Loan Frequently Asked Questions
Complete and submit the Free Application for Federal Student Aid (FAFSA) to the federal processor.
After SMC receives the information regarding your federal aid application, you will be sent an electronic tracking letter requesting certain documents.
While submitting all of the initial requested financial aid documents, complete the Loan Application Form
Your loan request documents go to a committee for assessment. Students awarded a Direct Loan will be notified with a guidance for completing an Entrance Loan Workshop and a Master Promissory Note through their Corsair Connect financial aid portal.
Basic Direct Loan Levels
|Grade Level||Degree Applicable Units Completed||Loan Limits|
|Students in Year 1||0 - 29||$3,500|
|Students in Year 2||30 - 59||$4,500|
|Students accepted in BA Interactive Design||60 - 120||$5,500|
SMC's Loan Debt Management Plan recommends a cumulative loan threshold of $15,000.
Annual Additional Unsubsidized Stafford Loan Limits
|Student Status||Loan Limits|
|Dependent Students in Year 1 or Year 2||$2,000|
|Independent Students in Year 1 or Year 2||$6,000|
|Students accepted in BA Interactive Design||$7,000|
You will be reported to a credit bureau having a negative effect on your credit rating.
You can be referred to a collection agency and have to pay collection costs.
Your employer may garnish your wages.
The Internal Revenue Service may withhold your state and federal income tax returns.
The entire unpaid amount of your loan, including interest may become due and payable immediately.
You will lose your rights to deferments.
You will be ineligible to receive any additional federal or state financial aid.
As part of SMC's Default Management Plan, loan recipients are required to participate in a Loan Entrance Workshop each year that they request a student loan. In addition, all student loan recipients are required to attend an Exit Interview each year that they are a loan recipient while attending SMC.