Erie Community College, State University of New York

 Effective Fall 2009, Erie Community College has changed to the William D. Ford Federal Direct Loan Program (Direct Loans).  Under the Direct Lending program, the funds for your loan come directly from the federal government and NOT from a bank, credit union, or other lending institution. Due to this change, ALL students who are requesting a student loan for the 2009-10 academic year will be required to complete a Master Promissory Note and Loan Entrance Counseling, even if you have already completed this in the past.

Students who are registered for at least six credit hours and who are in good academic standing may be eligible for a Federal Direct Student Loan. Qualified first-year students may borrow up to $3,500; second-year students up to $4,500. Students must file a FAFSA form to determine family contribution. Amount of family contribution figure determines eligibility for either subsidized or unsubsidized Direct Loan. Interest on subsidized loan is paid by federal government while student is enrolled at least half-time and for six months after student leaves school; interest on unsubsidized loan is paid by student. Repayment of principal begins six months after the borrower is no longer at least a half-time student.

Delayed disbursement of funds (30 days after the first day of instruction) is required for all first-time borrowers for Direct Loan programs at ECC.

Funds are transferred electronically from the federal government to student’s ECC account in two installments - usually the first disbursement is for the Fall semester and the second disbursement is for the Spring semester.

A student who is no longer in attendance cannot take out a student loan.

Direct Loan Master Promissory Note
Direct Loan Entrance and Exit Counseling
Direct Loan Request Form