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Direct Student Loans

The William D. Ford Direct Loan Program

Edmonds College offers Direct Stafford Loan funds through the Federal Direct Lending Program. The William D. Ford Direct Loan website provides detailed information about taking out a student loan as well as useful tools to help you manage your student loan. The website can help you determine how much you can/should borrow, repayment information, and up-to-date interest rates.

How Do I Apply For A Direct Loan?

  1. Complete the FAFSA
    – Steps 2 & 3 are all located on the same website that a student does the FAFSA, studentaid.gov. 
  2. Complete the online Entrance Loan Counseling session.
    – This is required if this is your first time taking out a Direct Loan at Edmonds College.
  3. Sign the Master Promissory Note (MPN) online using your FSA ID if this is your first time taking out a Direct Loan at Edmonds College. 
Please note: You do not need to provide proof that you completed the Entrance Loan Counseling session or the MPN. Our Loan Officer will verify their completion online.
  1. Fill out and submit the Loan Request form
    Please note: Loans have eligibility requirements along with rules and regulations. Please scroll down or click the link to skip ahead to "What do I need to know about Student Loans?"

Submit Documents

See the chart below to determine how much you want to borrow for the school year.

How Much Can I Borrow?

Year in School Subsidized Loan* Unsubsidized Loan**

Dependent – parent included on FAFSA
1st year – less than 45 college level credits

$3,500

$2,000-$5,500
(combined max $5500)

Dependent – parent included on FAFSA
2nd year – 45 or more college level credits

$4,500

$2,000-$6,500
(combined max $6,500)

Independent
1st year – less than 45 college level credits

$3,500

$6,000-$9,500
(combined max $9,500)

Independent
2nd year – 45 or more college level credits

$4,500

$6,000-$10,500
(combined max $10,500)

Bachelor Program 3rd & 4th Year
Must be enrolled and accepted at Edmonds College BAS program

$5,500

$7,000-$12,500

(combined max $12,500)

What do I need to know about Student Loans?

How will I receive my Loans?

Loan funds first pay any unpaid tuition, fees, and campus housing.

  • Any remaining balance is disbursed by BankMobile Disbursements, a technology solution powered by BMTX, Inc., which we've contracted to disburse all financial aid funds.

Our Department receives loan funds by electronic transfer from the Department of Education. 

  • Once a loan has been certified, it typically takes two additional weeks for us to receive your funds from the Department of Education.

Loans may be delayed due to certain requirements. It typically takes 5-7 days to certify your loans once you are awarded for the funds to be available to disburse for that quarter.

Cohort Default Rate

  FY2019  FY2018   FY2017 
Edmonds Default Rate 4.8 10.3 14.6
National Average Default Rate   2.3 7.3  

ENROLLMENT: To provide context for the Cohort Default Rate (CDR) data we include enrollment data (students enrolled at any time during the year) and a corresponding percentage (borrowers entering repayment divided by that enrollment figure). While there is no direct relationship between the timing of when a borrower entered repayment (October 1 through September 30) and any particular enrollment year, for the purpose of these data, we have chosen to use the academic year ending on the June 30 prior to the beginning of the cohort year (e.g., FY 2020 CDR Year will use 2018-2019 enrollment).

Have a Question?

Contact Financial Aid.

ONLINE SUPPORT REQUEST

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