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Federal Direct Loan Information

William D. Ford Federal Direct Loan Program

CVCC participates in the William D. Ford Federal Direct Loan Program. Direct loans are considered by many to be the most cost effective way of delivering educational loans to students and parents. The following should offer some guidance for students and parents when borrowing either student and/or parent loans. For frequently asked questions, visit Federal Student Aid.

 

Federal Direct Loan for Student Borrowers

How do I apply for a Direct Loan?

  1. Complete the Free Application for Federal Student Aid (FAFSA).
  2. Complete online Entrance Counseling for the Direct Loan.
  3. Complete the online Master Promissory Note for the Direct Loan.
  4. Complete the CVCC Federal Direct Acceptance (PDF) and Loan Planning Forms (PDF).

» Frequently Asked Questions of Student Borrowers

 

Federal PLUS Loan for Parent Borrowers

How do I apply for a Direct PLUS Loan?

  1. To apply for a Direct PLUS Loan, please visit Studentloans.gov.
  2. Complete online Entrance Counseling for the Direct PLUS Loan. This step is required for borrowers who are approved with an endorser or have an approved appealed credit decision.
  3. Complete the online Master Promissory Note for the Direct Student Loan.

» Frequently Asked Questions of Parent Borrowers

 

Alternative (Private) Education Loans

Alternative educational loans are private loans (non-federal) offered through banks to supplement financial aid awards. CVCC is required to certify these loans to ensure that the loan amount does not exceed the cost of attendance less all other financial aid. Most alternative loans are disbursed equally into student accounts according to enrollment plans. If you decide that an alternative loan is right for you, you may borrow from any lender that you choose. When choosing a lender for an alternative loan, we encourage you to consider the following factors:

  • Loan costs (interest rates and fees)
  • Borrower benefits and discounts
  • Customer service

For more information, please contact the Office of Scholarships and Financial Aid.

DISCLAIMER: CVCC does not maintain a preferred lender list. The College does not have any agreements or relationships with any lenders and does not receive any benefit, financial or otherwise, from the use of alternative loans by students.

 

Self-Certification Form (Alternative (Private) Loans ONLY):

If you apply for an alternative loan, the lender is required to obtain a signed self-certification form (PDF) from you. The self-certification form is intended to promote “informed borrowing” by educating borrowers about financial aid availability and encouraging them to seek advice from the financial aid office about other forms of aid before taking out a private education loan.

For assistance with completing the self-certification forms, please contact the Office of Scholarships and Financial Aid.

 

Federal Direct Loan Disbursement Schedule

Federal Direct Student or Parent PLUS loan(s) will be disbursed in three disbursements for the Fall and Spring Semesters. The first disbursement will consist of 50% of the semester's loan amount and 25% for the second and third disbursements. There will be two disbursements for the Summer Semester both consisting of 50% of the semester's loan amount.

» Loan Disbursement Schedule

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