II. Self-Help

There are two forms of self-help—loans and employment:

A. Loans

Loans are available to assist you in meeting your educational costs. All of the loans available are long-term, low-interest loans. No loan may be made if you are unwilling to repay the loan. A prior default or delinquency on a loan or an established history of nonpayment of debts may be taken as evidence of unwillingness to repay the loan. If efforts manage and lower our overall default rate, students who fall into the following categories must submit a Loan Appeal Packet to be considered for student loans:

Students who have already borrowed more than the DMC recommended loan limit of $17,500 (regardless of what college the loan was borrowed at)
Students who have defaulted student loans previously
Students requesting an unsubsidized loan in excess of $1,000 per semester

There are three kinds of loans:

1. Student Loans

The following student loan programs are available:

Direct Loan Subsidized (DLSUB)
Direct Loan Unsubsidized (DUNSB)
* The Federal Direct Loan Program consists of both the Federal Subsidized and Unsubsidized student loans; however, the U.S. Department of Education is your lending institution and will be responsible for all your correspondence and repayments.

Applying for Federal Loans

To apply for a federal student aid direct loan, you must:

Be fully admitted to DMC.
Have your FAFSA application submitted and processed.
Submit the DMC 2016-2017 Resource Application (eForm) indicating “Yes” to wanting to borrow a loan.
Complete the Loan Entrance Counseling online at www.studentloans.gov (explains the obligations you agree to meet as a condition of receiving a direct loan). You must complete this step within two weeks of being offered a student loan.
Complete the Master Promissory Note (MPN) at www.studentloans.gov. You must complete this step within two weeks of being offered a student loan.
Attend a mandatory Loan Advising Workshop on campus. You may attend any time before being offered loan but you must attend within two weeks after being offered a loan.
Be enrolled in at least six hours and maintain satisfactory academic progress.

After steps 1-7 are met, the first disbursement will be issued by DMC approximately two weeks after the start of the first six credit hours of the semester.

First-time borrowers are required to wait 30 days for their first disbursement. One-semester loans are disbursed in two payments.

Federal Stafford Annual Loan amounts for a single academic year, effective July 1, 2008, are:

Year	Dependent Students	Independent Students
First-Year Undergraduate	$3,500 in Subsidized Loans	$4,500 in Subsidized Loans
0 – 29 hours	$2,000 in Unsubsidized Loans	$2,000 in Unsubsidized Loans
Second-Year Undergraduate	$3,500 in Subsidized Loans	$4,500 in Subsidized Loans
30+ hours	$6,000 in Unsubsidized Loans	$6,000 in Unsubsidized Loans

Loan amounts may be adjusted down based on an individual’s Cost of Attendance (COA).

All direct loans are funded by the Federal Government and pay a 1.68% loan origination fee from each disbursement. This fee is subject to change every July 1. The interest rate charged on Direct Loans is 4.29% which also is subject to change every July 1.

First-Time Borrowers

Learn about the Time Limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers on or after July 1, 2013 at https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized.

Know Before You Owe!

Have questions about student loans? Get more information from the Department of Education’s overview of direct subsidized loans at https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized#subsidized-vs-unsubsidized

The Federal Student Aid Calculators will help you estimate your monthly loan payment and can be found at www.collegeforalltexans.com/apps/CollegeMoney/

National Student Loan Data System (NSLDS)

The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s (ED’s) central database for student aid.

NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants, so recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. The system can help you learn about your loan status, assist with repayment methods to keep your loan out of default and keep you aware of where your loan debt is currently.

Federal Loan Servicers

Students go in to loan repayment six months after they stop attending at least half-time. Once you go in to repayment, you will be contacted by a federal loan servicer to make payment arrangements.

2. Parent Loans

The following is the main parent loan:

Federal Parent Loans for Undergraduate Students (FPLUS)
Your parents may borrow funds under this loan program on behalf of you, if you are a dependent undergraduate student. Parents can borrow up to the cost of education minus other financial aid you may have received. Parents must have a good credit history to qualify and not currently be in default of their own federal student loans. A processed FAFSA must be on file and parents must apply for the FPLUS loan online at www.studentloans.gov. If approved, parent must complete a FPLUS loan form available in the financial aid office.

For detailed information on how to apply for a FPLUS Loan, go to www.delmar.edu/federal_parent_loans_for_undergraduate_students.aspx

3. Alternative Loans

Alternative loans are private loans offered by lending institutions. They are not part of the federal government guaranteed loans and should only be used when all other options have been exhausted. Research all possibilities for scholarships, grants, work-study and federal loans before borrowing from an alternative loan program. Students are required to complete a FAFSA application each academic year and must maintain Satisfactory Academic Progress to be considered. Students can never receive more loan money than their cost of attendance and overall unmet need.

What should you look for in an Alternative Loan?

Annual Percentage Rate (APR)
Loan Limits
Repayment Terms
Cosigner Requirement
Repayment Incentives
Interest Capitalization
Lender for Federal Loans

B. Student Employment Programs

You may opt to work part-time, usually on campus, to help pay for college. There are student employment programs as follows:

1. Federal Work-Study (FWSP) and Texas Work-Study Programs (TXWS)

The Federal Work-Study Program and the Texas Work-Study Program provides jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. These programs encourage community service work and work related to your course of study. Work Study is part of a students’ financial aid award package and the student must obtain a position to earn the funds for which he/she is eligible for. The work-study student may or may not earn all the funds that he/she was eligible to receive. Once funds have been exhausted employment will end.

Eligibility Determination

Student must be registered for at least 6 credit hours
Student must have unmet need
Student must have their Financial Aid File complete
Student must be meeting Financial Aid Satisfactory Academic Progress
(TXWS) Student must be a Texas resident

Additional Information

Student can work up to 15 hours per week, number of hours determined by their award
Students are paid $8 to $9 per hour.
Students are paid every two weeks.
Student Employment earnings are directly deposited to their personal checking/savings account or their DMC Debit Card (Higher OneAccount).
Work hours are flexible and planned around your class schedule.
Students can establish excellent references.
Students Employment is great for your career experience.
Financial Aid Services will contact the student once an accepted award has been received.

2. Student Assistant Employment Program

The Student Assistant (SA) Program is a part-time employment program for Del Mar College students. Students do not have to show financial need to work under this program. The part-time jobs are available in the various departments on campus.