Important Federal Direct Loan Reminders
- Loan processing can take up to 4-6 weeks. Please be sure that you have completed all of the requirements above so your loan can be processed when it’s your turn.
- Communication will be via email, via Financial Aid in the Shasta Portal, or via U.S. mail.
- From the date that the first disbursement is made, you have 14 days to cancel your entire loan, and must return all disbursed loan funds at the time of cancellation. You have the right to cancel all or a portion of any undisbursed loan amounts at any time by emailing studentloans@shastacollege.edu
- The earliest loan disbursement is 30 days after the semester begins.
- You must be actively enrolled in six or more units both at the time of loan awarding and at the time of every disbursement. If you drop below six units, all undisbursed loan amounts will be cancelled.
- A high risk borrower is defined as someone who has ever defaulted on a prior student loan or has prior loan debt that exceeds $11,000 for a Dependent student or $19,000 for an Independent student. If you fall into one of these categories, there could be additional steps in processing your loan. A high risk borrower should understand their prior loan debt obligation and consider carefully before requesting an additional loan. Prior loan history should be reviewed at https://studentaid.gov/asla/.
- Under 34 CFR § 685.301, on a case-by-case basis, the financial aid office may refuse to originate a student loan or may reduce the borrower’s determination of need for the loan. Should this determination be made the Financial Aid Office must document the determination and provide the reason for determination to the borrower in writing.
- You must continue to meet all Satisfactory Academic Progress (SAP) requirements to be eligible for a Direct Loan. If you become Ineligible, any undisbursed loan amounts will be cancelled.
Questions?
Contact Renee by emailing studentloans@shastacollege.edu