More Information About Student Loans

Often, students need to borrow money to help with school related expenses. Typically, a student who needs to borrow to complete school is making a good investment in their future. However, many students enter into debt without a clear picture of how it will affect them in the long run. The SRJC Financial Aid office is dedicated to student success. To help students successfully navigate the student loan process and develop a realistic educational borrowing plan, our loan application includes a “Responsible Borrowers Worksheet”. We also have workshops to assist you in completing the Responsible Borrower’s worksheet. The complete list of upcoming Responsible Borrowers Workshops is available online.

Ways to reduce debt:   jobs, scholarships, & budget planning

We encourage students to consider part-time employment as a way to help pay for their expenses. Please visit the SRJC Career Development Center on the Santa Rosa Campus in Bussman Hall or online at www.santarosa.edu/career to explore job opportunities both on and off campus. We also encourage students to actively search for scholarships. A little bit of effort has the potential to save students hundreds or even thousands of dollars in student loan debt. Visit the Santa Rosa Junior College Scholarship office on the Santa Rosa Campus in Plover Hall, on the Petaluma Campus in Room 215, Kathleen Doyle Hall or at www.santarosa.edu/scholarship for more information. To plan accordingly, it is important to understand how much it costs to live and go to school. Here is a link to the student expense budget insert link to 09/10 student budget, which defines a reasonable expectation of cost – note that many students living away from their parents may experience higher costs due to housing and transportation. Another resource is this useful budgeting worksheet http://www.edfund.org/wps/portal/MoneyManagementStep1.

The Student Loan Process at SRJC

1. Student must apply for financial aid to receive a student loan by completing the Free Application for Student Aid at www.fafsa.ed.gov; SRJC’s school code is 001287.
2. After completing the FAFSA, students will receive a Student Aid Report from the US Department of Education.
3. Within a few weeks of receiving the SAR, students will receive a letter from the SRJC Financial Aid office requesting additional information and/or documents to be submitted.
4. The letter will also advise students interested in student loans, that the Stafford Loan Request Form can be picked up from the Financial Aid Office or can be downloaded.
5. After the documents requested by the Santa Rosa Junior College Financial Aid office are completed and returned, the file will be reviewed for grant, work study, and BOG fee waiver eligibility. An initial award letter will be mailed to the student. When the Stafford Loan Request form is submitted, it is processed in date order after other awards have been determined. This often takes 2-4 additional weeks.
6. A student then receives notification explaining if their loan is denied or pending. If the loan is approved a loan packet is mailed to the student. This packet includes a revised award letter, instructions, a lender selection form, and a schedule of disbursement dates.
7. The student must then complete and submit the Lender Selection form to the Santa Rosa Junior College Financial Aid Office.
8. The student will complete any necessary entrance counseling workshops www.santarosa.edu/app/paying-for-college/financial_aid_office/entrance-loan-counseling or any necessary exit counseling workshops www.santarosa.edu/app/paying-for-college/financial_aid_office/exit-loan-counseling/
9. A promissory note will be sent to the student by EdFund.
10. The complete promissory note should be sent by the student via regular mail to the lender.
11. The funds are requested, transferred electronically to the school, and mailed to the student on the next available loan disbursement date.
12. The student’s financial stress is eased during the school year allowing them to focus on their studies and complete their educational goal, which in turn offers them more career opportunities. When the student is able work in their chosen field, the debt is worthwhile.