Palomar College Financial Aid Office does not participate in certifying alternative\/private education bank loans or Parent Plus loans.<\/p>\n\n\n\n
Federal Direct Loans are low-interest loans for students to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education, though most of the contact will be with your loan servicer.<\/p>\n\n\n\n
Federal Subsidized Loans are loans for which the U.S. Department of Education pays the interest for your loans while you are still enrolled in school. Eligibility for this type of student loan is based on financial need.<\/p>\n\n\n\n
Interest<\/a> is covered by the Department of Education while: <\/p>\n\n\n\n *Note: If you received a Direct Subsidized Loan that is first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.<\/p>\n\n\n\n Students completing their program and requesting a loan for one semester only<\/em> will receive prorated loan amounts. <\/p>\n\n\n\n Federal Unsubsidized loans do accrue interest<\/a> while you are in school and are added to the principal loan amount when you go into repayment. These loans are not based on financial need. <\/p>\n\n\n\n Palomar College\u2019s Financial Aid Office strongly encourages you to explore all options before requesting an unsubsidized loan.<\/p>\n\n\n\n Federal regulations are changing how schools calculate student loan eligibility beginning with the 2026\u20132027 academic year.<\/p>\n\n\n\n Previously, students who enrolled in a minimum of 6 eligible units qualified for the maximum loan amounts, based on their eligibility. <\/p>\n\n\n\n Starting with the 2026\u20132027 academic year, only students enrolled in 12 or more eligible units will be qualified to receive the maximum loan amounts. Federal student loan amounts will be adjusted based on the eligible units a student is enrolled in.<\/p>\n\n\n\n The exact loan amount will depend on your enrollment level and other financial aid eligibility requirements.<\/p>\n\n\n\n The U.S. Department of Education has updated federal student loan regulations. Schools are now required to adjust loan eligibility based on a student’s enrollment level.<\/p>\n\n\n\n If you plan to borrow federal student loans:<\/p>\n\n\n\n Please note: Students are not required to be enrolled in 12 eligible units to request Federal Student Loans. The minimum unit requirement is still 6 eligible units to request loans. <\/p>\n\n\n\n Because loan eligibility may change when enrollment changes, students are encouraged to carefully consider their enrollment plans before requesting a federal student loan.<\/p>\n\n\n\n Please complete the ENTIRE loan form and steps in order to avoid delays in the processing of your loan request.<\/p>\n\n\n\n Federal Direct Loan funds are disbursed in equal payments throughout the entire loan period. Loan disbursements will be delivered either by mail or by direct deposit though Nelnet<\/a>.<\/p>\n\n\n\n Please review our disbursement page for loan disbursement dates<\/a><\/p>\n\n\n\n To receive financial aid, you must declare an eligible program of study with Admissions. Financial aid will only pay for classes that apply to your declared major or program of study. Palomar College will use your Degree Progress Report to help identify which classes count toward your program and may be eligible for financial aid payment. Please review the Eligible Academic Majors for Financial Aid<\/a> page for more information.<\/p>\n<\/details>\n\n\n\n Federal Regulation under the Higher Education Opportunity Act, Section 472 (HEA section 479 (a)) gives a dependent student the right to borrow a Federal Unsubsidized Loan when the student\u2019s parents have ended financial support and refuse to file the Free Application for Federal Student Aid (FAFSA). Students under this circumstance interested in applying for a Federal Unsubsidized Loan should refer to the Financial Aid Forms<\/a> page to complete the Parent FAFSA Refusal Form for the corresponding aid year.<\/p>\n\n\n\n You will also need to complete the Direct Loan Request Form.<\/p>\n\n\n\n However, if the student\u2019s inability to obtain parental information is due to unusual circumstances (parental incarceration, abuse, abandonment, etc.), the student should refer to our Appeals<\/a> page and submit a Dependency Override request, which will allow a dependent student to apply as an independent student.<\/p>\n<\/details>\n\n\n\n A school\u2019s cohort default rate (CDR) is the percentage of a school\u2019s students who had certain federal student loans enter repayment in a federal fiscal year and then default before the end of the cohort default rate period.<\/p>\n\n\n\n Cohort default rates are based on federal fiscal years. Federal fiscal years begin October 1 of a calendar year and end on September 30th of the following calendar year. Each federal fiscal year refers to the calendar year in which it ends.<\/p>\n\n\n\n In the event Palomar College rises above the national average CDR (Cohort Default Rate), identified Service Members will be notified via email of the CDR status.<\/p>\n\n\n\n Palomar College most recent CDRs:<\/p>\n\n\n\n FY 2022: 0%<\/p>\n\n\n\n FY 2021: 0%<\/p>\n\n\n\n FY 2020: 0%<\/p>\n\n\n\n Please refer to the Cohort Default Rate Guide<\/a> for a more in-depth description of cohort default rates and how the rates are calculated.<\/p>\n<\/details>\n\n\n\n Studentaid.gov Loan Information<\/a><\/p>\n\n\n\n Studentaid.gov Loan Fees and Origination Fees information<\/a><\/p>\n\n\n\n Repayment Calculator<\/a><\/p>\n\n\n\n Check your MyPalomar<\/a> account for updates on loan processing.<\/p>\n\n\n\n View the Disbursement Schedule<\/a> for future disbursement dates. Please note: loans are disbursed after the first 30 days of the semester.<\/p>\n\n\n\n Palomar College does not certify alternative education bank loans. The U.S. Department of Education (ED) does not have regulatory authority over an institution\u2019s decision to certify private education loans for lenders. However, under 34 CFR 601.11(d)<\/a>, an institution must provide any enrolled or admitted student with the Private Education Loan Applicant Self-Certification<\/a> form and the information required to complete the form (i.e., the student\u2019s cost of attendance, estimated financial assistance, and the difference between the two) if the student requests a private education loan.<\/p>\n<\/details>\n\n\n\n Palomar College has partnered with Inceptia, a division of National Student Loan Program (NSLP), to provide you with free assistance with your federal student loan obligations to ensure successful and comfortable loan repayment. Inceptia\u2019s friendly customer representatives may reach out to you if your loan(s) become delinquent. Inceptia is NOT a collection agency. We\u2019ve partnered with them to help you explore a wide variety of possibilities (options) such as alternative repayment plans, deferment, consolidation, discharge, forgiveness, and forbearance. Inceptia will stay in touch with you via phone calls, letters, and\/or emails to help you find answers to your questions and solutions to your issues. For additional resources including information on repayment options, please visit Inceptia\u2019s Federal Student Loan Overview website at Inceptia.org\/FAQ.<\/a><\/p>\n\n\n\n Repaying Student Loans 101<\/a><\/p>\n\n\n\n Exit Counseling<\/a> is required for those who drop below 6 units or graduating\/transferring students. If we determine we need any of these, we will request you upload the proof in your Student Forms portal.<\/p>\n\n\n\n Direct Loan Servicer Account Setup<\/a><\/p>\n\n\n\n Loan Repayment Plans<\/a><\/p>\n<\/details>\n\n\n\n For further information, please contact the Financial Aid office at 760-744-1150 ext. 2366 or email us at finaid@palomar.edu<\/strong><\/a> from your Palomar student email.<\/p>\n\n\n\n If you need additional loan counseling, our Loan Advisor is available upon request Leann Tomesch<\/strong> ltomesch@palomar.edu<\/a><\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Palomar College Financial Aid Office does not participate in certifying alternative\/private education bank loans or Parent Plus loans. Federal Direct Loans (Subsidized and Unsubsidized) Federal Direct Loans are low-interest loans… Continue Reading Federal Student Loan Information<\/span><\/a><\/p>\n","protected":false},"author":214,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-84","page","type-page","status-publish","hentry"],"acf":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/P3oWhv-1m","_links":{"self":[{"href":"https:\/\/www.palomar.edu\/fa\/wp-json\/wp\/v2\/pages\/84","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.palomar.edu\/fa\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.palomar.edu\/fa\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.palomar.edu\/fa\/wp-json\/wp\/v2\/users\/214"}],"replies":[{"embeddable":true,"href":"https:\/\/www.palomar.edu\/fa\/wp-json\/wp\/v2\/comments?post=84"}],"version-history":[{"count":15,"href":"https:\/\/www.palomar.edu\/fa\/wp-json\/wp\/v2\/pages\/84\/revisions"}],"predecessor-version":[{"id":15244,"href":"https:\/\/www.palomar.edu\/fa\/wp-json\/wp\/v2\/pages\/84\/revisions\/15244"}],"wp:attachment":[{"href":"https:\/\/www.palomar.edu\/fa\/wp-json\/wp\/v2\/media?parent=84"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
Maximum Subsidized Federal Direct Loan Amounts:<\/h5>\n\n\n\n
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Federal Direct Unsubsidized Loans<\/h2>\n\n\n\n
Maximum Unsubsidized Federal Direct Loan Amounts:<\/h5>\n\n\n\n
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Changes to Federal Student Loans <\/h2>\n\n\n\n
What is changing?<\/h3>\n\n\n\n
Why is this change happening?<\/h3>\n\n\n\n
What does this mean for me?<\/h3>\n\n\n\n
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Examples<\/h5>\n\n\n\n
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Requesting a Federal Direct Loan at Palomar College<\/h2>\n\n\n\n
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How your loans are disbursed: <\/h3>\n\n\n\n
Helpful information about repayment:<\/h3>\n\n\n\n
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ELIGIBLE UNITS AND ACADEMIC MAJORS FOR FINANCIAL AID<\/summary>\n
UNSUBSIDIZED LOAN REQUEST FOR DEPENDENT STUDENTS WITHOUT PARENTAL DATA<\/summary>\n
WHAT IS A COHORT DEFAULT RATE?<\/summary>\n
ADDITIONAL INFORMATION<\/summary>\n
REPAYMENT INFORMATION<\/summary>\n