Student Loans

Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department).

With Direct Loans, you:

  1. Borrow directly from the federal government and have a single contact - your loan servicer - for everything related to the repayment of your loans, even if you receive Direct Loans at different schools;
  2. Have online access to your Direct Loan account information via your servicer's website;
  3. Can choose from several repayment plans that are designed to meet the needs of most borrowers, and you can switch repayment plans if your needs change.

Types of Loans:

  1. Subsidized Direct Loan - These loans are for undergraduate students with demonstrated financial need, as determined by federal regulations.  No interest is charged while a student is enrolled in school at least half-time, during the grace period, and during deferment periods.
  2. Unsubsidized Direct Loan - This type of loan is not based on financial need.  Interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
  3. Parent PLUS Loan - Parent PLUS Loans enable parents with good credit histories to borrow money to help pay for the educational expenses of undergraduate students enrolled on att least a half-time basis. Parent PLUS Loans are not based on financial need. A credit check is required to ensure the applicant does not have adverse credit. There are no loan limits for the Parent PLUS Loan. Parent borrowers may be eligible to borrow an amount equal to the cost of attendance less any other financial aid the dependent student receives. Interest begins to accrue from the first disbursement date, and repayment begins within 60 days after the final loan disbursement. Click here to download the Federal Direct Parent PLUS Loan Application.
  4. Private Education Loan - Private Education Loans can help you pay for college, generally at a better interest rate than other lines of credit. You should only use private education loans as supplemental funding after you have exhausted all other sources of financial aid, including grants, scholarships, work-study, and Federal Direct Loans. As with any student loan, be conservative and only borrow what you absolutely need. Click here to download the Private Education Loan Application. Private Education Loan Applicant Self-Certification Form

What Can You Use Loan Money For?

If you receive a federal loan, you can only use the money to pay for educational expenses at CLCC.  These include: tuition and fees; books, supplies, and equipment; the rental or purchase of a personal computer; room and board; dependent child care expenses; transportation; and miscellaneous expenses. 

How to Apply for Summer 2016 Loan 

  1. Complete a FAFSA for the 2015-1016 award year at www.fafsa.ed.gov.
  2. Complete Entrance Counseling online. PRINT and ATTACH completion confirmation page.
  3. Submit your Master Promissory Note (MPN) for Subsidized/Unsubsidized Loans online. (PRINT and ATTACH completion confirmation page.)
  4. Review your Loan History online. (PRINT and ATTACH your NSLDS information.)
  5. Complete and return the Direct Loan Request Form to the Co-Lin Financial Aid Office.

How to Apply for the 2016-2017 Award Year (Fall 2016 * Spring 2017 * Summer 2017)

  1. Complete a FAFSA for the 2016-1017 award year at www.fafsa.ed.gov.
  2. Complete Entrance Counseling online. PRINT and ATTACH completion confirmation page.
  3. Submit your Master Promissory Note (MPN) for Subsidized/Unsubsidized Loans online. (PRINT and ATTACH completion confirmation page.)
  4. Review your Loan History online. (PRINT and ATTACH your NSLDS information.)
  5. Complete and return the Direct Loan Request Form to the Co-Lin Financial Aid Office.

Federal Loans vs. Private Loans

Federal loans are a better deal than loans from private lenders. Federal student loans generally have lower interest rates that are fixed, generous repayment plans, no repayment penalties, and no credit checks (except for PLUS loans).

Track Your Loan History

You can track your loan history at the National Student Loan Data System. All your federal loan information is reported to NSLDS, where you, your loan servicer, and other authorized users can access it. 

DIRECT LOAN COUNSELING ADDENDUM 

Direct Subsidized Loan Time Limitation If you receive your first federal student loan after June 30, 2013, there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program. This is called your "maximum eligibility period." In addition, if you continue to be enrolled in any undergraduate program after you have received Direct Subsidized Loans for your maximum eligibility period, we will no longer (with certain exceptions) pay the interest that accrues on your Direct Subsidized Loans for periods when we would normally have done so. This is called losing interest subsidy. Remember:  Loss of eligibility for Direct Subsidized Loans due to the time limitation has no impact on your eligibility for Direct Unsubsidized Loans. The periods of time that count against your maximum eligibility period are periods of enrollment (also known as "loan periods") for which you received Direct Subsidized Loans.  If you enroll in a new program that is longer than your previous program, you may regain eligibility to receive Direct Subsidized Loans.

Maximum Eligibility Period to Receive Direct Subsidized Loans

There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program. This is called your "maximum eligibility period". You can usually find the published length of any program of study in CLCC’s catalog. For example, if you are enrolled in a 2-year associate degree program, the maximum period for which you can receive Direct Subsidized Loans is 3 years (150% of 2 years = 3 years). Your maximum eligibility period is based on the published length of your current program. This means that your maximum eligibility period can change if you change programs. Also, if you receive Direct Subsidized Loans for one program and then change to another program, the Direct Subsidized Loans you received for the earlier program will generally count against your new maximum eligibility period.

Effect of Borrowing While Enrolled Part-Time

If you receive a Direct Subsidized Loan when you are enrolled less than full-time, the period that is counted against your maximum eligibility period will be reduced. For example, if you are enrolled half-time and receive a Direct Subsidized Loan for a period of enrollment that covers a full academic year, this will count as only one-half of a year against your maximum eligibility period.

Summer Loan Eligibility

Please be aware that if you borrow all of your loan eligibility during Fall and Spring, you will not have any loan eligibility remaining for Summer. If your program requires attendance during the Summer semester, you may want to consider budgeting your annual loan eligibility across 3 semesters.

Student Loan Repayment Assistance — Co-Lin's Partnership with USA Funds®

As you begin your school experience, or as you prepare to leave school, we want to ensure you are well-informed and equipped to repay the loans that helped finance your higher education. We have partnered with USA Funds® — a nonprofit organization with more than 50 years of experience in counseling student loan borrowers — to assist you in understanding your loan repayment commitments and in addressing any issues you may encounter with the repayment of your student loans.

In the coming months, you may receive a call from a USA Funds Borrower Connect InTouchSM representative who will:

•  Help you understand your loan obligations and responsibilities
•  Discuss available options for an achievable and affordable repayment plan.
•  Ensure you are aware of repayment options during financial hardships.
•  Promote your long-term repayment success.

These representatives are available to counsel you about your outstanding loans and, when appropriate, work with you and your loan servicer to address any loan payment issues.

To contact a USA Funds representative for assistance, please call (866) 497-8723.

For More Information

  1. The federal government offers a lot of detailed information about loans at StudentLoans.gov.
  2. To estimate eligibility to determine if you may qualify for Income-Based Repayment (IBR) visit www.ibrinfo.org.
  3. To gain information on loans before you owe: www.consumerfinance.gov/students/knowbeforeyouowe.
  4. To view the Code of Conduct

 

 

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