Loan Programs

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 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 https://studentaid.gov/understand-aid/types/loans

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 (6 units or more) 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.

Eligibility

  • Students must have submitted a FAFSA and have a completed financial aid file before their eligibility for Direct Loans can be determined. 

  • 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

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

Students must first fill out and submit a 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. At College of Marin, in addition to the FAFSA, students need to attend a COM Loan Workshop and submit a COM Direct Loan Application. See details below.

 

Steps to apply for a loan after the FAFSA has been completed

 

I. Required Entrance Loan Counseling: Students who are requesting loans must complete the online entrance counseling session for undergraduate students at: https://studentaid.gov/entrance-counseling/. If you need assistance please contact the FSAIC at 1-800-433-3243.

II. Required MPN: Once you have completed the online entrance counseling session, you will need to complete the online Master Promissory Note for undergraduate students at: https://studentaid.gov/mpn/. If you need assistance please contact the FSAIC at 1-800-433-3243.

 

III. Required COM Loan Workshop: Attend a COM loan workshop, see workshop availability and RSVP link below. You must register at least 24 hours in advance.

2022-2023 Loan Zoom Workshop

Links

 

Date Time

Monday, August 8, 2022 

12:40pm- 1:40pm

Wednesday, August 24, 2022

12:40pm- 1:40pm

Tuesday, September 6, 2022 

12:40pm- 1:40pm

Thursday, September 22, 2022

4:00pm- 5:00pm

Monday, October 3, 2022    

12:40pm- 1:40pm

Wednesday, October 19, 2022

12:40pm- 1:40pm

Monday, January 9, 2023   

4:00pm- 5:00pm

Wednesday, January 25, 2023      

12:40pm- 1:40pm
Monday, February 6, 2023 12:40pm- 1:40pm
Thursday, February 23, 2023 4:00pm- 5:00pm
Monday, March 6, 2023 12:40pm- 1:40pm

Wednesday, March 29, 2023

12:40pm- 1:40pm
Monday, April 10, 2023

12:40pm- 1:40pm

 

If you have attended a workshop between 

7/1/2021- 6/30/2022, you do not need to attend

a workshop for the 2022-2023 academic year.

 

To RSVP, please complete our 
Financial Aid Loan Workshop form

 

 

OPEN DURING MEETING TIMES ONLY

https://marin-edu.zoom.us/j/99496919448

Meeting ID: 943 3949 6139

 

 

 

 

IV. Required COM Loan Application: Access the 2022-2023 COM Loan Application and follow the instructions on the application to submit.

V. Required Exit Loan Counseling: Before you drop below 6 units, transfer, graduate or withdraw from College of Marin, as a Federal Student Loan borrower you are required to complete an online exit loan counseling session at https://studentaid.gov/exit-counseling/. It is recommended that you complete this requirement during your last semester at COM or before your last loan disbursement at COM. 

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.

 

Loan Limitations

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)

  Undergraduate Students
  Dependent Independent
1st-Year $5,500 ($3.500)3 $9,500 ($3,500)
2nd-Year $6,500 ($4,500) $10,500 ($4,500)

 

 

 

 

 

 


3The numbers in parentheses represent the maximum amount that may be subsidized.

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.

Generally, you'll have from 10 to 25 years to repay your loan, depending on which repayment plan (there are several) you choose.

The Department of Education will assign a Federal Loan Servicer to service your Federal Direct Student Loan. Your assigned Federal Loan Servicer 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 contacting your Federal Loan Servicer. More Information regarding your assigned loan servicer can be found here: https://studentaid.gov/manage-loans/repayment/servicers.

 

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 for more information or visit: https://studentaid.gov/manage-loans/forgiveness-cancellation.

What's Next?

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 more information on Direct Subsidized Loans and Direct Unsubsidized Loans please visit: https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized.

 

Questions?

College of Marin student loan borrowers are assigned by last name to the following staff. If you have questions, concerns, or need advisement on borrowing student loans please contact your assigned Enrollment Services Associate II.

JoAnn Teer for last names A-I at JTeer@marin.edu

Marixa Barnett for last names J-R at MBarnett@marin.edu

Matthew Christman for last names S-Z at RChristman3916@marin.edu