Federal Direct Stafford Loan Program Del Mar College participates in the Federal Direct Stafford Loan Program. This program consists of Federal Subsidized and Unsubsidized student loans. The U.S. Department of Education is your lending institution and will be responsible for all your correspondence and repayments. If you are interested in applying for a loan, you must indicate your preference on the Del Mar Resource Application. If you are awarded a loan, you must accept the loan offer. After you accept the award online, the loan will be originated. Once it has been originated, you need to log on to WebDMC and follow the detailed instructions for Direct Loan Borrowers. The following student loan programs are available at Del Mar College: William D. Ford Federal Direct Subsidized Loan (DLSUB) William D. Ford Federal Direct Unsubsidized Loan (DUNSB) William D. Ford Federal Direct Subsidized Loan (DLSUB) This is a need-based federal long-term loan designed to assist students who have difficulty meeting college expenses. The U.S. Department of Education is your lending institution. Del Mar College certifies the student's eligibility for the loan. The maximum amount a student may borrow under the Subsidized/Unsubsidized loan is $3,500 for the first-year students and $4,500 for students in the second year of their program. The financial Aid Office will determine the amount of the loan. All borrowers at Del Mar College must complete each academic year an Entrance Counseling and a Master Promissory Note online before funds are disbursed. You can complete these requirements at www.StudentLoans.gov. Students must also attend a mandatory loan advising session on campus. Should the Borrower withdraw, graduate, or not plan to attend DMC the following semester, he or she must complete an Exit Interview. Terms of the Loan: Monthly payments begin 180 days after the student is no longer enrolled in college at least half-time. The minimum payment will be $50 per month. The payment could be larger, depending on the size of the loan debt. Interest rate is fixed at 3.86% for loans disbursed July 1, 2013 through June 30, 2014. Federal Direct Unsubsidized Loan (DUNSB) This loan program is only for students who do not qualify for the Direct Subsidized Loan. The Federal Direct Unsubsidized loans terms and conditions are the same as the Federal Direct Subsidized loans when it comes to the loan limits and deferments. However, there is an exception; students pay the interest during in-school and deferment periods. Interest accrued during those periods may be paid or capitalized. The interest rate for Unsubsidized loans disbursed July 1, 2013 through June 30, 2014 is 3.86%. To apply for this loan, or any other loan, the student must follow the same application procedures as required for the other financial aid programs.