Accepting Loans: Beginning July 23, 2018 students can start accepting loan(s) on BroncoDirect for the 2018/2019 academic year.
To Decline or Reduce a Loan: Students will need to submit an Information Update form to the Office of Financial Aid & Scholarships requesting the reduction or cancellation of the loan(s).
Impact of Enrollment on Direct Loans: In general, Direct Loans are not pro-rated based on enrollment. However, you must be enrolled at least Half-Time in order to be eligible to receive funds from the loans. If you do not begin enrollment at least half-time, or if at the time funds are released you are enrolled less than half-time, you will not be eligible for your loan funds.
Direct Loans are borrowed funds student’s must repay with interest in which the lender is the U.S. Department of Education. Direct Loans have low, fixed interest rates and the funds can be used to assist with paying educational costs. The Direct Subsidized Loan is only available to undergraduate students who demonstrate financial need. The Federal Government pays the interest as long as the student is enrolled at least half time. The Direct Unsubsidized Loan is available to undergraduate, graduate and doctoral students and is not income or credit-based. The student is responsible for the interest from the time this loan is disbursed until it is paid in full.
Loan amounts for graduating seniors (Undergraduate Students) enrolled for one semester only:
If you will be graduating, and are enrolled for one semester only during the award year, your Direct Loans will be prorated as follows:
- enrolled in fewer than 12 units, loans are prorated down, based on units
- enrolled in more than 12 units, loans are prorated up based on units
The Entrance Counseling and Master Promissory Note must be completed before loans are disbursed.
Entrance Counseling: First time Direct Stafford loan borrowers must complete this requirement online for the 2018/2019 academic year starting now at www.studentloans.gov .
Master Promissory Note (MPN): Beginning Wednesday, August 1, 2018, all new Direct Stafford loan borrowers must complete the MPN for the 2018/2019 academic year at www.studentloans.gov .
Direct PLUS loans are for parents or stepparents who need to borrow to assist in their dependent’s undergraduate educational expenses. Parents may borrow up to the total cost of attendance minus any financial aid the student is receiving. To apply, complete a PLUS loan application. However, the application cannot be processed until a Free Application for Federal Student Aid (FAFSA) is completed. New Direct PLUS borrowers are required to complete a Master Promissory Note (MPN) once credit is approved and before funds can be disbursed to the student.
The Federal Graduate PLUS loan is available for students in the Graduate and Doctoral programs; not available for credential students. This loan is to supplement educational needs beyond the Direct Unsubsidized Stafford loan maximum eligibility for the academic year. Graduate/Doctoral students may borrow up to the Cost of Attendance. New Direct Graduate PLUS borrowers are required to complete an Entrance Loan Counseling and a Master Promissory Note (MPN) once credit is approved and before funds can be disbursed to the student. The Entrance Counseling and MPN requirements must be completed on-line at: www.studentloans.gov
Private loans are offered by many lenders as an addition to the Federal Student Loan Programs. Private loans can assist borrowers who do not qualify for the federal programs. Interest rates, fees and repayment plans vary from lender to lender. A FAFSA must be completed each academic year. Borrowers are encouraged to start the application process for the 2018/2019 after August 1, 2018 to avoid credit approval from expiring. Our office will start certifying/processing private loans after July 23, 2018. Once students have accepted/declined Federal Stafford Loans.
Cal Poly Pomona participates in the California Dream Loan Program which offers a low interest rate and is guaranteed by the U.S. Department of Education. This loan is only available to eligible AB540 undergraduate students. Award amounts range up to $3,000 for 2018-2019 academic year and awarded based on the availability of funds. The current fixed interest rate for 2018-2019 is 5.045% starting July 1, 2018. A Master Promissory Note (MPN) must be completed every year before funds will be disbursed.