FEDERAL DIRECT LOAN INFORMATION
Moorpark College participates in the William D. Ford Federal Direct Loan Program. The U.S. Department of Education is the lender for the William D. Ford Federal Direct Loan Program.
Loans must be repaid with interest so it is important to understand your rights and responsibilities as a borrower.
|
Dependent Student
|
|---|
| Grade Level |
Base Annual Amount |
Additional Unsubsidized |
Total Annual |
| 1st Year |
$3,500 |
$2,000 |
$5,500 |
| 2nd Year |
$4,500 |
$2,000 |
$6,500 |
| Undergraduate Aggregate Loan Limit $31,000 (no more than $23,000 may be Subsidized) |
| Independent Student |
|---|
| Grade Level |
Base Annual Amount |
Additional Unsubsidized |
Total Annual |
| 1st Year |
$3,500 |
$6,000 |
$9,500 |
| 2nd Year |
$4,500 |
$6,000 |
$10,500 |
| Undergraduate Aggregate Loan Limit $57,500 (no more than $23,000 may be Subsidized) |
Annual Interest Rates:
Annual Interest Rates are set each July 1st.
Loans will be processed once you have completed online loan entrance test, and Master Promissory Note, MPN at https://studentaid.gov/mpn/ . Once you've completed these steps expect an email from our office to confirm the amount you'd like to borrow or feel free to call us to discuss.
Maximum annual award for PLUS is the student's Cost of Attendance minus any resources the student has been awarded. Plus Eligibility is contingent on approved credit which is only valid for 90 days. Do not apply prior to July 1st. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan's first disbursement. There is an origination fee.
**Please notify FA office if you are applying for Plus Loan.**
Dependent students whose parents have applied for but were unable to get a PLUS Loan may be eligible to receive additional Direct Unsubsidized Loan funds. Students must provide a copy of the PLUS credit denial to the Financial Aid Office.
Loan Exit Counseling
Federal regulations require that all student borrowers who graduate, withdraw, or drop below half time enrollment complete Loan Exit Counseling. Always notify your servicer of your current address, phone number and contact information in a timely manner. The National Student Loan Data System (NSLDS) website has the most current contact information for the Holder/Servicer of your loan(s).
Federal Subsidized Student Loan Borrowing Limitations
As of July 1, 2013, a first-time Federal Subsidized Student Loan borrower is no longer eligible for the Subsidized Student Loan program if he or she exceeds 150% of the published length necessary to graduate.
For more information view the FACT Sheet from the U.S. Department of Education.
References
