Loan Timeline
General description of the steps to follow to obtain a student loan at CRC.
Step One
After your financial aid file is completed (receipt of an award letter will prove that your financial aid file is completed), you may submit your loan application. New Borrowers: Attend a mandatory loan entrance-counseling workshop. Continuing Borrowers: Complete on-line entrance counseling. All students are to complete the Loan Request through your online financial aid account-CRC website.
Step Two
The loan certification process takes approximately 3 to 4 weeks after you have submitted your loan request. An amended award letter regarding your loan will be sent to you after your loan is certified. Within a couple of days you will receive an email from EDFUND (guarantee agency) with instructions on how to complete the Master Promissory Note (MPN) on-line.
Step Three
When your lender receives your promissory note, they will process your loan check(s). In approximately 1 to 2 weeks after you complete the MPN your lender will send you a Disclosure Statement. The disclosure statement will list the recommended disbursement date, but you must allow at least ten working days (from the disbursement date) for the Financial Aid Office to process the disbursement for release. Please note that loans can not be disbursed until after the semester has started and if you are a first time borrower the loan can not be released until 30 days after the start of the semester.
Step Four
Your loan checks will be mailed to the address you provided on your FAFSA. Please be sure your address is up to date with our office and Admissions and Records.
Step Five
Please attend a mandatory exit loan counseling workshop toward the end of the school year or the end of your loan period.