Direct Loan Request Process
LOAN DEADLINES | DATES | STATUS:
Full Year Loans (Fall/Spring) Due: prior to your last date of attendance for the academic year
One Term Only Loans Due: prior to your last date of attendance for the term
NOTE: One Term Only Loans are for students who plan to be only enrolled in at least 6 units for a single term. Students who plan to be enrolled in at least 6 units for both Fall and Spring, will be requesting a "Full Year Student Loan."
Completion of the federal financial aid application (FAFSA), for the corresponding academic year, and all additional requested documents is required prior to requesting a Direct Student Loan. Carefully review the loan request steps as outlined below (click on the links to access required forms or websites). The loan processing steps should be completed in the order presented (See Sections 1-3), otherwise delays can occur with the loan disbursement.
1. WHAT DO YOU NEED TO KNOW BEFORE YOU REQUEST A LOAN?
Borrow only when absolutely necessary. Students who are planning to transfer should be aware that loans are generally the largest portion of a financial aid package at four year colleges. Consider your total educational debt before borrowing at College of the Redwoods.
Loan Interest Rates and Origination Fees:
Please access the document below for more information on student loan interest rates, origination fees, maximum amounts and examples of how origination fees are applied.
Direct Loan Terms and Conditions:
Please access the document below for more information regarding the additional terms and conditions of Direct Loans
Disbursements:
Student loan disbursements for first-time borrowers will be made no earlier than 30 days after the first day of the term. Students receive a loan award notification email that details their assigned loan disbursement dates; please monitor your student email for loan correspondences. All documentation such as an MPN and Entrance Loan Counseling must be on file by the enrollment status date that corresponds with the scheduled disbursement date, otherwise delays can occur with loan funds. All loans have a minimum of two disbursement dates if originated before the midterm of the semester. Loan disbursements are provided to students through their refund preference with BankMobile Disbursements, a technology solution, powered by BMTX, Inc., Learn More Here.
Eligibility Requirements:
Learn more about staying eligible for financial aid HERE
If you have questions about the loan process, need submission assistance or need help with understanding your prior loan debt, please contact the Financial Literacy Advisor at 707-476-4183 | StudentLoanAssistance@redwoods.edu or the Financial Aid Office at 707-476-4182 | FinAid@redwoods.edu
2. WHAT STEPS ARE REQUIRED TO APPLY FOR A LOAN?
Delays can occur if the student does not complete the steps in the order presented, Steps 1-3 should be completed first before a student submits a loan request as outlined in Step 4.
Instructions: Click on EACH STEP for information and how to complete.
3. WHAT HAPPENS AFTER I SUBMIT MY LOAN REQUEST?
Financial Aid Staff will review your Direct Loan Application to determine your eligibility. The loan certification process may take 4-6 weeks, or longer depending on when you submit your request and if you have completed all required steps as outlined in Section 1 and 2 of this page. If you have any questions about your loan request, please call (707) 476-4182 or email studentloanassistance@redwoods.edu. If you need to make a change to your original request, before we have processed and awarded loans, please email us at studentloanassistance@redwoods.edu or finaid@redwoods.edu from your student email; requests to make changes to your original request must be in writing. If your loan application has been processed and you can see loans on your award letter, then you must use a loan change eForm (below) to request additional changes to your already awarded loans.
For students who have submitted a loan request/application and have been awarded a student loan, they can submit to have a loan changed or canceled. Forms are available through our eForms platform, please see the tutorial for login instructions.
- Loan Change Form
- Students can submit a loan change form to increase or decrease their student loan amount. Loan change processing can take 2-4 weeks to process, do not submit multiple loan change forms as it will delay the processing as the multiple submissions will need to be sorted. If you submitted a loan change form but made a mistake, please contact Financial Aid.
- Your currently awarded student loans may change or disappear from your award letter while we process your loan change request. Please wait until you have recieved your new loan award email before checking your award letter for the final changes to your student loans.
- If the eForm is not accessible, please email us at: studentloanassistance@redwoods.edu, please send a screenshot of what your seeing if possible. We have alternative options for students who are unable to access the eForm due to technical issues with the system. Please check the "Current Processing Status" section at the top of this webpage for known issues.
- Cancellation Form
- Students can submit a financial aid cancellation form and indicate what terms and what award they would like to cancel. Only undisbursed loan funds can be cancelled, if your loan has disbursed and you wish to return the funds, please return your funds to your assigned loan servicer. Don't know who your loan servicer is? Please log into studentaid.ed.gov or contact the financial aid office.
- If the eForm is not accessible, please email us at: studentloanassistance@redwoods.edu, please send a screenshot of what your seeing if possible. We have alternative options for students who are unable to access the eForm due to technical issues with the system. Please check the "Current Processing Status" section at the top of this webpage for known issues.
Reviewed the entire webpage? Still have questions or concerns? Please email: StudentLoanAssistance@redwoods.edu or Call: 707-476-4183