| This application is a request for a Direct Student Loan. This form must be submitted to the Financial Aid Office in order to initiate the processing of your loan. For more information regarding loan eligibility and procedures,
go to Direct Loan Program
Procedures. Fields in red are required to be completed in order to process the form. |
| Have you filed a 2009-10 FAFSA? |
Yes No
If not, you can do so online at: www.fafsa.ed.gov. |
| Campus you are applying to: |
City North South |
| First Name: |
|
| Last Name: |
|
| Middle Initial: |
|
Student ID Number:
(You can find your Student ID Number on the Admissions Acceptance Letter and the Registration Statement.) |
|
| Loan Period: (Please Select One) |
|
|
| Loan Amount Requested for above loan period: |
$.00 |
Important Loan Information:
Annual Amount - A first-year student may borrow up to $3,500. A second-year student may borrow up to $4,500. All students at Erie Community College are classified as either first-year or second-year students; a second-year student must have completed or transferred 30 degree credits. If we are unable to process the full amount requested, we will process up to the maximum allowed per regulations for the loan period selected.
Subsidized Direct Loan - Based on need. Eligibility for the subsidized loan is determined by the family financial information reported on the FAFSA. The federal government pays the interest on these loans while the student is enrolled at least half-time and during periods of deferment. Repayment begins 6 months after the student ceases to be enrolled at least half-time.
Unsubsidized Direct Loan - Not based on need. The student is charged interest from the time the loan is disbursed. The student may elect to pay the interest while in school. If the student does not choose to pay interest while in school the interest will be capitalized - that is, added to the principal amount of the loan. Capitalized interest will increase the amount the student is required to repay. Repayment begins 6 months after the student ceases to be enrolled at least half-time.
Interest Rates - The interest rate as of July 1, 2006 will be fixed at 6.8%. |
| First-Time Borrowers: If this is your first Federal Direct Loan you must complete an Entrance Interview on-line at
Entrance Counseling. No application will be processed until you meet this obligation. |
| Certification of Subsidized
Direct Loan: I understand I will be certified for a Subsidized Direct Loan if I am eligible. If I am not eligible for a Subsidized Loan for the amount requested. (Please Select One) |
Certify an Unsubsidized
Direct Loan for me. OR
Do not certify an Unsubsidized
Direct Loan. (I will pay my tuition bill another way.) |
| Agreement Statement: I authorize ECC to certify a
Direct Loan in my behalf. |
| Agree |
Do Not Agree |
|
