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FUN 14-15 Request for Unsub Direct Loan

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Notice of Understanding for Requesting an Unsubsidized Student Loan

In order to request an Unsubsidized Student Loan for 2014-2015, I must:
  • Have a valid 2014-2015 FAFSA on file at OTC. 
  • Submit all requirements, including a valid FAFSA, loan entrance counseling and Master Promissory Note (MPN) by the current term deadline, which is available on the OTC website.
  • Maintain Satisfactory Academic Progress as defined by college policy. 
  • Be enrolled and attending a minimum of six eligible credit hours during the fall and/or spring term(s).

By requesting an Unsubsidized Student Loan for 2014-2015, I understand:
  • A loan disbursement will not be made if I am not attending a minimum of six eligible credit hours for the term. 
  • My loan disbursement may be delayed until attendance begins in second block courses. 
  • My loan eligibility is limited to the maximum amount available to me for the 2014-2015 award year. If I received loans at another school during the year, my loan eligibility may be limited. 
  • I may reduce the amount of my student loan(s) with a Loan Reduction Form. 
  • I will be given notice of my Right to Cancel any student loan before it disburses to my student account.  
  • I understand the Unsubsidized Student Loan accrues interest while I am in-school, and I am responsible for the amount borrowed plus associated fees and interest applied to the loan.  
  • It is my responsibility to cancel any unwanted loan funds by the deadline provided in the Right to Cancel. 
  • Application for a student loan does not guarantee a loan award.

*  ex: xxxxxxxxxxxxxxxxxxx
*  ex: xxxxxxxxxxxxxxxxxxx
*  ex: xxxxxxxxxxxxxxxxxxx
*  ex: 9999999999