The Department of Education has
implemented a change to the Direct Loan program.
Effective March 1, 2013, the fee for obtaining a student loan
will increase. It is anticipated that the loan fees will
increase from 1.0% to approximately 1.053%. This change
will affect any students whose 1st loan disbursement for the
2012-2013 school year occurs after March 1, 2013. Palomar
College has decided to continue processing loans using the 1.0%
rate until the Department of Education provides a final rate.
Affected students may be billed for the difference at a later
Palomar College believes that it is the responsibility of the Financial Aid
Office to provide students complete information regarding their
financial assistance options to help minimize the cost of attending college.
While we neither promote nor advocate student loans, we do provide information
on the process and the rights & responsibilities that
accompany obtaining both subsidized and unsubsidized student loans to interested students.
It is our hope that the information on this site will help you make an informed
decision about borrowing student loans.
The following are key points about
do not borrow from banks. Direct Loans are loans
made with federal capital and are owned by the federal government.
Loans are never sold. Borrowers make loan payments to the Department of
Education for the life of their loans.
do not wait in lines to endorse bank checks because schools receive
loan funds electronically from the federal government and disburses them to
Borrowers have flexible repayment options with a Direct Loan, including
Income Contingent Repayment, and they can change options when they need to
without a fee at any time during the life of the loan.
Online Financial Literacy Workshop
Aid Code of Conduct
Deadline for 2012-2013 Loans is 11/21/12 for
the Fall 2012 term &
4/19/13 for the Spring 2013 term
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