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When to start the loan application process to
ensure you have your loan by the start of the term. |
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The first step in the loan process is filling out the FAFSA form. You should complete this form at least 6 weeks prior to the start of the semester. The second step is to wait for the award letter from the college indicating your loan eligibility. If you decide a loan is necessary, you will need to complete a loan application, and, if you are a first time borrower, a master promissory note. This may be done on paper or possibly online.
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Effectively determine how much to
borrow so you don't go too far in debt.
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Always borrow conservatively. Once you are out of school, you will have to repay the loan. Develop a budget you can afford and stick with it. This will keep you from accumulating large debts and help you manage your student loan payments when you have finished college. Contact your home college's Financial Aid Office for personal financial planning information.
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When loan checks are usually available.
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You may have to wait up to 30 days after the start of the term. Please be aware that you will have to repay all or part of disbursed awards for classes that are never attended (Financial Aid Directors do track when and if online students log into and participate in their online course).
Note: If you are a fully online student, your term start date is the first day that online courses start.
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How to pay for tuition and purchase textbooks if your
loan has not been processed.
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If your financial aid will not be available by the start of classes, please contact the Financial Aid Director at your home college prior to the start of classes.
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Enrolled in a 16-week and an 8-week
course and drop an 8-week course.
The affects on your aid and your responsibilities.
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If you drop below half-time, all future loan disbursements will be cancelled and your grace period begins. If you remain half time or above, there may be no consequences for withdrawing from the course. Please be aware that you will have to repay all or part of the disbursed awards for classes that are never attended.
Note: If you withdraw from a class(es), it may affect your satisfactory progress status, which may affect your financial aid. Be sure to consult with the Financial Aid Office at your home college before withdrawing from a course.
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Your responsibilities for paying back
loans if you officially withdraw or
unofficially withdraw (stop attending).
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If you drop below half-time, all future loan disbursements will be cancelled and your six-month grace period begins. If you remain above half-time, there may be no consequences for withdrawing from a course. Please be aware that you will have to repay all or part of any disbursed awards for classes that were never attended.
Note: If you withdraw from a class(es), it may affect your satisfactory progress status, which may affect your financial aid. Be sure to consult with the Financial Aid Office at your home college before withdrawing from a course.
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Take a semester off and the affects on your loans.
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Repayment of principal balance begins six months after you are no longer enrolled in college at least at a half-time status.
Note: Under certain circumstances,
repayment may being immediately. |
Iowa Community College Online Consortium
