Before accepting any loan, students are encouraged to visit www.NSLDS.gov to review total debt and loan amount. Loans must be paid back to the Federal Government beginning 6 months after a student drops below 6 credit hours.
Direct Subsidized Loans
The Federal Subsidized Loan is a need-based loan that must be repaid upon completion of school or interruption of studies. The student who qualifies may borrow up to $3,500 for the academic year as a freshman and $4,500 as a sophomore. All borrowers are required to complete an Entrance Counseling Interview online at the Direct Loan website, i.e., www.studentloans.gov. Students are required to be actively enrolled for at least six credit hours each semester to maintain loan eligibility.
Direct Unsubsidized Loans
Direct Unsubsidized Loans enable students to borrow regardless of need. A Direct Unsubsidized Loan is not based on need. Interest will accrue on this loan while the student is enrolled and may be paid or capitalized as agreed by the borrower and the lender. If a student elects to pay the interest payments during school, the student can complete a Master Promissory Note (MPN) electing to pay. If a student elects to not pay the interest payments during school, the interest will be added or capitalized onto the principal balance at repayment, which means the interest will be added to the student’s principle balance.
Direct Plus Loans for Parents
The Direct Plus Loan for Parents allows parents of dependent students to borrow per year up to the cost of education less any other aid. The repayment period begins on the day the loan is disbursed, and the first installment to the Department of Education is due within 60 days of that date. This loan is not based on need.
The parent applying for the loan is responsible for repaying the loan. In this case, parent means the student’s parent, adoptive parent, or step-parent.
A PLUS loan is available without regard to financial need and may include the full cost of education minus other forms of financial aid. The lender is required, however, to verify that the parent borrower does not have an adverse credit history.
First-Time Loan Borrowers
Federal regulations require that the college delay delivering the proceeds of educational loans to first time borrowers until 30 days after the start of classes. In addition, all first time borrowers must receive loan counseling before loan funds can be disbursed. Students must complete a Master Promissory Note and entrance loan counseling at www.studentloans.gov.
If a student has authorized aid and has a credit balance on his or her account (negative balance), after tuition and fees have been paid, books may be purchased using a bookstore credit. The credit is automatically placed on the student’s Delgado ID. Students can access their Bookstore Credit using their Delgado ID Card. Students should log into the Student ID Card portal to access bookstore credit information. Bookstore credits are only available for a limited time at the beginning of each Fall and Spring Semester and Summer Session.
Financial Aid Payments in Excess of Tuition/Fees/Books
At the time financial assistance is disbursed or credited to a student’s account, valid outstanding charges will be deducted and any applicable excess credit balance will be refunded to the student within 14 days after the credit balance appears on the student’s account. Refunds are delivered to students through BankMobile based on the student’s Refund Selection Preference. Delgado will NOT issue refund checks, so students MUST select a refund preference online through BankMobile. For more information on refunds and BankMobile, visit Refund Questions on the Delgado website and/or dolphinonecard.vibeaccount.com/.
Mandatory Exit Interview
Each loan recipient is required by federal regulations to participate in an exit interview at the time the student ceases to attend Delgado Community College at least half-time. Students should go to the Financial Assistance office at their respective campus for this exit interview before the student withdraws, graduates, drops to less than half-time, or completes his/her last semester at Delgado. Students can also complete an exit interview on the Internet at www.studentloans.gov/.
Delgado’s Veterans Affairs counselors serve as certifying officials who act as a liaison between the Department of Veterans Affairs and the veteran student. This involves assisting with a variety of processing and information needs such as documentation requirements, correspondence, and the certification benefits.
Discharged servicemen, reservists, those currently in the armed forces, or qualified dependents who plan to attend Delgado must apply for certification to the regional Veterans Administration through Delgado’s Veterans Affairs Office. Services which are provided to qualified recipients include:
- Liaison with personnel from the Veterans Administration
For additional information, contact a Delgado Veterans Affairs counselor or contact the GI Bill staff directly at 1-888-442-4551.