Before deciding to borrow money you may gather more information on It's Payback Time - The Super Loan Team website. This website is designed to help you make smart decisions with your money and student loans. It will provide information on loan basics, borrowing, repayment, loan default, and money management tips.
For questions regarding your rights and responsibilities, loan terms and conditions, or any other specific information:
|
In order to complete the student loan application process you must have:
- Completed a 2010-2011 Free Application for Federal Student Aid(FAFSA).
- Received an Award Letter from NCC indicating your loan eligibility.
If you have met these two conditions and you want to apply for a student loan, please complete ALL three steps listed below.
- Loan Authorization Form (LAF)
- On this form you need to indicate the amount of the loan you want to
borrow. Refer to your NCC award letter which states the amounts for
which you are eligible. Remember to borrow only what you need.
- Master Promissory Note (MPN) - Beginning July 1, 2010 ALL students requesting a loan must complete a NEW MPN. You will need to "Sign In" with the Federal Student Aid PIN used to sign your FAFSA.
- Direct Loan Entrance Counseling - You will need to "Sign In" with the Federal Student Aid PIN used to sign your FAFSA.
- Before a student can receive their first loan disbursement the U.S. Department of Education requires all student borrowers to conduct entrance counseling. The purpose of the counseling session is to provide the borrower with important information regarding their rights and responsibilities. Once you have successfully completed the session, your results will be sent to the Northwest Iowa Community College Financial Aid Office. Please print a copy of the results for your own records.
- The average federal student loan debt of those who borrow at NCC is approximately $4,800 per academic year.
- Northwest Iowa Community College considers half-time enrollment to be 6 credits in the fall, spring, and summer term. If your enrollment status drops below half-time, your future loan disbursements may be cancelled, you will no longer qualify for an in-school deferment of your loan payments, and you will either enter into repayment or start your grace period. During a grace period you are not required to make payments but the unsubsidized interest will continue to accrue.
- It is important for you to understand that interest accrues on Unsubsidized Stafford (and PLUS) loans and is capitalized during periods when the interest is not paid by you, the borrower. If you allow the interest to be capitalized, you will be charged interest on top of interest when the loans enter repayment. You do have the option to pay the interest while in school and it is in your best interest to choose this option.
- If you need to withdraw from your classes it is important that you see your Advisor to complete a "Withdrawal Form." You will also need to call or stop by the Financial Aid Office.
- If you drop below half-time, withdraw, or graduate, you are required to complete an Online Exit Counseling Session.
- Detailed federal loan information is available on the National Student Loan Data System (NSLDS). This website will outline the federal loans you received when attending NCC and also the loans received if you have attended other institutions. You will need your PIN to access the website. If you have lost or forgotten your PIN, you can "Request a Duplicate PIN".
|
The Direct PLUS Loan Program is designed for the parents of dependent students enrolled at least half-time. This loan is available to a parent to supplement their child’s financial aid package up to the schools cost of attendance.
The parent who wants to borrow a PLUS loan must complete the following two steps:
- PLUS Loan Authorization Form – On this form the parent will indicate the amount of loan they want to borrow and which terms the loan proceeds are for.
- PLUS Master Promissory Note – The parent borrower will need to “Sign In” with the Federal Student Aid PIN used to sign the student’s FAFSA.
|