Direct Loan Borrower Instructions

Students requesting a Direct Loan: Please complete the New Loan Request available online on Viking Self-Service through WebDMC Financial Aid Checklist. To submit an online loan request, click here: Request a New Loan

FIRST TIME LOAN BORROWERS

Loan funds process for ALL first time borrowers will be delayed 30 days from the beginning of the semester. (For summer, from beginning of 1st summer session).

Loans for 1st time DMC borrowers are expected to be released on or after the following dates. Actual disbursement dates vary depending on the refund preference selection as there can be additional business day processes:

 

2024/2025

Fall 2024: October 1, 2024

Spring 2025: February 18, 2025

Summer 2025: July 2, 2025

 (2024/2025 Dates are tentative and subject to change). 

 

DO NOT FOLLOW THESE STEPS IF YOU HAVE NOT ACCEPTED YOUR LOAN AWARD

Once you have accepted your loan award through the WebDMC student portal, make sure to read the following instructions thoroughly and take appropriate action as soon as possible to ensure you receive your William D. Ford Direct Student Loan funds in a timely manner.

        REQUIRED

• All direct loan borrowers are REQUIRED to be enrolled at least half-time (six credit hours or more). You must have already started your six credit hours for your funds to be released. If you are not enrolled in six credit hours until you start your block/rapid track courses, your funds would be delayed until after the class begins. For summer, students must be enrolled at least half-time (three hours) each summer session.

• In addition students are REQUIRED to complete an Entrance Counseling (valid for 1 academic year) and Master Promissory Note (valid for 10 years) electronically on Studentaid.gov. 

You will use your FSA ID that you created when you completed your FAFSA application to log in. If you do not remember your FSA ID login, you can retrieve it on studentaid.gov. Failure to complete the Direct Loan requirements within two weeks of this notification, will result in the cancellation of your student loan. Keep in mind that these electronic processes take up to 48 hours to be processed and received by DMC.

Instructions on how to complete the above online mandatory loan requirements upon logging into Studentaid.gov.

1. Confirm your information (if requested)
2. From the "Complete Aid Process" drop down menu select “Complete Entrance Counseling”,“Master PromissoryNote for Subsidized/ Unsubsidized Loan MPN”, and (Recommended: "Annual Student Loan Acknowledgement"). 

Be sure you allow enough time to complete the entire process during a single session. If you exit the website before submitting the above two electronic requirements, you may have to start the process over. In the event you experience any problems with the above please feel free to contact Financial Aid Services: (361) 698-1293. Contact us if you choose to decline the entire loan or request a lower amount on your loan or if you plan on enrolling for the 9 weeks or 12 weeks session only in the summer, we can revise your loan award to enable you to receive your award in two disbursements.

Disbursement Regulations: Loan awards for the entire academic year are split (half fall/half spring). Loan awards for one semester ONLY are split in two disbursements within that particular semester. Summer disbursements vary on course timeframe. Check with our office to confirm your disbursement date(s).

PLEASE NOTE: The Loan Origination Center (LOC) will be mailing you the loan disclosure notice with anticipated dates of disbursement and disbursement amounts. Be aware that these dates are not the dates that you will receive your funds. (Refer to Financial Aid Disbursement Schedules)

Deadlines to apply for a loan:

• Fall: October 1
• Spring: March 1
• Summer: June 15

Upon approval, the Department of Education (ED) will send you a disclosure statement detailing your total loan amount, individual disbursement amounts, and projected disbursement dates.

Remember you are borrowing a loan that you must repay. For students who graduate or drop below 6 credit hours, you are required to complete exit counseling at studentaid.gov