- Students who have completed less than 15 credits at Peninsula College and who did not previously receive loans while attending Peninsula College will not receive their loan funds until after the 30th calendar day of the quarter.
- If you have been awarded a loan for one quarter only, you will receive your funds in 2 disbursements. The second disbursement will not arrive until the quarter is half over.
- Students are REQUIRED to be enrolled and attending at least 1/2-time (6 or more credits) in order to be eligible for a loan. Loans for students who drop below 1/2-time attendance at any time may be subject to cancelation; you may be required to repay 100% of the loan proceeds you received if you do not attend at least 1/2-time.
How to Receive the Loan Funds You Were Awarded
Follow the instructions for completing both the Entrance Counseling and Master Promissory Note (MPN) at www.studentloans.gov. You will need your PIN number from the Department of Education (the same PIN you use to sign your FAFSA) to sign into the site. Both Entrance Counseling AND the Master Promissory Note are required.
Your loan application will not be processed if you do not have an award (in the Portal) that shows you were awarded student loans. To accept your funds, you must log into the Portal and accept the loan award shown.
The Financial Aid Office will automatically award you the maximum amount of subsidized and unsubsidized loan funds you are eligible for. If you believe you should have been awarded more loan funds than are shown on the Portal, please contact our office.
Any loan funds that are not needed to pay your tuition and fees will be disbursed to you in the form of a financial aid refund. Beginning winter quarter 2013, students will receive these funds based on their selected preference from their Peninsula Card. Please visit www.peninsulacard.com for more information.
For students who do not complete the Entrance Counseling and Master Promissory Note at least 10 days prior to the start of the quarter, loan funds will be available 10-15 calendar days from the date all of the above instructions have been followed. Delays in completing the online Entrance Counseling and MPN will result in delays in receiving your funds. Please be advised that loans cannot be authorized after the loan period is over. Typically, the loan period ends on the last day of the last quarter of ½- time enrollment (6 or more credits). We are not able to process last-minute requests for loan funds, due to processing times, therefore it is very important you complete your MPN and Entrance Counseling at least ONE WEEK prior to the end of the loan period.
Please be advised that missing or incomplete information on the Master Promissory Note (MPN) will cause delays with your loan disbursement. Common missing or incomplete items are driver's license number and references' contact information. To avoid delays, please have all required information at hand before submitting your MPN.
Please click here to learn about the difference between a subsidized and unsubsidized student loan: http://www.pencol.edu/financial/conditions-award/types-aid-awarded
Once you have stopped attending at least 1/2 time, or if you have graduated from your program, you are required to complete Student Loan Exit Counseling immediately. Please click here to begin your Exit Counseling session.