First time Borrower Packet 2016-2017
Fall 2016 Loan Deadline Dates
•
•
May 1, 2016- to guarantee loan is
processed by June 22, 2016 payment
due date.
Dec. 1, 2016- FINAL deadline for
fall/winter loans and fall increases
Spring 2017 Loan Deadline Dates
•
•
Nov. 15, 2016- to guarantee loan is
processed by Spring 2017 payment due
date.
May 1, 2017- FINAL deadline for
spring/summer loans and increases
2016-2017
FIRST TIME BORROWER AT HCC
This packet is for students borrowing for the first time at HCC.
If you have borrowed at another school, you still need to complete this packet in its entirety (in blue or black ink) and
attend an in-person Entrance Counseling Session.
BEFORE YOU REQUEST A LOAN
Have you considered the following options?
1. Apply for scholarships. HCC Scholarships are listed on OWLNet, “All about Me’’ tab, look on right hand side.
Also do search at www.fastweb.com
2. NBS/FACTS Tuition Payment Plan info at http: http://www.harford.edu/student-services/paying-forcollege/tuition-and-fees/how-to-pay.aspx
3.
4.
5.
6.
7.
8.
Check with your employer or your parent’s employer to see if they offer scholarships or tuition assistance.
Talk to grandparents or other relatives to see if they can assist you with college costs.
Contact community organizations, worship centers, etc. for additional grants/scholarships.
Work-study or a part-time job.
Parent’s military education benefits.
Reduce costs by living with parents, renting or buying used textbooks, eating out less, carpooling, etc. For
money management tips go to: http://www.smartaboutmoney.org/
9. Take CLEP exams to reduce number of credit hours you need for your program.
IF YOU STILL NEED TO BORROW, HERE ARE SOME IMPORTANT THINGS TO REMEMBER WHEN BORROWING:
•
•
•
•
Borrow only what you need. You should only borrow for tuition, fees, and books.
Loan payments should never exceed 8-10% of your monthly net pay.
Your total education debt should be no more than your expected starting salary. For example, if you
expect your salary to be $28,000, you should not borrow more than $28,000 for your entire education.
Ideally, you should not borrow more than half of your expected salary or $14,000 in this example for your
entire education. This will make your payments affordable. See next page for calculation.
Consider making payments on your loan while you are in school.
___________________________________
Student Signature
H__________________
HCC ID#
___________________
Date
LOAN PLANNING WORKSHEET- MUST COMPLETE
Whether you are a First Time Loan Borrower or a Repeat Borrower, it is necessary to have a plan of action to help
keep from borrowing more than you can afford. Please complete the following information in its entirety and
submit a copy with your loan packet. You must complete this page.
Name: ________________________
Student ID: H___________________
How many credits have you completed toward your degree? _____________________
How many credits have you taken, but did not complete, toward your degree (failed, withdrew, etc.)?_________
How many more credits will you need to complete your degree? ________________________
What is your long term educational goal?
____ AA degree (2 years)
____ BS/BA degree (4 years)
How many years will it take you to complete your degree? __________________________
What is your career goal? _____________________________________________________
What is the beginning salary for your chosen career? Go to wwwsalary.com to determine your starting salary.
$ ________________________________
If you have borrowed previously at another institution, go to www.NSLDS.ed.gov to locate the answers to the
next two questions:
How much loan money have you already borrowed at other schools? ___ ______________
What is the name of your servicer(s) or loan providers? _______________________________________
(Dept. of Education or Direct Loans is NOT a servicer- you must list your actual servicer: Examples: Great Lakes, Nelnet, Navient,
Mohela, FedLoan/PHEAA, etc.).
When borrowing loans for education it is recommended that your total amount borrowed for your entire
education not exceed your anticipated beginning salary. Ideally, you should borrow a maximum equal to half
your anticipated beginning salary.
What is half the beginning salary for your chosen career
$_________________
How much do you currently owe on all student loans taken previously? $ _________________
Half your beginning salary
Previous loan debt
Loan Amount
$______________________
(minus) $_____________________ =
$ _____________________ *
* You should borrow no more than this amount for the remainder of your education.
While this loan amount is just a guideline, keep this amount in mind as you plan your future educational goals. It is important that you have a realistic view
of the expected salary/earnings related to your anticipated career. What you borrow today needs to be considered within the context of your anticipated
salary/earnings, in addition to your current financial and employment situation. By having a greater awareness of the financial compensation you will
potentially earn, you will provide yourself with the opportunity to make a well-informed and responsible decision regarding your student loan. The
financial decisions and debt management planning you do today will affect your financial well-being and credit history of tomorrow. Staying within a loan
budget will make it easier to afford your payments when the time comes. Also, if you plan to transfer to a four year college, be aware that your tuition will
be significantly higher. In order to stay within your loan budget, it may be wise to borrow less, or not at all, at the Community College level.
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This is a worksheet for planning purposes only, completion is optional. Refer to the next page for loan limits and
disbursement information. You cannot request more than the loan limits on the next page.
Loans will be disbursed equally over the loan period.
1.
2.
3.
4.
Do you need to borrow funds for tuition and fees?
Yes
No
If yes, enter the amount you need to borrow for each semester.
FALL
2016
WINTER
2017
SPRING
2017
SUMMER
2017
Do you need to borrow funds for books and supplies?
Yes
No
If yes, enter the amount you need to borrow for each semester.
Do you need to borrow funds for living expenses such as
rent/food?
Yes No
If yes, enter the amount you need to borrow for each semester.
Do you need to borrow funds to assist with other miscellaneous
expenses such as childcare or transportation?
Yes
No
If yes, enter the amount you need to borrow for each semester.
5. Total Amount Needed to Borrow Each Semester
TOTAL LOAN AMOUNT REQUESTED TO BORROW FOR THE 2016-2017 YEAR $
You can only request up to the limits on the next page.
Loan proceeds will be disbursed evenly, in two disbursements. For example,
if you request $3,000 for Fall/Spring, you will receive $1,500 in Fall and
$1,500 in Spring. If you request $3,000 Fall only you will receive 2
disbursements of $1,500 one week apart.
Summer loans will require a separate request form. Summer loans cannot be
requested until registration for summer begins in March/April.
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Federal Stafford Direct Loan Limits
ACADEMIC YEAR
DEPENDENT UNDERGRADUATES
First Year
0-30 earned credit hours
Second Year
31 earned credit hours or more
INDEPENDENT UNDERGRADUATES
or dependent undergrads whose
parents are unable to borrow PLUS
loan
First Year
0-30 earned credit hours
Second Year
31 earned credit hours or more
ADDITIONAL
UNSUBSIDIZED
ANNUAL MAXIMUM
$3,500
$2,000
$5,500
$4,500
$2,000
$6,500
$3,500
$6,000
$9,500
$4,500
$6,000
Lifetime Loan Limits
$10,500
BASE SUBSIDIZED
AMOUNT
AGGREGATE
SUBSIDIZED
MAXIMUMS
DEPENDENT UNDERGRADUATES
INDEPENDENT UNDERGRADUATES or
dependent undergrads whose parents are
unable to borrow PLUS loan
TOTAL
AGGREGATE
MAXIMUM (sub
and unsub)
$23,000
$31,000
$23,000
$57,500
Subsidized Stafford Loan
• Available to students who demonstrate financial need (determined from FAFSA and Cost of Attendance at HCC and
other aid received).
• Interest paid by U.S. Dept. of Education while you are in school at least half time,
• The amount of your Subsidized Loan cannot exceed your financial need.
• Limited to 150% of program length (HCC is a 2 year program so while at HCC you can only get sub loans for 3 years.)
Unsubsidized Stafford Loan
• Does not require students to demonstrate financial need.
• You are responsible for interest that accrues on the loan from the time the loan is disbursed until it’s paid in full.
• It is highly encouraged that you pay interest while you’re in school.
Depending on your financial need, you may receive both Subsidized and Unsubsidized Loans for the same enrollment period,
but the total amount of these loans may not exceed the annual loan limit. HCC will determine the actual loan amount you are
eligible to receive for an academic year and it may be less than the maximum annual amounts shown in the chart above.
Harford Community College is committed to assisting students in meeting their educational goals. Grants and scholarships
funded by the institution and the Harford Community College Foundation can be found on our website or on the student
OwlNet account. Information about financial management and literacy can also be found on these sites.
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Name
Harford ID#
Phone #
PERSONAL REFERENCE SHEET- First Time Borrower
NOTE:
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1.
This form must be completed IN FULL.
All references must be 18 years of age or older.
First reference should be a parent, legal guardian or relative that will always know how to get in touch
with you. DO NOT INCLUDE YOURSELF OR YOUR SPOUSE.
All of your references must have different addresses (For example, you cannot list your parents as two
references if they both live at same address).
Name: ________________________________________________________________
Address (including City, State and zip code: __________________________________
______________________________________________________________________
Relationship to borrower: _________________ Phone Number: __________________
Occupation: ___________________________________________________________
2.
Name: ________________________________________________________________
Address (including City, State and zip code: __________________________________
______________________________________________________________________
Relationship to borrower: _________________ Phone Number: __________________
Occupation: ___________________________________________________________
3.
Name: ________________________________________________________________
Address (including City, State and zip code: __________________________________
______________________________________________________________________
Relationship to borrower: _________________ Phone Number: __________________
Occupation: ___________________________________________________________
References will be checked. The loan will be denied if false or
unverifiable information is provided.
If you purposely give false or misleading information, you may be fined up to $20,000, sent to prison, or both.
Scanned by: __________ Date:______________
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2016-2017 Federal Stafford Direct Loan Request Form/First Time Borrower
ALL QUESTIONS MUST BE ANSWERED and SIGNED ON NEXT PAGE.
1. When do you expect to transfer or graduate from HCC? _________(month)/__________ (year)
List Month and Year (ex. May 2017)
2. First Name: _____________________________ Last Name: ________________________________
3. Harford ID: H _____________________________ SS#_____________________________________
4. Date of Birth: _______________________________
5. Street Address: _____________________________________________________________________
City: ______________________________
State: ___________
Zip Code: ______________
6. Telephone # (Home) ________-__________-__________ (Cell) _______-_________-___________
7. Driver’s License #: __________________________________________
State: ___________
8. HCC Email address:___________________________________________________________________
9. LOAN REQUEST AMOUNT (for 2016-17 school year) $_______________________________________
DO NOT LEAVE BLANK, YOU MUST WRITE A DOLLAR AMOUNT) Refer to page 4 of this packet for HCC loan limits.
The Financial Aid Office will certify your Subsidized Stafford Loan eligibility (if any) prior to your Unsubsidized
Stafford Loan Eligibility. If you do NOT want an Unsubsidized Stafford Direct Loan please check this box.
Refer to page 4 for explanation - please note you may only qualify for an Unsubsidized Loan.
10. What semester(s) do you want to borrow this loan? You should be borrowing for the entire 2016-17 school
year at one time. You will receive a disbursement memorandum at your in-person Entrance Counseling
Session stating disbursement dates for the entire school year.
Fall & Spring ___________ Fall Only* __________ Spring Only ___________
2016-17
2016
2017
There are no WINTER only loans - you must include winter loan in FALL disbursement.
*If borrowing for Fall only do you plan to enroll at HCC in Spring 2017? Yes or No (please circle)
Summer loans can be requested once summer registration begins in March/April. Deadline for summer
loan requests is May 1, 2017.
Loan increase forms are available online or in the Financial Aid office.
Loan proceeds will be disbursed evenly, in two disbursements. For example, if you request $3,000 for Fall/Spring, you will
receive $1,500 in Fall and $1,500 in Spring. If you request $3,000 Fall only you will receive 2 disbursements of $1,500 one week
apart.
11. List how you will use the loan proceeds:
____________________________________________________________________________________
____________________________________________________________________________________
Scanned by: _________ Date: ______________
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2016-2017 Federal Stafford Direct Loan Request Form/ First Time
Borrower
Statement of Understanding
I have read the list of requirements for Stafford Loan processing request (on page 9) and have submitted all items
prior to attending an Entrance Interview session with a loan counselor. I understand that I am submitting a request
for a loan which, if certified, must be repaid with interest. When I accept a student loan I agree to repay the loan(s),
including interest and fees, whether or not I complete my education, complete the program within the regular time
frame, obtain employment or am satisfied with my education.
I understand that HCC cannot process my loan if my file is incomplete. I understand the school is neither the
guarantor nor the lender of this loan. I understand that I must sign my loan application (MPN - Master Promissory
Note) on the web at www.studentloans.gov.
I understand that if I do not complete and sign the MPN my loan proceeds cannot be disbursed. I understand that if
my address or any other information I have provided to the school is not correct or is incomplete that my loan
cannot be processed. If I move, I must notify my lender/servicer of the address change. I understand that I must
maintain six (6) credit hours to have a loan processed and continue to make Satisfactory Academic Progress (SAP) as
defined by the College.
I understand that if my total loan indebtedness is equal to or greater than $30,000
(including this loan request), I am required to meet individually with a Financial Aid
specialist to review my reasons for requesting a loan. After my individual counseling I
will need to meet with an academic advisor to develop an academic plan PRIOR to my
loan being certified. It is strongly recommended that I use the FACTS payment plan or
another means of paying my bill while this evaluation is taking place so that my classes
are not cancelled.
I understand that in compliance with Federal Regulations, as interpreted in GEN 91-19, Harford Community College
may use professional judgment to refuse to originate a loan or to reduce the amount of a loan. HCC will deny loans
after consideration on a case-by-case basis for the following reasons:
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Student entering a new program who has insufficient loan eligibility remaining to complete the new program
of study.
Student indicates in writing, or in loan borrowing counseling session, that the loan will be used for noneducational purposes.
Student’s coursework does not fit into the student’s declared major, based on a required academic plan.
Other circumstances that strongly indicate an unwillingness to repay or abuse of loan programs.
I understand that all loans will be submitted to the National Student Loan Data System (NSLDS) and will be
accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
______________________________________
Student Signature
H_______________________
HCC ID
_______________
Date
If you purposely give false or misleading information, you may be fined up to $20,000, sent to prison, or both.
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2016- 2017
First Time Borrower Packet Checklist
Direct Loan Program
Please Check Below To Be Sure You Have Completed Each Requirement
_____ Free Application for Federal Student Aid (FAFSA) electronically submitted at www.fafsa.gov .
_____ Verification Documents - Check your OwlNet account to see if you have been selected for verification.
_____ Declare a Major - You must be in a degree program to receive any financial aid. LOANS ARE FINANCIAL AID.
_____ Register for at least 6 credits prior to submitting the Borrower Loan packet.
_____Reference List- page 5 of packet.
______Submit official transcripts from ALL previously attended colleges. If you will borrow $30,000 or more with this
loan request, an academic plan must also be submitted after you attend your loan counseling session.
_____ Complete HCC Financial Aid TV First Time Borrower Counseling at: http://harford.fatvcounseling.com
You will need to set up an account in the “New User” section. Print and submit the completion page or copy of
completion email with this packet.
_____ Complete Master Promissory Note (MPN) with Department of Education at www.studentloans.gov .
Steps to Complete MPN: 1. Login 2. On left complete MPN 3. Select Sub/Unsub 4.Complete all screens making
sure you open and review all sections 5. “sign” at bottom of Step 4 6. Review MPN and hit submit 7. Receive final
page stating “you have successfully submitted your MPN”. If you do not receive this message, your MPN did not
process correctly and your loan will not be disbursed. We do NOT need a copy of your MPN.
_____ Submit ALL pages of the Borrower Loan Packet and FA TV Borrower Counseling confirmation page.
Next Steps:
Your packet will be reviewed by a loan counselor and you will be contacted to schedule an in-person Entrance Counseling
Session. It could take 2-8 weeks before you are contacted to schedule the Counseling Session. Please review your HCC
email regularly; the loan counselor will contact you if there are any questions about your loan request. Your loan is
NOT processed until you complete in-person Entrance Counseling with an HCC loan counselor.
I understand:
• Turning in a loan packet is not enough to hold my classes. Loan must be processed and I must attend in-person
Entrance Counseling before the payment due date to avoid being dropped for non-payment. Payment due
date for Fall 2016: June 22, 2016. Spring 2017 due date TBD.
•
If I submit my loan packet after the loan deadline date and/or loan is not processed by payment due date I
must make other arrangements to pay my bill so that my classes will not be dropped for non-payment. I
understand that I will also need to purchase my books with my own money.
My signature below indicates that I have fully completed every requirement listed on the Borrower’s Packet. All forms
I am submitting are completed in full.
________________________________________
H___________________
______________________
Signature
Harford ID#
Date
Scanned by: ______________ Date: ______________
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Do not forget to do these items:
• Complete every page in packet as indicated.
• Make sure References are accurate and complete-we WILL verify!
• Turn in Completion page or copy of Completion Email from
Financial Aid TV with this packet. We will not process your loan if
this page is not turned in. http://harford.fatvcounseling.com
• Complete MPN at www.studentloans.gov - print for YOUR
records we do NOT need a copy.
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