Student Loans

How to Apply for Student Loans

All students who are eligible to apply for a loan must complete a loan request form, along with Entrance Counseling and a Master Promissory Note before loan funds are awarded or disbursed. The loan request form and application process will be available on your Student Financial Aid Portal after your completed financial aid file has been reviewed. You will be notified via email to check your Financial Aid Portal when your file is reviewed.


  • 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.

    Time Limit for Direct Subsidized Loan Eligibility for First-Time Borrowers 

    There is a limit on the maximum period of time (measured in academic years) that a student can receive Direct Subsidized Loans. In general, students may not receive Direct Subsidized Loans for more than 150% of the published length of their program. For more information regarding this 150% limit on Direct Subsidized Loans please click here.

How to Receive the Loan Funds You Were Awarded

Follow the instructions for completing both the Entrance Counseling and Master Promissory Note (MPN) at 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.

Any loan funds not needed to pay your tuition and fees will be disbursed to you in the form of a financial aid refund. All students will receive financial aid funds based on their selected preference on their Peninsula Card. Please visit for more information.  

For students who do not complete the loan request process (including 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 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.

Loan Interest Rates for 2016-2017

  • Stafford Loans for undergraduate students: 3.76% 
  • Stafford Loans for graduate students:  5.31%
  • Parent and Grad PLUS loans:  6.31%

Check out SALT

SALT is a private nonprofit that has partnered with Peninsula College to provide personalized student loan help and money management advice so you can make borrowing and repayment decisions that fit your life.  By signing up for free with SALT, when it is time to start loan repayment the SALT team can provide you with options so that you start on the right path.

Exit Counseling

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.

Federal Student Aid video "Responsible Borrowing"