Students should thoroughly read the loan information packet before applying for a loan. Program to a different college that provides loans under the Direct Loan Program. Students should maintain their loan portfolio with the same lender and guaranty agency to reduce re-payment processing paperwork and problems. Student loan interest rates change every July 1st. Students must always keep their lender current on each new address.
Students only receive one, in school, six month grace period during their academic career.
Students who transfer from other institutions and have used their six month grace period must maintain at least six units to receive a deferment. Defaulting on a federal student loan will have serious financial and academic ramifications for the student. All federal financial aid will be discontinued. This amount may vary depending upon the total loan amount borrowed throughout the student's career. Students who transfer from one college to a different college mid-semester or during summer MUST provide the new college with a financial aid transcript to determine loan eligibility at the new school.