Student Loans

Also known as Federal Stafford Student Loans

Be sure you have already completed the FAFSA prior to applying for a loan.

 2024-25 Loan Request Form

Before you apply sign-in and complete the Entrance Counseling and Master Promissory Note using your FSA ID.

• Choose Complete Counseling and then click Start under Entrance Counseling.
• Choose Complete Master Promissory Note and then click Subsidized/Unsubsidized.

Review the Reference Rules on the form, before completing the reference section.

Bring your driver's license to the Financial Aid Office with the completed Loan Request Form.

Exit counseling for students not enrolled in the current semester or who drop below six credits is available.

Things to Know:

• You must be enrolled in a Financial Aid Eligible Program and at least 6 credit hours for the semester in order to apply.
• The loan amount requested will be divided between the semesters you have requested the loan for (fall and spring, or if applying for all three - fall, spring, and summer)
  • If you apply for only one semester, the amount you are allowed to borrow will be half of the academic year amount.
• The loan application process takes an estimated two weeks after ALL documents are submitted.
• Loan awards may be viewed on your myCVCC account, using SIS, Self Service, Campus Finances, and then Account Inquiry.
• Loan disbursement checks are mailed to your home address 5-6 weeks after the start of the semester.

CVCC has the right to deny student loans on a case-by-case basis.

Right to Refuse a Loan

You have the right to refuse Federal Stafford Loans offered to you by CVCC even after you have signed the promissory note. We will notify you, in writing, of this entitlement close to the date of the loan disbursement. You must submit your refusal in writing to the Financial Aid Office. If you have outstanding charges at the time of refusal, you must pay them in full at that time.

Your FAFSA must be completed prior to requesting a Parent PLUS loan.

Financial Aid Forms Master Promissory Note Credit Report Consent

Steps to Apply:

• Sign-in and complete the Entrance Counseling
• Submit your Parent PLUS Loan Application at least 30 days before payment is due.
• Use your student's FSA ID to complete the Master Promissory Note (MPN).
• Complete the Consent to Obtain Credit Report form.

Important Notes

1. You do not need to select a lender.  We are a Direct Lending school and your loan will be set up through the U.S. Department of Education.
2. These loans accrue interest once disbursed and the repayment begins approximately two months after the full loan disburses (earlier in some cases). Borrowers have the option of deferring repayment for up to a 6-month period after you cease to be enrolled half-time (6 credit hours). Parent borrowers must contact the Direct Loan Serving Center (DLSC) at 800-848-0979 to request a deferment.
3. If the parent borrower changes, the new borrower must complete a Master Promissory Note (MPN) using the appropriate FSA ID.
4. The FAFSA and Parent PLUS Loan Application must be completed each year and the application is subject to a credit check.
5. Direct Loans approves/denies the Parent PLUS Loan application, not CVCC. Consideration is dependent upon Satisfactory Academic Progress.
6. If the loan is denied, you may request an additional unsubsidized with the Direct Student Loan above.
7. Failure to complete all requirements will result in a delay in loan disbursements and possible cancellation of the loan (requirements can be found through myCVCC).
8. Parents have the right to cancel all or part of the loan prior to the first day of the semester, or within 14 days of notification of the loan. Parents may also reduce the amount of the loan, or cancel a future disbursement by submitting a written statement to the Financial Aid Office before disbursement.

For more details visit the Federal Student Aid website.

All aid types awarded by CVCC require that the student meet satisfactory academic progress requirements and the terms of each aid type. In order to borrow from any of the loan programs offered at CVCC, the student must be enrolled half-time and pursuing a degree at CVCC, and request a student loan by completing the CVCC Student Loan Request Form. Eligibility is confirmed at the point of loan awarding and certification and again prior to disbursement. Students who do not meet eligibility criteria will have loan monies returned to the lender. A state issued ID card is required, preferably a driver's license, at the time the application is submitted. CVCC will validate all reference's addresses and telephone numbers. References must live in the state of Virginia excluding parent or relatives. The references you supply cannot live at the same address as the student (unless the address belongs to the parent or relative). If the student cannot come up with in-state references, a credit check will be performed on the student.

Federal Loans

• CVCC participates in the Direct Loan Program. Student loans are borrowed from the federal government.
• All loans must be repaid by the borrower and should be taken with extreme caution and forethought. Failure to repay a loan will negatively affect the student for years.
• Until both the promissory note and loan counseling are completed, a student cannot use a loan to offset tuition and fees or to purchase books at the campus bookstore.
• Loans are for the entire fall-spring enrollment and will have two disbursements, half in the fall and half in the spring if the student maintains eligibility. One-semester loans will be disbursed at the beginning of the term. Summer is a separate loan period.
• Loans for fall, spring and the following summer combined cannot exceed annual maximums.
• If the student applying for a Federal Direct Student Loan and/or a Parent PLUS Loan has not been awarded before the drop date for that term (regular session classes only), the student will not be eligible for that particular term.
• Loans and other financial aid are to be used only for costs pertaining to higher education attendance and cannot exceed need, if subsidized, and/or cost of attendance if filling Expected Family Contribution.
• Students cannot be in default on a federal student loan or must have made satisfactory arrangements to repay a defaulted loan.
• Students cannot receive a student loan or other aid if they owe money back on a federal student grant and have not made satisfactory arrangements to repay any such overpayment.
• Students cannot have borrowed in excess of the loan limits under Title IV programs at any institution.
• Students cannot request/receive loans from another school for the same or an overlapping loan period if total borrowed exceeds annual or lifetime maximums.
• Loans are credited to student accounts at CVCC. After school costs are covered, excess amounts will be returned to the student by mail from the State of Virginia, to be used for other educational costs.
• Loan disbursements for students not attending classes in at least six credits or not meeting satisfactory progress requirements will be returned to the lender. Aid cannot be disbursed until student shows at least 6 credits for the term have reached census date.
• Additional information regarding loans and access to the Master Promissory Note and loan counseling can be found on other pages of this site.

Federal Direct Student Loans

Direct Loans are borrowed from the federal government. Accepted loans are listed on the National Student Loan Database (NSLDS), where students also can monitor their loan history and outstanding loan volume.

Subsidized Federal Direct Stafford Loan

To be eligible for the subsidized Stafford Loan, a student must show need, be enrolled at least half-time and pursuing a degree at CVCC. The government subsidizes the loan by paying the interest for the student during periods of at least half-time enrollment. First-year students are eligible for up to a maximum of $3500; students reaching sophomore status can borrow up to $4500. After the grace period, interest is anticipated to accumulate at a fixed rate of 6.8 percent for loans disbursed between July 1, 2012 and June 30, 2013.

Unsubsidized Federal Direct Stafford Loan

The terms of the unsubsidized Federal Stafford Loan are slightly different than those of the subsidized Federal Stafford Loan. A student is not required to show need for the unsubsidized Federal Stafford Loan, and interest is the student's responsibility from the beginning; The government does not pay interest for the student; it currently accumulates at a fixed rate of 6.8 percent. Eligibility for a subsidized loan is considered first; if the maximum limit of $3500 for freshmen or $4500 for sophomores has not been met, an unsubsidized loan will be considered to fill Expected Family Contribution and reach the maximum eligibility limit.

Federal Stafford Loan Limits

The following limits apply:

Dependent Students (except when parents are denied a PLUS)

Independent Students (and dependent students whose parents are denied a PLUS)

Direct Parent Loan for Undergraduate Students (PLUS)

The PLUS loan is available to parents of dependent students to help meet remaining costs of education. Maximum eligibility is the total cost of education minus financial aid. Interest is the parent's responsibility and is calculated at a fixed rate of 7.9 percent.

Under federal regulations 34 CFR 685.301(a)(8), CVCC has the right on a case-by-case basis to deny loans. CVCC will deny loans after consideration on a case-by-case basis for the following:

• To deny loans for a student entering a new program who has insufficient loan eligibility remaining to complete the new program of study.
• To deny loans to students with existing student loan debt that approaches or exceeds.
• Undergraduate aggregates ($31,000 with a maximum $23,000 in sub Stafford for dependent students; $57,500 with a maximum $23,000 in sub Stafford for independent students}, whether previous loans were taken as undergraduate students or graduate students or whether outstanding balance is due to principal or principal plus interest.
• To deny a loan to any student with a previous default who has existing student loan debt from all sources equal to or greater than half the maximum aggregate limit in either subsidized or unsubsidized loans for the student's status as dependent or independent student.
• To deny PLUS loans for parents with combined subsidized, unsubsidized, Perkins and PLUS loan debt exceeding subsidized and unsubsidized loan limits.
• Other circumstances that strongly indicate an unwillingness to repay or abuse of loan programs.

Additional Points for Consideration in Awarding/Revising Loans

CVCC must determine eligibility at the point of loan certification and again at the point of loan disbursement. It is the responsibility of every staff member to consider eligibility requirements prior to awarding and during any aid revisions. Loans must be denied if:

• CVCC must determine eligibility at the point of loan certification and again at the point of loan disbursement. It is the responsibility of every staff member to consider eligibility requirements prior to awarding and during any aid revisions. Loans must be denied if:
• The student has not submitted required transcripts or other requested documents at the time of disbursement, and the requirement has not been temporarily waived
• The student has failed Satisfactory Academic Progress Standards
• Student is not pursuing a degree at CVCC
• The student owes a debt to the college
• Information is received that indicates ineligibility for the loan. (Examples, not all inclusive)

- The student has already borrowed the annual maximum.
- The student has exceeded lifetime maximums.
- The student is in default on a loan.
- The student did not enrolled in 6 credits and/or is not attending

34 CFR 685.301(a)(8) Origination of a loan by a Direct Loan Program school

(8) A school may refuse to originate a Direct Subsidized, Direct Unsubsidized, or Direct PLUS Loan or may reduce the borrower's determination of need for the loan if the reason for that action is documented and provided to the borrower in writing, and if-
(i)    The determination is made on a case-by-case basis;
(ii)   The documentation supporting the determination is retained in the student's file; and
(iii)  The school does not engage in any pattern or practice that results in a denial of a borrower's access to Direct Loans because of the borrower's race, gender, color, religion, national origin, age, disability status, or income.