College of Marin participates in the Federal Direct Loan Program. The Direct Loan Program, administered by the U.S. Department of Education, is designed to provide low interest loans for students and parents to help pay for the cost of a student's post-high school education. To find more information on the types of available loans and current interest rates please visit www.studentloans.gov.
Types Of Loans
Direct Subsidized Loan:
Loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school. Subsidized loans do not begin to accrue interest while the student is actively enrolled as a part-time student at an educational institution.
Direct Unsubsidized Loans
Loans made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan. An unsubsidized loan will begin to accrue interest as soon the loan is disbursed to the student.
Students must be enrolled in at least 6 units at College of Marin
Students must have met satisfactory academic requirements
Students must be enrolled in an eligible program of study
First-time borrowers may not receive subsidized loans for more than 150% of the length of the program of study. For example, if you are enrolled in a 2-year associate degree program, the maximum period for which you can receive a Direct Subsidized Loan is 3 years (150% of 2 years = 3 years). If you are enrolled in a certificate program that is 32 weeks, the maximum period for which you can receive a Direct Subsidized Loan is 48 weeks (150% of 32 = 48 weeks). The Department of Education may stop paying your interest subsidy if you exceed that limit. Please check with your financial aid specialist at your campus for additional information.
Direct Loans are subject for a loan fee, minus an up-front interest rebate that is contingent upon 12 months of on-time payments when the loan enters repayment. You can find more information about the loan fees and interest rebate on the Direct Loan Website: www.ed.gov/DirectLoan.
How to Apply
Applications for Direct Loans are completed by filling out the Free Application for Federal Student Aid (FAFSA). The information on your FAFSA is transmitted to the schools that you list on the application, and those schools use the information to assess your financial need for student aid.
Steps to apply for a loan after the FAFSA has been completed
Contact your financial aid office; they will guide you in the completion of the required documents. Attendance to a loan workshop or an in-person appointment and a loan application is required for all loans. You may print 2021-2022 COM Loan application and submit to firstname.lastname@example.org
2021-2022 Loan Zoom Workshop
Contact for Appointments
To RSVP, please complete our
OPEN DURING MEETING TIMES ONLY
Meeting ID: 995 9650 1702
Last Names Starting with A-M
Andrea Hunter: Ahunter@marin.edu
Last Names Starting with N-Z
Emy Bagtas-Carmona: Ebagtascarmona@marin.edu
Once you have completed the Loan Application, go to www.studentloans.gov and complete the following:
I. Required Counseling Sessions: Students who are requesting loans must complete the entrance counseling sessions. Entrance Counseling
II. Once you have completed the Direct Loan entrance counseling sessions, you will need to complete the Master Promissory Note - Master Promissory Note
III. If this is your last semester, you will need to complete the exit counseling sessions prior to the second disbursement of your loan. Exit Counseling
Repayment begins six months after you graduate or cease to be at least a half-time student. You will generally have 10 years to pay back your loan. Your monthly payment will usually be more than $200, but never less than $50. It is the borrower's responsibility to maintain contact with the United States Department of Education and to establish a repayment schedule. The borrower's failure to inform the United States Department of Education of changes in enrollment status, anticipated graduation dates, current address, name, deferment eligibility, or college of attendance may result in default on the student loan.
California public two-year institutions have the lowest enrollment fees and tuition in the nation; and, Direct Loans have aggregate limitations for undergraduate students. As such, students are advised to borrow wisely and only borrow what you need so that you have remaining funds to complete their four-year degree.
The amount of financial aid a student may receive cannot exceed the student's cost of attendance (COA) and/or financial need. Your student budget is located on your online financial aid file; log in to MyCOM. If your expenses are over and above the budget, please schedule an appointment to meet with a financial aid specialist at your campus.
Direct Stafford Loan Limits (Subsidized and Unsubsidized)
|1st-Year||$5,500 ($3.500)3||$9,500 ($3,500)|
|2nd-Year||$6,500 ($4,500)||$10,500 ($4,500)|
|$20,500 ($8,5004) for each year|
1Except those whose parents are unable to borrow a PLUS loan.
2These limits also apply to dependent students whose parents are unable to borrow a PLUS loan.
3The numbers in parentheses represent the maximum amount that may be subsidized.
4Graduate and professional students are not eligible to receive Direct Subsidized Loans for loan periods beginning on or after July 1, 2012.
The actual loan amount you are eligible to receive for an academic year is determined by your school and may be less than the maximum annual amounts shown in the chart above. The aggregate limits include both Direct Subsidized and Unsubsidized Loans and any subsidized and unsubsidized Stafford Loans received through the Federal Family Education Loan (FFEL) Program.
With a Direct PLUS Loan, a graduate/professional student or the parent of a dependent student can borrow up to the cost of the student's attendance minus other financial aid the student receives.
Generally, you'll have from 10 to 25 years to repay your loan, depending on which repayment plan (there are several) you choose.
The Direct Loan Servicing Center will notify you of the date your first payment is due. If you do not choose a repayment plan, you will be placed on the Standard Repayment Plan, with fixed monthly payments for up to 10 years. Most Direct Loan borrowers choose to stay with the Standard Repayment Plan, but there are other options for borrowers who may need more time to repay or who need to make lower payments at the beginning of the repayment period.
You can change repayment plans at any time by going to the Direct Loan Servicing Center's website and logging in to your account.
Trouble Making Payments
If you're having trouble making payments on your loans, contact your loan servicer as soon as possible. Their staff will work with you to determine the best option for you. Options include:
Changing repayment plans
Deferment, if you meet certain requirements. A deferment allows you to temporarily stop making payments on your loan.
Forbearance, if you don't meet the eligibility requirements for a deferment but are temporarily unable to make your loan payments. A forbearance allows you to temporarily stop making payments on your loan, temporarily make smaller payments, or extend the time for making payments.
If you stop making payments and don't get a deferment or forbearance, your loan could go into default, which has serious consequences—see below.
Your loan first becomes "delinquent" if your monthly payment is not received by the due date. If you fail to make a payment, you'll receive a reminder that your payment is late. If your account remains delinquent, you'll receive warning notices reminding you of the consequences of default and of your obligation to repay your loans.
If you are delinquent on your loan payments, contact your loan servicer immediately to find out how to bring your account current. Late fees may be added, and your delinquency will be reported to one or more national consumer reporting agencies (credit bureaus), but this is much better than remaining delinquent on your payments and going into default.
Consequences of Default
If you default:
We will require you to immediately repay the entire amount of your loan
We may sue you, take all or part of your federal and state tax refunds and other federal or state payments and/or garnish your wages so that your employer is required to send us part of your salary to pay off your loan
We will require you to pay reasonable collection fees and costs, plus court costs and attorney fees
You may be denied a professional license
You will lose eligibility for loan deferments
We will report your default to national consumer reporting agencies (credit bureaus)
Loan Cancellation (Forgiveness or Discharge)
Under certain conditions, you can have all or part of your loan canceled or discharged. Please contact your loan servicer.
Stay in touch with your loan servicer - let them know if you've changed your name or permanent address, and make sure that they know when you've completed your educational program or transferred to another school.
For a Q&A, please follow this link: https://studentloans.gov/myDirectLoan/faqs.action