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Direct Loans are available for you to borrow to offset your tuition and assist you with any educational related expenses. The loans are made through the William D. Ford Federal Direct Loan Program and are administered by the U.S. Department of Education. Below are Direct Loan Programs that are offered at Santa Ana College:
 
Direct Subsidized Loan – The amount awarded is based on your financial need. Interest is charged during the life of the loan, including the time you are in school less than half-time, during grace period, and during eligible periods of deferment. The only exception that the interest is waived is while you are enrolled in college on at least half-time basis (6 units). To be eligible for Subsidized Loan, you must be enrolling in 6 approved units.
 
Effective as of July 1, 2013, all first-time borrowers can only borrowed Direct Subsidized Loan up to 150% of the length of the borrower’s published educational program. A first-time borrower is defined as someone who did not have an outstanding balance on a Direct Loan or on a FFEL Program Loan on July 1, 2013.   
  
Direct Unsubsidized Loan – This loan is not based on your financial need. Dependent students are eligible to borrow up to $2,000 of unsubsidized loan. However, if you are a dependent student and you are not eligible for subsidized loan, you may borrow up to $5,500 of unsubsidized loan. Interest is charged during the life of the loan, including the time you are in school, during grace period, and during eligible periods of deferment. To be eligible for Unsubsidized Loan, you must be enrolling in 6 approved units.
 
DIRECT LOAN LIMITS
 
Type of Loan

Freshman – Level 1

0-29.9 completed units

Sophomore – Level 2

30+ completed units

 

Direct Subsidized Up to $3,500 Up to $4,500
Direct Unsubsidized Up to $6,000 Up to $6,000
 
Interest rates for Direct Subsidized and Direct Unsubsidized Loan, first disbursed between July 1, 2014 and June 30, 201, are as follow:
 
                   Direct Subsidized is fixed at 4.66%
                   Direct Unsubsidized if fixed at 4.66%
 
 
STUDENT LOAN WORKSHOP/STUDENT LOAN ENTRANCE COUNSELING
 
New Borrowers:
 
All student loan borrowers (except those who attended a loan workshop during 2013-2014 academic year at Santa Ana College) are considered as new borrowers and are required to attend a loan workshop before a loan can be processed.  Prior to the loan workshop, you must complete an Entrance Counseling and a Master Promissory Note on-line at www.studentloans.gov. The loan workshop will cover your rights and responsibilities as well as our policies procedures.  To demonstrate your knowledge and understanding of the Direct Loan Program, a test will be given at the end of the workshop and you must pass the test in order for us to process your loan request.
After you have accepted your pending award(s) on WebAdvior or have received your award letter, you can pick up a loan packet and sign up for a loan workshop at our office.  Space is available on a first come first served basis.  For a list of dates and times that these workshops are offered, please contact our office.
 
Returning Borrowers:
If you attended a loan workshop during 2013-14 academic year at Santa Ana College and you will be applying for another loan for the 2014-15 academic year, then you are considered as a returning borrower.  As a returning borrower, you are not required to attend a loan workshop.  After you have accepted your pending award(s) on WebAdvior or have received your award letter, you can pick up a loan packet from our office.  You must complete a Student Loan Entrance Counseling on-line at www.studentloans.gov.  To prevent any unnecessary delay in processing of your student loan, please complete and return the packet plus all required documents to our office as soon as possible.  We will not process your loan request if your loan packet is incomplete and/or missing document(s).   
  
  
STUDENT LOAN EXIT COUNSELING
 
All student loan borrowers for the current academic year are required to complete the Student Loan Exit Counseling on-line at www.studentloans.gov. You must complete your Student Loan Exit Counseling after your last loan disbursement or before the end of the current school year.  If Fall semester is your last semester at Santa Ana College, then you must complete your student loan exit counseling after the 2nd loan
disbursement or before the fall semester end.    If you don't complete your student loan exit counseling, then a hold will be placed on your student record.
  
 
For disbursement of your Direct Loans, please refer to the District’s disbursement policies by clicking on the following link: RSCCD’s Disbursement Policy

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HNYXMCCMVK3K-646-19
Content Type: SAC Page
Version: 33.0
Created at 11/28/2011 3:49 PM by Dinh, Ha
Last modified at 7/21/2014 12:23 PM by Pham, Chinh