Loan Process Information

FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP)

Loan Limits- FFELP

Dependent Students

Independent Students

Filing Deadlines

1^st year borrowers

(0-29 units completed)

$3500 in either Subsidized or Unsubsidized funds.

Up to an additional $2000 in Unsubsidized loan funds if you qualify.

$3500 in either Subsidized or Unsubsidized funds.

Up to an additional $6000 in Unsubsidized loan funds if you qualify.

Fall 2009:

November 25, 2009

Spring 2010:

April 23, 2010

2^nd year borrowers

(30 + units completed)

$4500 in either Subsidized or Unsubsidized funds.

Up to an additional $2000 in Unsubsidized loan funds if you qualify.

$4500 in either Subsidized or Unsubsidized funds.

Up to an additional $6000 in Unsubsidized loan funds if you qualify.

UPDATED LOAN PROCESS

** Please Note- Our loan process has changed for the 2009-2010 academic year.**

Complete a FAFSA

 Submit required Financial Aid Forms

Returning Borrowers:

(This process is for students who borrowed a Federal Family Education Loan from Ventura College during the 2008-2009 academic year.)

Click here:

 Process for Ventura College Returning Loan Borrowers

New Borrowers:

(This process is for students who did not borrow a Federal Family Education Loan from Ventura College during the 2008-2009 academic year.)

 Please continue with the steps outlined below.

Complete an online Loan Entrance Counseling session, by clicking the link below.

Stafford Loan Guide

You must pass the exam at the end of the session. Results from your Loan Entrance Counseling session will be emailed to our school within 24 hours. If you wish, you can print the results and submit them to our office. Please note, your loan will not be processed until you complete and pass your session.

Print and Submit the Loan Request Statement (If you are unable to print the form, a copy can be picked up at the Financial Aid Office.)

If you are a new borrower or you are changing lenders you will need to Sign a Master Promissory Note (MPN).  Loan funds cannot be disbursed from the lender until the MPN is signed.

If you are a returning borrower and will continue to use the same lender, a new MPN is not required by the lender.

Once your loan is approved the loan funds will be sent via regular mail to our office.  Ventura College does not participate in electronic funds transfer; therefore individual paper checks will be issued.   You will receive and email from the Ventura College Financial Aid Office as soon as your loan check(s) are ready to be picked up at the Student Business Office.

*You must provide the Student Business Office with a valid picture I.D. (drivers license, state issued I.D., or Military I.D.) and be enrolled in a minimum of six (6) units.

Attend a mandatory in-person Exit Counseling session at the end of the academic year or at the end of the Fall semester if you are graduating, transferring or not attending Ventura College.  You will receive an email towards the end of the term which will provide you with a list of dates and times for these sessions.  This is required each academic year you request a Stafford Loan.

FFELP INTEREST RATES AND FEES FOR 2009-2010

INTEREST RATES

FEES

Undergraduate Federal Subsidized Stafford

5.6%

1.5%

Federal Unsubsidized Stafford and Graduate Subsidized Stafford

6.8%

1.5%

Federal Parent PLUS

8.5%*

4.0%