30 college credits completed)	$3,500	$2,000	$5,500
Sophomore (more than 30 college credits completed)	$4,500	$2,000	$6,500
Independent UndergraduateStudents and Dependent Students whose Parents Cannot Borrow a PLUS Loan
Freshman	$3,500	$6,000	$9,500
Sophomore	$4,500	$6,000	$10,500

Federal PLUS loans

Parents and stepparents with good credit histories can borrow up to the total cost of their dependent's education, minus any other aid for which the student is eligible. Parents must repay the loan even if their dependent does not complete his or her education. Parents will need a FAFSA PIN number to apply. Sign in to complete the Plus request process.

loan process

APPLY FOR A DIRECT LOAN ONLINE:
As easy as 1,2,3!
Below are the required three steps to receive a Direct Loan at College of the Siskiyous. You will need your FAFSA PIN issued to you by the Department of Education in order to complete the Entrance Counseling and Master Promissory Note. You can request a copy of your PIN if you do not remember it at www.pin.ed.gov.

Returning borrowers do NOT need to sign a new Master Promissory note if you have one signed with the Department of Education William D Ford Direct Loan Program.

STEP 1:	Complete the Entrance Counseling at the Department Of Education website. PLEASE PRINT CONFIRMATION AND BRING A COPY WITH YOUR LOAN REQUEST FORM.
STEP 2:	Once you have completed the Entrance Counseling you may now sign a Master Promissory Note with the Department of Education. (If you already have a Direct MPN on file you may skip this step)
STEP 3:	Complete the College of the Siskiyous Loan Request Form. The form MUST be submitted to the College of the Siskyous Financial Aid Office before your loan can be processed. (if you cannot open this file please be sure you have the latest Adobe Reader. It is a free download)

Disbursement schedule

Generally there are two disbursements per academic year. The first disbursement is made 30 days after the loan has been processed. Second disbursements are given after academic progress is reviewed, generally 30 days after the spring semester begins.

STUDENTS MUST BE ENROLLED AT LEAST TWO WEEKS PRIOR TO THE BEGINNING OF SPRING SEMESTER IN ORDER TO RECEIVE A SECOND LOAN DISBURSEMENT

Please be sure that you understand the rights and responsibilities of student loans before applying.

Need help?  contact Enrollment Services                                   

Andrea Castro, Interim Assistant Director/Veterans/General Information 

Jennie Cannon, Work-Study/Scholarships/General Information

Karen Chandler, Student Loans, General Information

Ph: 530-938-5500   
Fax: 530-938-5367
finaid@siskiyous.edu   

 

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