Student Loans

​​Evergreen Valley College participates in the U.S Department of Education's Direct Loan Program. Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education.

Subsidized and unsubsidized Direct Loans are available at EVC.

 

With Direct Loans you:

  • Borrow directly from the federal government and have a single contact—your loan servicer—for everything related to repayment, even if you receive Direct Loans at different schools.
  • Have online access to your Direct Loan account information via your servicer's website.
  • Can choose from several repayment plans, and you can switch repayment plans if your needs change.

For more information about the Direct Loan Program go to:

Federal Direct Loan Program

 

 YOU MUST READ THE STUDENT LOAN POLICIES AND APPLICATION PROCEDURES

BEFORE YOU SUBMIT A LOAN APPLICATION

Student Loan Policies

 

  • Students who wish to apply for a student loan must complete the FAFSA including the EVC school code.
  • Student loans are awarded to meet educational expenses only.
  • Most students may borrow up to 50% of the aggregate loan limits for their dependency status.
  • If you are a first-time borrower after July 1, 2013, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. This is called your “maximum eligibility period.” The "maximum eligibility period" for most EVC students is three years.  This means that you will only be able to borrow a subsidized loan for 3 years regardless of the amount that you borrow.
  • Borrowers who become ineligible for subsidized loans because of the 150 percent limit are ineligible for interest subsidy benefits on all subsidized loans first disbursed after July 1, 2013.  
  • Students are encouraged to have completed 12 degree applicable units prior to applying for a loan in order to demonstrate persistence and academic progress.
  • Students that have completed less than 30 degree applicable units are subject to the first-​year loan limits.  Students that have completed 30 or more degree applicable units are subject to second-year loan limits.
  • Students that have completed degree applicable units at a college other than Evergreen Valley College or San Jose City College must have an official transcript on file with and evaluated by the EVC Admissions and Records Office.
  • Students must be enrolled in 6 or more units at the time of loan application and disbursement.
  • Students must maintain "Satisfactory Academic Progress" (refer to www.evc.edu/fao for complete policy) at the time of loan application.  Students on probation status or that have been approved by the SAP Petition Committee may be required to submit a progress report prior to loan disbursement.
  • Entrance loan counseling is required for all new student loan borrowers.
  • Exit interviews are required for all students when their enrollment level falls below 6 units.
  • As required by federal regulations, Direct Loans for new EVC borrowers are disbursed at least 30 days after the start of the loan period.
  • The loan period is the standard academic year which consists of the Fall and Spring semesters.  In cases where the program of study or the remainder of the program is less than a year, the loan amounts are prorated according to federal regulations.
  • Direct loans are disbursed in the same manner as federal grant aid.

 


 


 

Student Loan Application Procedure

  1. Complete the FAFSA and all other required documentation.
  2. Complete Entrance Counseling and sign the Master Promissory Note online.
  3. Submit completed Direct Loan Application to the Financial Aid Office.

2014-2015 Direct Loan Application.pdf

​**You must meet all eli​gibility requirements at the time of application submission.**

If you do not meet all of the eligibility requirements at the time of loan application submission your loan application will not be reviewed.

After all required documents have been received, notification of approval or denial is sent by e-mail within one week.

Online Entrance Loan Counseling and Master Promissory Note Instructions

  1. Sign in on the Direct Loans website: https://studentloans.gov/myDirectLoan/index.action

  2. Complete the Entrance Loan Counseling

  3. After you have completed the Entrance Loan Counseling, complete the Master Promissory Note.

Your completed MPN will be sent to the EVC Financial Aid Office.  You may want to print a copy for your records.

 

Direct Loan Definitions

Deferment

A postponement of payment on a loan that is allowed under certain conditions and during which interest does not accrue on Direct Subsidized Loans, Subsidized Federal Stafford Loans, and Federal Perkins Loans. All other federal student loans that are deferred will continue to accrue interest. Any unpaid interest that accrued during the deferment period may be added to the principal balance (capitalized) of the loan(s).

First-time Borrower

A student who does not have an outstanding balance on a Direct Loan or FFEL Program as of July 1, 2013.

Grace Period

A period of time after borrowers graduate, leave school, or drop below half-time enrollment where they are not required to make payments on certain federal student loans. Some federal student loans will accrue interest during the grace period, and if the interest is unpaid, it will be added to the principal balance of the loan when the repayment period begins.

Subsidized Loan

Loans for students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.

Unsubsidized Loan

Loans for students not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.


 


 


 


 

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