Loan Origination Fee Change 10/1/2016
Important Federal Direct Loan Update from FSCJ
Dear Student,
Please note that on October 1, 2016 the Federal Direct Loan origination fee changed. The loan origination fee is imposed by the lender to process the loan. Federal Direct Subsidized, Unsubsidized and PLUS loans have loan origination fees that are deducted from each loan disbursement. FSCJ must cancel your current loan and have the loan reprocessed with the new loan origination fee.
As a reminder, to be eligible for a Federal Direct Loan, you must meet the following criteria:
- Enroll in at least six (6) credit hours within a financial aid approved program of study
- Complete both the entrance counseling and Master Promissory Note
You are receiving this communication because your 2016-2017 Federal Direct Loan will be cancelled. The cancellation and reprocessing of the Federal Direct Loan will take place “behind the scenes” and will not impact your College account.
Students who are not currently enrolled in a Fall 2016 class:
Our records indicate that you are not enrolled at Florida State College at Jacksonville for the Fall 2016 term. Your financial aid package includes Direct Subsidized and/or Unsubsidized loans and these loans will be cancelled since you are not enrolled. If you should enroll at the College during this academic year and wish to receive a loan, you should the complete entrance counseling, sign your electronic Master Promissory Note and submit a request for the loan to loans@fscj.edu from your student email account. Be sure to include your full name, date of birth and the terms for which you are requesting the loan.
Students who are enrolled for Fall 2016 classes but are missing the entrance counseling and/or Master Promissory Note:
Our records indicate that you have not completed the entrance counseling and/or the Master Promissory Note requirement(s) for your Direct Subsidized and/or Unsubsidized loans for the Fall 2016 term. The origination fee for all Direct Loans that are disbursed on or after 10/1/16 has changed from 1.068% to 1.069%. Your loans that were awarded with the old fee will be cancelled. If you wish to have the loan re-awarded, you will need to complete entrance counseling, sign your electronic Master Promissory Note and submit a request for the loan to loans@fscj.edu from your student email account. Be sure to include your full name, date of birth and the terms for which you are requesting the loan.
Students who are enrolled for Fall 2016 classes and have completed their entrance counseling and Master Promissory Note:
You have been awarded a Direct Subsidized or Unsubsidized loan for the Fall 2016 term. The origination fee for all Direct Loans that are disbursed on or after 10/1/16 has changed from 1.068% to 1.069%. If you are receiving a $3,500 loan, this is an increase of four (4) cents. This change requires that we cancel your existing loan through the Federal Student Aid Office and then re-award your loan with the new origination fee.
Please note: The Session C tuition deadline has been moved to October 10 at 6 p.m. All unpaid classes will be dropped that night and every night thereafter.
Thank you for your patience as we work through this process. For questions, please call (904) 646-2300, option 2 or visit an Advising Center on the campus/center nearest you.