| Apply for a Direct Loan. |
| Below are the steps you must complete to receive your first Direct Loan at Long Beach City College. For the Master Promissory Note and for the Exit Counseling, you will need your PIN number, issued to you by the Department of Education. You can request a copy of your PIN if you lost it. You will not need it to complete the entrance counseling portion of the loan application process. If at any time you have a problem with the online process see your Financial Aid Office at LAC or PCC about completing the process in paper form. |
| Step 1. |
| Complete the Entrance Counseling at the Department of Education website. |
| Step 2. |
| After you have completed the Entrance Counseling, print, complete, and submit the LBCC Direct Loan Application to the Financial Aid Office at LAC or PCC. |
| Step 3. |
| If needed, print and complete a Loan Appeal Request Form (does not apply to all students). Submit this form to your campus Financial Aid Office if you are applying to exceed LBCC's recommended total borrowing limit of $12,500. (This loan limit includes all student loans, even from other schools.) If you have loans from other schools and are unsure of how much you have borrowed, you can see your complete loan history at the National Student Loan Data System--a PIN is required. |
| Independent students applying for an Additional Unsubsidized Direct Loan must also use this form.
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| Step 4. |
| Complete a Master Promissory Note at the Department of Education website. You do not need to submit a copy of the promissory note to us. We will receive the information electronically. |
| Step 5. |
| A Verification of Attendance form must be completed and signed by ALL your instructors after the second week of the semester. All instructors must indicate that your attendance has been satisfactory and you are earning at least a grade of "C" in all your classes in order to have a check ordered for you. Note: the instructors' signatures cannot be older two weeks from the time you turn in the form. |
| Step 6. |
| Carefully read the following information about Direct Loan processing at Long Beach City College. If you have any questions, please call or come by the Financial Aid Office at LAC or PCC. |
| Once we have your application, we will determine how much you are eligible to borrow. Most students receive the entire amount they request. However, there are some factors which affect loan eligibility, such as financial need, year in school, and amount of previous borrowing. |
| The amount of financial need you have after taking into account your financial aid budget, the Effective Family Contribution (EFC) from your FAFSA, and the financial aid you are already receiving. |
| Freshmen (0 to 29.5 total units completed), may borrow up to $3,500 per year. Sophomores (30 or more total units completed) are limited to $4,500 per year. There are no juniors or seniors at a community college. |
| At Long Beach City College, students may borrow up to a total of $12,500 (including any loans from previous schools). Students who wish to exceed that total must fill out a Loan Appeal Form. |
| Unsubsidized Loans begin to accrue interest as soon as the loan is made. The borrower can repay the interest quarterly or capitalize the interest (add it to the loan principle) in which case the loan grows while the borrower is in school. Students who want to apply for an Additional Unsubsidized Direct Loan at Long Beach City College, must fill out a Loan Appeal Form. |
| New borrowers may complete their Promissory Note online (continuing borrowers do not need a new Promissory Note). This is your official loan document. Keep one copy for your records. On the other two copies, write in two references (who live at different addresses from each other and from you) and sign and date both copies. Bring those copies into the Financial Aid Office. |
| New borrowers applying after the second week of school must also submit a Verification of Attendance form, as indicated in Step 5, above. |
| Once you turn in your completed forms, disbursement of your loan funds will be authorized. Typically, loan funds are disbursed to Higher One two to three weeks after the Promissory Note and Verification of Attendance are submitted.
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| Step 7. |
| Complete Direct Loan EXIT Counseling. (Department of Education PIN required.) You must complete exit counseling before your second loan disbursement will be authorized. We will receive confirmation that you have completed it electronically from the Department of Education. |
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