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More Loan Questions

Eligibility Information

    How do I become eligible for a student loan?

In order for a student to be considered for any type of financial aid, he/she must perform the following:

  1. Complete and mail the Free Application for Federal Student Aid (FAFSA) to the federal processor;

  2. Complete and submit all documentation required by the Financial Aid Office;

  3. Enroll at least half-time (6 units) in courses that are required for your declared program of study at Palomar College.

    How do I obtain and receive a student loan?

See Student Loan Instructions.




Repayment Information

    When do I pay back the loan?

After you graduate, leave school or drop below half-time enrollment, you have six (6) months before you begin repayment.  This is called the "grace period".

During the grace period on a subsidized loan you don't have to pay any principal and no interest is charged. 

    What are my responsibilities when I take out a student loan?

It is your responsibility to:

    What happens if I do not repay my student loan?


If you fail to make a payment on time, you are considered delinquent in repaying your loan.  If you do not make payments for 180 days, your loan will go into default.  Here are some examples of the serious problems you will have if you default on your loan:

    Can I prepay to get ahead on my loan?


As a Direct Loan borrower, you always have the option to pay more than your monthly payment without penalty.



Common Loan Questions