Applying For Federal Loans
You must request a loan from CVCC -- we will not automatically award a loan to you. You may apply for a Federal Stafford loan AFTER the Free Application for Federal Student Aid (FAFSA) has been completed and all follow-up paperwork has been submitted to the Financial Aid Office.
Note: Students must be enrolled at least six (6) credit hours each semester to apply for and receive a Stafford and/or Parent PLUS loan. The classes must be required in your program of study.
Note: CVCC participates in the William D. Ford Federal Direct Loan Program. Your lender will be the U.S. Department of Education for all loans processed in the 2010/11 year and beyond.
Steps to Apply
Stafford loan applicants are required to complete the following 4 steps to receive a loan at CVCC. The FAFSA must be completed and all follow-up paperwork submitted to CVCC BEFORE you can complete these steps.
Step 1: Meet with a financial aid counselor in Student Services to complete a Loan Request.
When a Loan Request Form is completed, all of the funds that the student wishes to receive for the academic year must be requested at one time. Making changes to the amount requested or applying for future terms that were not initially requested will not be allowed. Therefore, it is very important to plan your educational expenses for the entire academic year and make your loan request for the year accordingly.
Step 2: Complete Your Electronic Master Promissory Note (eMPN)
Fill out your eMPN online at: www.studentloans.gov
Step 3: Complete Online Entrance Counseling
Step 4: Complete "Advanced Money Management" Course
If the loan request is not done prior to the beginning of the academic year, the loan requests for the academic year or for an individual term must be received by the following dates. No loan request for the term will be taken past the dates indicated.
Fall Semester - October 1
Spring Semester - March 1
Summer Semester - June 1
Graduating or Leaving CVCC?
All students who receive a student loan at CVCC MUST complete Exit Counseling when they drop below half time, leave the college due to withdrawal or graduate. Click on the link below to complete the requirement online.
When you graduate or leave CVCC, you may want to look into consolidating your student loans so you will have one single payment, rather than several payments for different loans or payment to different lenders. For more information on loan consolidation, click on https://loanconsolidation.ed.gov
Applying for a Private Education Student Loan
1. Review Federal Aid First
This explains the difference between Federal and Private loans.
2. Complete Financial Aid File
You must have a completed financial aid file, including the FAFSA: and all follow-up paperwork. Our school code is 005318.
Choose a lender or Bank to apply for a Private Education Loan. CVCC does not offer a preferred lender list for private loans. Students may check with their bank or research private loans on the Web. We strongly encourage students to borrow Federal loans first as they offer better benefits and interest rates. Interest rates on private loans are usually significantly higher than on Federal loans.
4. School Certification
Our office will certify the loan once we receive a certification request from your lending institution and your financial aid file is complete. Private loan limits are set by Federal regulations and cannot exceed the cost of attendance minus any financial aid received. We are not responsible for the timeliness of private loans and students should address all customer service issues with their chosen lender.
5. Eligibility Requirements
For most private lenders, there is no minimum credit hour restriction nor do they require the student to be making satisfactory academic progress as determined by the school. Students should verify restrictions with their lender.
Be aware that most private lenders require a good credit rating and may also require a co-signer.
If you have any questions about your current or previous loan (your responsibilities, regulations, payment options, complaints, etc.) you may contact your lender or the Department of Education's Loan Ombudsman at 1-877-557-2575 or through this link: Loan Ombudsman (www.ombudsman.ed.gov)
To find out your loan balance and/or total debt or loan servicer, go to: www.nslds.ed.gov/nslds_SA/