SMCC participates in the Federal Family Educational Loan Program (FFELP) with various private lenders. The following link FSL Requirements is a view of borrower’s limits & requirements. Students must have a completed FAFSA on file and must indicate their interest in a loan by contacting the Financial Aid Office and by completing "The 3 Step" process.
To print the 3 Steps To A Loan process click here. (Students, please note, that SMCC Financial Aid Office must initiate the loan for you; you cannot initiate the loan directly through a lender).
Lenders Chart
| Lender Name |
Lender Code |
Lender Phone |
| Bank of America |
801871 |
1-800-344-8382 |
| Citibank |
826878 |
1-800-967-2400 |
| Chase |
808037 |
1-800-487-4404 |
| Nellie Mae |
829076 |
1-800-634-9308 |
| SSSC |
830630 |
1-888-272-5543 |
| Wells Fargo |
807176 |
1-800-658-3567 |
NOTE: It is the student’s responsibility to contact his/her lender of choice to ensure the rates and benefits listed on the aforementioned ‘comparison chart’ are current.
Step 1: Entrance Loan Counseling
The federal government requires all new borrowers to complete Entrance Loan Counseling prior to disbursement to review your rights and responsibilities as a borrower.
Click here to complete your loan entrance interview. The results will be forwarded electronically to SMCC. When you withdraw from school, drop below half-time or graduate, you must also complete Exit Loan counseling. Sophomore level students are all required to complete the Exit Loan process as a way to review their rights in the student loan program.
Step 2: Appointment with a Loan Counselor or a Group Loan Counseling Session
Call the Financial Aid Office and make an appointment to see a Loan Counselor or to determine the dates and times for group loan counseling sessions. All students are required to do this second session. Prepare a budget for the year to determine the amount of loan you will require. Bring a copy of your completed Entrance Loan Counseling as well as an Academic Plan which you can obtain from your academic advisor. If you are uncertain about your program of study, it is highly recommended that you make an appointment for career counseling with the Career Services area. You will be requried to provide names and address of 3 references and to select a lender at this time. We encourage you to research various lenders from our lender list to make an informed choice. Be prepared to bring any questions you may have regarding the loan process and your responsibilities and rights in the loan program.
Step 3: Master Promissory Note (MPN)
Students who have completed their online loan counseling and visited with the loan counselor or participated in a group loan counseling session can now complete their portion of the Master Promissory Note
The Master Promissory Note (MPN) was designed to simplify the student loan process. Every year that borrow, you will sign an MPN. Additional loans during the same year will be based on the same note.
STAFFORD LOAN MASTER PROMISSORY NOTE (MPN) INSTRUCTIONS
Enrollment
You must be registered for the proper number of units before a transfer of funds can be made to your account. You must maintain at least half-time enrollment at SMCC to receive the funds. Once you have received your loan funds, you must maintain at least half-time enrollment to avoid going into repayment. You must also maintain satisfactory academic progress toward your certificate or degree.
Disbursement
Your loan must be disbursed to the school in multiple disbursements. Generally, if your application has been processed in a timely manner, you receive your loan at the beginning of each semester. If you are a freshman or first-time borrower, there is a 30 day delay.
Repayment Options
You may repay your loan at any time without penalty. Level, graduated and income sensitive payment plans, deferments, and forbearance are possible repayment options. In addition to the materials you will receive during your loan entrance counseling, the following website is an excellent guide for loan repayment options: http://salliemae.com/after_graduation/manage_your_loans/borrower_responsibility/. Remember that the #1 default prevention measure is GRADUATION; however, if for some reason you must drop out of school or drop below half time, your lender is willing to work with you regarding repayment options Let us know how we can help you to be successful and a responsible loan borrower.
For students who have dropped below half time, who have graduated, or for freshmen students who are moving into their sophomore year of college.
Federal Stafford Loan borrower rights and responsibilities
Your Stafford loan promissory note details your rights and responsibilities as a borrower. Key things you should know:
Borrower rights:
- Before you begin to repay, your loan holder is required to give you a repayment schedule and detailed information about interest rates, fees, the balance you owe, and repayment options available to you.
- You have the right to defer repayment for certain defined periods after the grace period, if you qualify.
- You have a right to request forbearance.
- You may be eligible to repay your student loans under a graduated or income-based repayment schedule.
- You may prepay your loan in whole or in part at any time without penalty.
Borrower responsibilities:
- You must repay your loans on time (including any accrued interest, and the insurance and origination fees that were deducted from your loan at disbursement) even if you do not complete your education, are unable to find employment after graduation, or are dissatisfied with the education you received.
- You must notify your loan holder or servicer immediately about any changes to your name, address, telephone number, Social Security Number, or student status.
- You must repay at least $600 a year ($50 a month) per account, unless you have deferment or your loan holder or servicer agrees to a lesser amount.
- If you request deferment or forbearance, you must continue to make normally scheduled payments until you receive written confirmation that your account has been placed in deferment or forbearance.
Additional Alternative Loans
If a family must seek additional long term financing for their educational costs and are deemed creditworthy, they may apply online through their own preferred lender or may contact one of these two sources: