Federal Family Education Loan Program

College of the Siskiyous participates in the Federal Stafford Student Loan Program.  These loans are guaranteed by EdFund In order to qualify for a Stafford 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.
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 maintain 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.

Once the student has met the above criteria, the student must attend an Entrance Loan Counseling Session.  Sessions are offered once a month.

Subsidized Stafford 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 Stafford 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.

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 interested in borrowing a Parent Plus loan can log onto one of our recommended lender’s website or chose another lender that participates in the Federal Stafford Loan Program and request a plus loan online. The parent and the Financial Aid Office are notified within 24 hours if a parent qualifies. If denied, parents can then contact the financial aid office for other options.

Loan Process:

College of the Siskiyous participates in an automated loan application process. This means that data is transferred electronically between us, your lender, and guarantor to expedite processing your loan application.

1. All borrowers (you the student) must complete entrance counseling every year you receive a student loan.
2. Student borrower completes the Stafford Loan Request/Loan Agreement Form and turns it in at the Entrance Session.
3. After attending the Entrance Session, you will choose your lender from the recommended lender list and complete the application process. You will then sign your Master Promissory note online using your FAFSA pin number.
4. The school then receives the certification request for your loan from your lender. Once the school completes the certification request electronically, funds will be disbursed from the lender.
5. Loan funds are sent electronically to College of the Siskiyous.
6. College of the Siskiyous mails the loan check to the borrower after all applicable fees are deducted and enrollment status is verified.

A list of lenders is provided by College of the Siskiyous for the 2007-2008 year to assist students in choosing a lender.  However, it is not required to use one of the recommended or suggested lenders.  Students may choose another lender that participates in the Federal Stafford Loan Program that is not listed.  For more information, please visit the lender’s website.  We recommend students choose a lender wisely.

DISBURSEMENT SCHEDULE

Generally there are two disbursements per academic year. The first disbursement is made 30 days after the student has attended an entrance counseling session. 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

If you have questions about the application process, please contact the Financial Aid Office at (530) 938-5209 or email us at finaid@siskiyous.edu

"WARNING: Applying for a loan is serious business. We strongly advise you not to apply for a student loan if you can work your way through school or qualify for a grant or Federal Work-Study. A loan is not a gift. A loan must be repaid. If you decide later to continue with school or if you marry someone with a student loan, you could easily be in too much debt. It is easy to borrow, but very hard to pay back monthly payments that are required. Rest assured that the Federal and State Governments will track you down for repayment. All government guaranteed student loans will be collected."

For additional information to assist with college planning, click on the below links:

www.youcandealwithit.com

www.educationplanner.org

Emergency Loan (Short Term):

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