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Direct Stafford Loans are low-interest loans for students to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.

To receive a Direct Loan a student MUST be enrolled for at least 6 credits per semester and meet other Federal eligibility requirements. For more information on Direct Loans go here .

 

  1. Complete Loan Entrance Counseling. This is a federal requirement for first time borrowers, and explains a student's rights, responsibilities, and consequences for borrowing and paying back Federal Student Loans.
  2. Electronically Sign MPN (Master Promissory Note). This is also required for first time borrowers. By signing it, the student agrees to pay back the loan. The YCCC Financial Aid Office recommends first time borrowers print a copy for their records.
  3. Apply for a SALT account and provide a printed confirmation page to the YCCC Financial Aid Office.
  4. Complete a Stafford Loan Application (on the right of this page). Applications can be mailed, faxed, hand delivered, or scanned and emailed.

 

  • When signing in to complete the Entrance Counseling and MPN the Federal PIN will be used (same as FAFSA)
  • All first time borrowers are required to complete Entrance Counseling and have a signed MPN on file before the financial aid office can process a loan application on their behalf. Continuing loan borrowers are typically exempt from this requirement.
  • Call 1-800-557-7394 for problems signing the MPN.
  • Student loan borrowers who leave school, drop below half-time status, or graduate will be required to complete Loan Exit Counseling
  1. Electronically sign MPN (Master Promissory Note). You will need your Federal PIN to sign in.
  2. Complete PLUS Loan Application and return to the Financial Aid Office for processing

 

  • The MPN is a legal document borrowers need to sign agreeing to pay back the loan. Call 1-800-557-7394 for problems signing the MPN.
  • PLUS loan approval is subject to a credit check
  • Repayment will begin 60 days after the final disbursement. Deferment options are available. Contact your Servicer for more information.

 

Please use the following information to contact the FSA Student Loan Ombudsman Group.

 

Via on-line assistance: http//studentaid.gov/repay-loans/disputes/prepare

 

Via telephone (toll-free): 877-557-2575

 

Via fax: 606-396-4821

 

Via mail: FSA Ombudsman Group

              PO Box 1843

              Monticello, KY 42633

Student Loan Information
Recommended Borrowing Limits (.pdf, 170K)

Recommended borrowing limits for YCCC students based on degree program and anticipated income upon graduating.

Federal 150% Subsidized Loan Eligibility (.pdf, 257K)

Due to Federal law enacted on July 6, 2012, first time borrowers who take out Direct Subsidized loans on or after July 1,2013 now have a maximum number of academic years that they can borrow or be eligible for the interest subsidy on a federal direct subsidized loan. Review this document for additional information.

2016-2017 Loan Information (.pdf, 148K)
Budget sheet for students (.pdf, 121K)

This form is required along with a meeting with Financial Aid for any student who has received recommended loan limits. Other students may find this useful in their educational and financial planning.

2017-2018 Loan Information (.pdf, 293K)
Printable Loan Applications
2016-2017 Student Loan Application (.pdf, 236K)

For Fall 2016, Spring 2017, and Summer 2017 semesters

2017-2018 Loan Application (.pdf, 280K)
Adobe Acrobat Reader is required to view and print PDF files.

 

The Opportunity Maine program provides a tax credit to help cover the payment of some student loans for eligible Maine students who graduate from a Maine community college and then work and pay taxes in Maine. No matter which community college you attend, you may get information about this program by clicking here.

YCCC does not have a "preferred lender list" for alternative loans. The following have issued alternative loans to YCCC borrowers in the last ten years.

Maine Educational Loan Authority

Sallie Mae

Suntrust Bank

TERI

Wells Fargo

 

Should YCCC provide information regarding a private education loan from a lender to a prospective borrower, YCCC will provide information to the prospective borrower, including:

  • Information required under the Sec. 128(e) of the Truth in Lending Act (15 U.S.C. 1638 (e)
  • That the prospective borrower may qualify for loans or other assistance under Title IV, HEA Programs; and
  • That the terms and conditions of Title IV, HEA Program loans may be more favorable than the provisions of private education loans.