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FINANCIAL AID

 

How to apply for a Direct Loan at Chabot College

Direct Loan Application packets are available for pick up at the Financial Aid Office.  Applications WILL NOT be accepted for review if the Financial Aid Office does not yet have your 2015-2016 FAFSA on file AND all requested 2015-2016 Financial Aid forms & documentation AND/OR if you are not currently meeting Direct Loan eligibility requirements.

Before submitting a Direct Loan Application to the Financial Aid Office, you will be required to complete:  

  • MASTER PROMISSORY NOTE (MPN) The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.  It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated, when interest is charged, available repayment plans, and deferment and cancellation provisions.

    • All Direct Loan Borrowers are required to sign a Master Promissory Note (MPN) online at www.studentloans.gov.  Chabot College does not allow more than one loan to be made under the same MPN, therefore all Direct Loan Borrowers at Chabot College are required to sign a NEW MPN each academic year that they borrow a student loan. Studentloans.gov will send an electronic notification of your completed MPN to Chabot College within 3-5 business days of completion.

  • ONLINE ENTRANCE COUNSELING:  All students taking out a Direct Loan have to complete online Entrance Counseling using www.studentloans.gov.  If you have not previously received a subsidized or unsubsidized loan under the Direct Loan or Federal Family Education Loan (FFEL) Program, you are considered a NEW BORROWER  and are REQUIRED to complete online Entrance Counseling.  Studentloans.gov will send an electronic notification of your completed Entrance Counseling to Chabot College within 3-5 business days of completion.

  • DIRECT LOAN BORROWING PLAN:   A Direct Loan Borrowing Plan is REQUIRED for NEW BORROWERS as part of Entrance Counseling, and must be submitted with your Direct Loan Application (Direct Loan Borrowing Plans are included with the Direct Loan Application).  Return borrowers are strongly encouraged to complete the borrowing plan each year that they borrow a student loan.  The purpose of the borrowing plan is to help you determine how much student loan borrowing you will need to rely on each academic year until your final education goal is completed (this includes your education goals beyond the community college level).  Take your time and be mindful of YOUR future while completing your borrowing plan!  If we determine that your academic plan conflicts with your current and past enrollment and/or declared major, you may be required to meet with a Financial Aid Advisor to establish a smart borrowing plan BEFORE your loan application can be processed!

  • ONLINE EXIT COUNSELING (not required before submitting a Direct Loan Application) All students taking out a Direct Loan have to complete online Exit Counseling using www.studentloans.gov.  Exit counseling will be required each year that you borrow a Direct Loan at Chabot College.  It should be completed either upon completion of your 2015-2016 academic year, or upon withdrawing or enrolling below a less than half time enrollment status during the 2015-2016 academic year.  Email notifications to complete your Exit Counseling requirement will be sent to student's ZoneMail.  Studentloans.gov will send an electronic notification of your completed Exit Counseling to Chabot College within 3-5 business days of completion.

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     Click here for Direct Loan Application Deadline Dates & Processing Announcements

   
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    Phone: (510) 723-6600 | Last updated on 3/31/2016