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You are here: Home / Admissions / Tuition and Financial Aid / Loans

LOANS

Loans can be very helpful for students and families in managing college costs. Many families find that loans are a useful and important resource because they help to spread the cost of education out over a longer period of time. We encourage students and families to carefully weigh the need for loans and to borrow only what they actually need. Loans must be repaid. For more help in determining how much to borrow please take a look at our six easy steps.

150% Direct Stafford Subsidized Loan Limit

On July 6, 2012, the Moving Ahead for Progress in the 21st Century Act (MAP-21)(Public Law 112-141) was enacted. MAP-21 added a new provision to the Direct Loan Statutory requirements (see HEA Section 455 (q)) that limits a first-time borrower's eligibility for Direct Subsidized Loans to a period not to exceed 150% of the length of the borrower's educational program. Under certain conditions, the provision also causes first time borrowers who have exceeded the 150% limit to lose the interest subsidy on their Direct Subsidized Loans.

Note: Only first-time borrowers on or after July 1, 2013, are subject to the new provision. Generally, a first-time borrower is one who did not have an outstanding balance of principal or interest on a Direct Loan or on a FFEL Program Loan on July 1, 2013.

Electronic Announcement: May 16, 2013, authored by Jeff Baker

To see how this new provision affects you, please click here: 150% Subsidized Loan Information

Change in Fees for Loans Disbursed After December 1, 2013

Due to across the board budget cuts, known as sequester and the Budget Control Act of 2011 Federal student financial aid programs were reduced.  On of the reductions that will take place is to the Federal Direct Loan programs.  Any Federal Direct Loans whose first disbursement occurs on or after December 1, 2013 will encounter an increase in loan fees.

Direct Loan Program Loan Fee Amounts

Loan Type Impacted Loans

Loan Fee %

Fee on a Loan Amount Of:

Direct Subsidized Loans and Direct Unsubsidized Loans

First Disbursed Prior to July 1, 2013 (No Sequester)

1.00%

$55.00 on a $5,500 loan

Direct Subsidized Loans and Direct Unsubsidized Loans

First Disbursed on or after July 1, 2013 and Before November 30, 2013

1.051%

$57,80 on a $5,500 loan

Direct Subsidized Loans and Direct Unsubsidized Loans

First Disbursed on or after December 1, 2013 and Before September 30, 2014

1.072%

$58.96 on a  $5,500 loan

Direct PLUS Loans
(Parent and Grad/Prof Student)

First Disbursed Prior to July 1, 2013 (No Sequester)

4.00%

$400 on a $10,000 loan

Direct PLUS Loans
(Parent and Grad/Prof Student)

First Disbursed on or after July 1, 2013 and Before November 30, 2013

4.204%

$420.40 on a $10,000 loan

Direct PLUS Loans
(Parent and Grad/Prof Student)

First Disbursed on or after December 1, 2013 and Before September 30, 2014

4.288%

428.80 on a  $10,000 loan

Loan fee calculations that result in more than two decimal points must be truncated to two decimal points (cents).

 Six easy steps to borrowing money

What Do I Need To Know Before Applying For A Loan (SB 1289 Disclosure Statement).

Students considering student loans need to be aware of the differences between federal student loans and private student loans:

  • Federal student loans are required by law to provide a range of flexible repayment options including, but not limited to, income-based and income-contingent repayment plans, as well as loan forgiveness benefits that private lenders are not required to provide.
  • Federal direct loans are available to most students regardless of income. Other qualification criteria do apply. For more information, please visit studentaid.ed.gov/eligibility.
  • Private student loan lenders can offer variable interest rates that can increase or decrease over time, depending on market conditions.
  • The interest rate on a private loan may depend on the borrower's and/or co-signer's credit rating.
  • Private student loans have a range of interest rates and fees and students should determine the interest rate of, and any fees associated with, the private student loan included in their financial aid award package before accepting the loan. Students should contact the lender of the private student loan or their university campus' financial aid office if they have any questions about a private student loan.

    Apply

    Federal Direct Loans (Subsidized/Unsubsidized/Plus/Grad Plus)

    More Information

    Federal Perkins Loan 

    Preferred Private/Alternative Lenders

    Debt & Default Management

    Federal Direct Lending for New and Returning Students

     

    Stafford and PLUS Loan Instructions

    As part of your 2013-14 financial aid package you were offered a Federal Direct Stafford Loan. In order to borrow through the Direct Loan Program you will need to complete a Master Promissory Note (MPN) and Entrance Counseling. Below are the steps on how to complete the process. Please complete this process after May 1, 2013.

    NEXT STEPS
    Students

    • If you expect to borrow a Stafford or Grad PLUS Loan for the 2013-14 academic year you will need to complete a Master Promissory Note (MPN).  Stafford and Grad PLUS MPN’s can be completed online at studentloans.gov
    • As a new Stafford or Grad PLUS borrower you will also need to complete an Entrance Counseling at studentloans.gov


    Parents

    • Parents expecting to borrow through the PLUS Loan Program for the 2013-14 academic year will need to complete a credit check and sign a Federal Direct PLUS Master Promissory Note (MPN) at studentloans.gov
    • The interest rate for Federal Direct PLUS loans, disbursed after July 1, 2013, is fixed at 6.41%, fixed. Parents have the choice to begin making loan payments immediately or defer payments until after the student graduates. If the parent chooses to make payments immediately, the first bill will be mailed out about 60 days after the final disbursement (usually this is Spring Semester disbursement) has been sent to Dominican. If the parent chooses to defer payments, interest will continue to accrue on the loan.
    • Please keep in mind that the Federal Direct PLUS Loan is subject to a processing fee of 4.204% that is deducted from the requested amount.  This means you need increase the amount you want to borrow by 4.204%. To calculate this simply divide the amount you need by .95796. As an example, if you need $10,000 to cover the costs for the year you will need to request $10,417 (10,000/.95796=10,438).
    • Please request the yearly amount on the initial application. All amounts requested will be divided up equally between the Fall and Spring Semesters

    Graduate Students

    • Graduate students expecting to borrow through the Federal Direct Grad  PLUS Loan  for the 2013-14 academic year will need to complete a credit check and sign a Federal Direct Grad PLUS Master Promissory Note (MPN) at studentloans.gov
    • New Federal Direct Grad PLUS Loan borrowers are also required to complete an Entrance Counseling at studentloans.gov
    • The interest rate on Federal Direct Grad PLUS Loan, disbursed after July 1, 2013,  is 6.41%, fixed.  Payments are usually automatically deferred until after the student graduates however, interest will continue to accrue on the loan throughout the deferment period.
    • Please keep in mind that the Federal Direct Grad PLUS Loan is subject to a processing fee of 4.204% that is deducted from the requested amount. This means you need increase the amount you want to borrow by 4.204%. To calculate this simply divide the amount you need by .95796.  As an example, if you need $10,000 to cover the costs for the year you will need to request $10,417 (10,000/.95796=10,438).
    • Please request the yearly amount on the initial application. All amounts requested will be divided up equally between the Fall and Spring Semesters

    We want to do everything we can to make this transition as easy as possible for you. If you have any questions about this process, please contact the Office of Financial Aid at 415 257-1350, or e-mail us at finaid@dominican.edu

    Eligibility

    Dominican University of California reviews eligibility for all loan applications that are submitted successfully.

    To determine your eligibility we look at the following:

    • Completion of Entrance Counseling
    • Academic history (you must submit official transcripts of all schools attended to the Registrar's Office)
    • Overall student loan debt
    • At least half-time enrollment,
      • Undergraduate Students-6 units or more
      • Graduate Students-5 units or more during the Fall/Spring Semesters and 3 units or more for Summer
    • Unmet need based on your cost of attendance
    • Progress toward a degree or certificate
    • Complete financial aid file with financial aid awarded.

    In reviewing a loan application, the loan coordinator may use “Professional Judgment” to deny a student loan on a case-by-case basis. If denied a loan, the student will receive a letter from the financial aid office indicating the reason for the denial.

    Direct Loan Origination Fees

    The Subsidized and Unsubsidized Federal Direct Loans have a 1.051% origination fee. In total you will receive 98.949% of your loan amount.

    Disbursement of Loans

    Loan disbursements will be directly posed to your Dominican Student Account. Based on the time you completed submission of required financial aid documents (ie. FAFSA, Master Promissory Note, Loan Entrance Counseling, Verification Documents, Registration in proper units, and Authorization of Allowable Charges), your loan disbursements will be posted.

    Students who are eligible for Pell or Cal Grants will be receive their disbursement after the add/drop period. All other financial aid will disburse during the first week of classes.

    Once again, disbursement depends upon completion of required financial aid documentation and unit load required for eligibility of funds. If you submit an appeal form, know that this will cause a delay in disbursement.

    Your loan disbursement will be split into two equal disbursements for the Fall and Spring.

    Cancelling your Loan
    If you have been approved for a loan and you wish to cancel one or all of your loan disbursements, please submit a written request to the Financial Aid Office.

    Debt & Default Management

    For more information on Debt & Default Management, please click here. You will find information on the topics of Loan Repayment, Loan Consolidation, Loan Repayment Options, and how to stay informed to prevent Loan Default.


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