Student Loans

Central Lakes College participates in the William D. Ford Direct Loan program for your Federal Subsidized and Unsubsidized loan(s) and Federal PLUS (Parent Loan for Undergraduate Student) loans.  

*  The U.S. Department of Education will be your lender for Direct Loans. 
 
*  You must be enrolled at least half-time (6 credits) each term to be eligible for loans.

*  Loan eligibility is determined by dependency status, grade level for the current enrolled program/degree and the Cost of Attendance.  The following information details the maximum amounts available per academic year.

    + Grade level one is a first year undergraduate student (earned credits 0 to 29)
     Dependent student - Maximum eligibility $5,500 (with subsidized loan maximum of $3,500)
     Independent student - Maximum eligibility $9,500 (with subsidized loan maximum of $3,500)

    + Grade level two is a second year undergraduate student (earned credits 30 or more) currently accepted in a two year program/degree
     Dependent student - Maximum eligibility $6,500 (with subsidized loan maximum of $4,500)
     Independent student - Maximum eligibility of $10,500 (with subsidized loan maximum of $4,500)
    
     Dependent students may have additional unsubsidized loan eligibility of up to $4,000 if their parent is denied a PLUS loan. 

*  A student, who applies for a Federal Direct loan, has certain rights and responsibilities.  Use this link to DL Rights.pdf to see what those are.  

Federal Direct Subsidized and Unsubsidized Loans:  

The Student Loan Acceptance begins with you logging into your student E-Services account with your CLC Student Tech ID, clicking on "Financial Aid" and then clicking on "Loans".  There you will be able to apply for loan funds, check on the pre-requirements of loan entrance counseling and Master Promissory Note (MPN) completion, as well as check on the status of your loan and loan amounts.  All of the necessary parts of the loan process will be available to you using the E-Services.

The last day to apply for student loans for the 2010-11 school year is:

       Summer Semester - Most programs, Tuesday, July 26, 2011
       Diesel & HE Tech, Friday, June 17, 2011
       Machine Trades, Tuesday, June 21, 2011
       Mechanical Drafting, Tuesday, July 12, 2011
       Robotics, Tuesday, June 28, 2011

Federal Direct PLUS (Parent Loan for Undergraduate Student)

A PLUS loan can be an option in two different situations: first, the parent would like to borrow money to help fund their child's education; second, a parent has a poor credit history.  If a parent with poor credit history applies for a PLUS loan and is denied the student may be awarded additional Unsubsidized Federal Direct loan.  Your child's Official Award letter at E-Services will show the maximum PLUS loan eligibility for the whole academic year.  You can borrow a lesser amount if you choose.

A parent of a dependent college student may be eligible to borrow a Federal Direct PLUS loan. It has a fixed interest rate of 7.90%.  The borrower is responsible for all interest. Parent may borrow up to full cost of students education less any other financial aid the student receives.  Repayment begins 60 days after the full amount of loan funds are disbursed and in most cases is expected to be repaid in 10 years. The Department of Education is the lender.  You can contact them with repayment questions.

** The CLC Financial Aid Office will be notified of your PLUS Master Promissory Note(MPN) approval or denial.

** Your child will be able to see when the PLUS loan funds have applied to his or her account through E-Services under "Bills and Payments".

Would you like to proceed to the PLUS loan online process?  You will have the option to choose to complete the Federal Direct PLUS loan application or request that CLC just do a credit check for you.
  
Option 1:  Apply for the PLUS loan by completing the following steps.

A.  Complete the Federal Direct PLUS Loan Request form .  This form will need to be printed, completed, signed, notarized and mailed to the CLC Financial Aid Office.   

B.  If you have not already done so, complete the Federal Direct PLUS Loan MPN (Master Promissory Note) at StudentLoans.gov. 
You will need to sign in using your social security number, first two letters of your last name, date of birth and Federal Student Aid PIN. (The same four digit number you used to sign your child's FAFSA.  It is available at pin.ed.gov.)  After signing in be sure to click on "Start PLUS Application Process".       

Option 2:  To request just a credit check to determine if your child may be eligible to borrow additional Unsubsidized Federal Direct loan just click on this link to the Federal Direct PLUS Loan Request form and complete the "Credit Check Only Confirmation Request" section sign, notarize and mail to the CLC Financial Aid Office. 

NEW - Special Direct Consolidation Loans (only available from January 1 - June 30, 2012) 

On 10.25.2011 President Obama's Administration announced some new ways to assist student's with student loan debt incurred while attending college.  Use this link to research and apply for special consolidation options for your loan indebtedness.  This option is different than the William D. Ford Federal Direct Loan Program.   Only certain borrowers will be elibible for Special Direct Consolidation Loans, and eligible borrowers will apply through a new and different online process.

 

Loan Counseling

Do not use these links unless you have specifically been instructed by a member of the CLC Financial Aid Office or a letter you may have received directing you here.

Federal Stafford  and Direct Loans
Exit Counseling.gov

Federal Perkins Loans
Perkins Loan Entrance Counseling.org
Perkins Loan Exit Counseling.org

STUDENT LOAN CONTACT INFORMATION

This information will assist students with phone numbers and web addresses in connection to their lenders, guarantee agencies or the
Department of Education:

www.dl.ed.gov To view information about your direct loans or to update personal information.

www.nslds.ed.gov  To view any financial aid you may have received including student loans.

www.mygreatlakes.org  To view some or all of your student loans with Great Lakes Higher Education.
800.236.4300

www.myfedloan.org  To view some or all of your student loans with PHEAA.
800.699.2908

ACS Direct Loan Service Center 800.848.0979

Student Loan Servicer

 

PUT loans are Federal Family Education Loan program (FFEL) loans that have been purchased by DOE.  The DOE has purchased many Stafford Student loans that were borrowed through the FFEL program.  These loans will now be serviced by the DOE or a loan servicing agency referred to as the servicer.  Use the information below to make contact and ask questions about your loan(s).
Borrower information service - 1-800-508-1378
Borrower Collections service - 1-866-938-4749 

Student Loan Guarantors

NELNET
888-486-4722
www.nelnet.net/americanstudentloan

FirstMark Services (SELF Loan)
888-538-7378
www.firstmarkservices.com