Direct Loan Borrower Instructions

Direct Loan Borrower Instructions

*Students requesting a Direct Loan: Please complete the New Loan Request available online on Viking Self Service through WebDMC Financial Aid Checklist. To submit online loan request click here; Request a New Loan

FIRST TIME LOAN BORROWERS

Loan funds process for ALL first time borrowers will be delayed 30 days from the beginning of the semester. (For summer, from beginning of 1st summer session).

Loans for 1st time DMC borrowers are expected to be released on or after the following dates. Actual disbursement dates vary depending on the refund preference selection as there can be additional business day processes:

For 2020/2021
Fall 2020: October 2, 2020
Spring 2021: February 26, 2021
Summer 2021: July 8, 2021

 

TENTATIVE Dates for 2021/2022

Fall 2021: October 8, 2021
Spring 2022: February 25, 2022
Summer 2022: July 7, 2022

 

DO NOT FOLLOW THESE STEPS IF YOU HAVE NOT ACCEPTED YOUR LOAN AWARD

Once you have accepted your loan award through the WebDMC student portal, make sure to read the following instructions thoroughly and take appropriate action as soon as possible to ensure you receive your William D. Ford Direct Student Loan funds in a timely manner.

All direct loan borrowers are REQUIRED to be enrolled at least half-time (six credit hours or more). You must have already started your six credit hours for your funds to be released. If you are not enrolled in six credit hours until you start your block/rapid track courses, your funds would be delayed until after the class begins. For summer, student must be enrolled at least half-time (three hours) each summer session.

All first time loan borrowers at Del Mar College are REQUIRED to attend a MANDATORY Loan Advising Session on campus. (You may choose to attend a session before or after receiving a loan award by visiting the Mandatory Loan Advising Session Schedules). Unfortunately, due to campus closure resulting from the evolving situation of the Coronavirus disease (COVID-19), students should receive a Reminder Loan Borrower Requirement email to complete this requirement via email.  

In addition students are REQUIRED to complete an Entrance Counseling (valid for 1 academic year) and Master Promissory Note (valid for 10 years) electronically on studentaid.gov. The additional NEW online loan requirement, Informed Borrower Tool (IBT) Confirmation (valid for 1 academic year), will be effective for Academic Year 2021-2022 loans.

You will use your FSA ID that you created when completed your FAFSA application to log in. If you do not remember your FSA ID login, you can retrieve it on fsaid.ed.gov. Failure to complete the Direct Loan requirements within two weeks of this notification, will result in the cancellation of your student loan. Keep in mind that these electronic processes take up to 48 hours to be processed and received by DMC.

Instructions on how to complete the above online mandatory loan requirements upon logging into studentaid.gov:

  1. Confirm your information (if requested)
  2. From the "Complete Aid Process" drop down menu select “Complete Entrance Counseling” or “Master PromissoryNote for Subsidized/ Unsubsidized Loan MPN”

Note: Further instructions on how to complete the Informed Borrower Tool (IBT) Confirmation will be posted once this requirement takes effect).

Be sure you allow enough time to complete the entire process during a single session. If you exit the website before submitting the above two electronic requirements, you may have to start the process over. In the event you experience any problems with the above please feel free to contact Financial Aid Services: (361) 698-1293. Contact us if you choose to decline the entire loan or request a lower amount on your loan or if you plan on enrolling for the 9 weeks or 12 weeks session only in the summer, we can revise your loan award to enable you to receive your award in two disbursements.

Disbursement Regulations: Loan awards for the entire academic year are split (half fall/half spring). Loan awards for one semester ONLY are split in two disbursements within that particular semester. Summer disbursements vary on course timeframe. Check with us to confirm your disbursement date(s).

PLEASE NOTE: The Loan Origination Center (LOC) will be mailing you the loan disclosure notice with anticipated dates of disbursement and disbursement amounts. Be aware that these dates are not the dates that you will receive your funds. (Refer to Financial Aid Disbursement Schedules)

Deadlines to apply for a loan:

  • Fall: October 1
  • Spring: March 1
  • Summer: June 1

Page last updated July 23, 2020.