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 complete the Steps to Apply for a Loan.
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. At any time you may go to www.studentloans.gov to complete the Master Promissory Note (MPN).
Step Three
When the Department of Education (DE) receives your promissory note and we have certified your loan, the DE will begin the approval process of you loan. In approximately 1 to 2 weeks after you complete the MPN the DE 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 will be disbursed based off of the disbursement method you have chosen with HigherOne.
Step Five
Please complete the exit loan counseling at www.studentloans.gov at the end of the school year or the end of the spring semester.