You are required to follow a certain procedure in order to have a student loan processed for you at Danville Area Community College. These student loan regulations have been established due to our Default Management Plan. Our ability to provide financial aid services to our students was at risk. We feel these new measures will help improve the situation. We value our students and hope to provide the services that they need to accomplish their academic goals.
You may use this form as a checklist (print and keep with your loan records) to be sure you have followed the steps necessary for processing your student loan and avoid delays in processing.
1. Enroll in at least six credit hours, in your program of study._________
2. Complete the loan entrance counseling at StudentLoans.gov and follow instructions carefully so that the confirmation is forwarded to us. ________
3. Read the loan counseling and application procedure form that includes your Borrowers Rights & Responsibilities (on-line or request one from our office to be mailed to you). _______
4. Complete the Master Promissory Note (MPN) (electronic via the Internet at StudentLoans.gov ). ______
5. Submit the completed Loan Request Data Form (click here) to the Financial Aid Office. ______
If you have attended other college’s prior to DACC be sure you have requested official grade transcripts be sent to DACC‘s Records office for credit evaluation for current program of study. In addition, keep address and phone number updated with the DACC Records Office and your lender at all times. Records office phone number is 443.8800.
Failure to do any of these steps/requirements will delay loan processing.
Note: Once your loan is guaranteed and the Department of Education completes their processing procedure your loan funds will be sent to us. The "disbursements date" is not the date your loan proceeds will be available to you. This is the date the funds will arrive at the school. We will apply these funds to your account within three business days. You will be refunded any loan proceeds due to you once tuition, fees and if applicable bookstore charges are deducted. We will not release any loan proceeds until thirty days after the beginning of the term.
Your loan proceeds will not be released if:
1. You have dropped below ½ time enrollment (less than 6 credit hours).
2. You have accepted a College Work-Study position (since your loan was certified).
3. You have "new" sources of aid (since your loan was certified) that has resulted in a reduction of your unmet need and thus the loan must be canceled or recalculated for a lessor amount.
Please contact us if you have any questions or concerns regarding loan procedures. For contact information click here.