Federal Direct Loans at FLCC

How To Apply

• To apply for a Federal Direct Stafford Loan, all applicants must first file a Free Application for Federal Student Aid (FAFSA).
• All students will automatically be offered a student loan when their financial aid awards are packaged. Students will need to accept the loan online on the MyFLCC Financial Aid Award page.
• Students will also need to complete a Direct Loan Master Promissory Note (MPN). If you are transferring from a Direct Loan school and previously borrowed at that institution, you should NOT need to complete a new Direct Loan MPN.
• All students will also need to complete an online Direct Loan Entrance Counseling session. The Entrance Counseling session is an online tutorial which reviews your rights and responsibilities as a Federal Direct Loan borrower.

Disbursements

The U.S. Department of Education will pay your student loan funds through Finger Lakes Community College. Your loans will be disbursed in two equal installments, 6 weeks after the start of each term. If you are receiving a single semester loan, you will receive two disbursements in the term. The first will come 6 weeks after the start of the term and the second will come after the mid-term of the semester*.

Your loan money must first be applied to your school account to pay for tuition and fees, and other school charges. If loan money remains, the Student Accounts Office at FLCC will send your disbursement to BankMobile Disbursements, a financial services and payment company. BankMobile will then send you your refund depending on the refund preference you selected with BankMobile. For more information about BankMobile, visit BankMobile Refund Choices.

*Note: If you are taking late starting classes, disbursements may be held until you begin six(6) credit hours.

Repayment

For information on repayment of your student loans, visit the Repayment section of the Federal Student Aid website.

If during repayment you have a dispute with your loan servicer that cannot be resolved, you may want to reach out to the U.S. Department of Education Student Loan Ombudsman's Office. They can be reached by calling (877)557-2575 or faxing (606)396-4821. The Ombudsman Group is a neutral, informal and confidential resource to help resolve disputes about your federal student loans.

Please note:

If you have previous Federal Stafford Loans through a private lender or lenders (i.e. Citizens Bank, Sallie Mae, M&T Bank) AND you have Federal Direct Stafford Loans, you will be repaying two or more different loan servicers. If you want to check the current holders of your Federal Stafford Loans, go to the Federal Student Aid webpage: Who's My Student Loan Servicer. After you graduate or stop attending college, you may be able to consolidate your loans into a single Federal Consolidation Loan.

Payment Calculators

Use these calculators to estimate your future loan payments.