Three types of loans are available at CVCC: direct loans, Parent PLUS loans, and private loans. All loans must be repaid by the student (or parent) to the lender (or agency). The appeal process for direct loans and Parent PLUS loans are the same as the Pell Grant. Private loans do not require an appeal process as private loans are not subject to Financial Aid Suspension.
Direct loans can be subsidized and/or unsubsidized. The government pays the interest on subsidized loans while the student is attending College at least half-time. Subsidized loans are for students who have demonstrated financial need. Unsubsidized loans, which are not need based, are loans where the interest begins accruing from the beginning date of the loan. The student is responsible for the interest on unsubsidized loans from the beginning loan date. Students are required to be enrolled and attending at least half-time (6 credit hours or more) in order to qualify for Direct loans. Students must maintain the same requirements for eligibility as described for federal aid in the Grants section in College Catalog. Students who graduate, stop attending, or drop below six credit hours must complete Exit Counseling online. Repayment plans/options are also found here.
Parent PLUS loans require the same minimum requirements, standards, and conditions as the Direct loans except the loan is in the parent’s name not the student’s.
Private loans are through outside lenders of the student’s choosing. The Financial Aid Office does not distribute private loan applications, and these applications may be located on the website of lending agencies.