Returning Borrower Request

Information if you are a returning Federal Stafford Student Loan borrower at Oakland Community College and your loans were taken out after September 1, 2004.

What is a Federal Stafford Loan?
A Federal Stafford Loan (FSL) is part of the Federal Family Education Loans (FFEL) Program administered by the U.S. Department of Education. The Federal Stafford Loan is a low-interest loan made by a lender to students registered at least half-time (6 credits) or more. The Federal Stafford Loan is borrowed money, and must be repaid with interest. A Federal Stafford Loan is either subsidized or unsubsidized. (See Student Loans for additional information.)

How Much Can I Borrow?

Fall 08 & Winter 09 Semesters

First-year students at OCC (0-31 OCC credits earned) $3500 Subsidized/Unsubsidized per academic year Second-year students at OCC (32+ OCC credits earned) $4500 Subsidized/Unsubsidized per academic year

Any additional loan request will be considered under the Unsubsidized Stafford Program based on eligibility and cost of education.

Enrollment Requirements:
You must be enrolled for at least six (6) credits each semester for the loan period.
Loan eligibility is determined at the time of application and again at disbursement. Any changes in your enrollment status may result in the cancellation or reduction of your loan.
Your loan request will be processed only if there is remaining need after all other financial aid has been awarded.

Academic Progress:
Students must meet and maintain the standard of academic progress to receive a student loan. Students on financial aid academic probation will not be awarded additional loans for the upcoming semesters until after official grades are posted. (See 2008-09 Satisfactory Academic Progress Policy)

Cancellation:
You have the right to cancel or reduce your Federal Stafford Loan Request by submitting your request in writing to your campus OFAS.

Student Loan Ombudsman
Student borrowers may contact the Student Loan Ombudsman’s Office, located in Washington, DC, if they have been unsuccessful in resolving problems through normal customer service with schools, Guaranty Agencies, and/or Lenders. The toll-free number is 1-877-557-2575 and/or the Internet website is
http://ombudsman.ed.gov

COMPLETING THE ELECTRONIC LOAN APPLICATION PROCESS

Oakland Community College is implementing a new electronic loan process which will give you access to computer-generated entrance and exit counseling, loan request form and the Stafford Master Promissory Note.

If you do not own a computer, you may use one at your local library or the college’s computer lab. You must have an email address for this electronic process. If you don’t have one, you can get a free email address at Yahoo or Hotmail.

Before you apply for a Federal Stafford Student Loan, you must:

Complete the Free Application for Federal Student Aid (FAFSA) http://www.fafsa.ed.gov.  Now you are ready to begin the Federal Stafford Loan Process.

The federal codes are: (Choose which campus your financial aid will be located.)
Auburn Hills 002304
Highland Lakes 002305
Orchard Ridge 002306
Royal Oak 010442
Southfield E01502

The new electronic Federal Stafford Loan Application Process is a three (3) step process.

Step 1 - Campus Selection (Select the campus that processes your financial aid.)
Step 2 - Oakland Community College Loan Request
Step 3 – Exit Loan Counseling - http://mappingyourfuture.org/oslc/aboutoslc.htm

This new electronic loan process will take approximately 45 to 60 minutes to complete.
You must complete the ENTIRE process once you start. You do not have the option to “start, save, and stop.” You must complete it without interruption. If you have to interrupt, you will need to start again at the beginning.

You will need the following information before you start:

Click here to begin the Oakland Community College Federal Stafford Loan Request Process. Reminder: You need 45 to 60 minute to complete.