Financial Aid

2013-2014 Direct Loan Applications will be available in August 2013. Applications will be accepted starting September 3, 2013.
 

2012-2013 Federal Direct Loan -- Application Deadlines 

• Students Attending Fall Only.............................................October 26, 2012
• Students Attending Fall and Spring....................................April 5, 2013
• Students Attending Spring Only.........................................April 5, 2013

Click here to go to the Direct Loan Payment and Exit Counseling Instructions Page.

Read the information on this page carefully before you begin.

To print Direct Loan forms, you will need the most current version of Adobe Acrobat Reader, available for free download here.

Important Information 

Within these instructions are “links” that open forms or websites necessary to complete the Direct Loan process. To print a form or open a website, use your mouse to click on the blue text.

If you have questions concerning the Direct Loan Application process, please call 707.256.7300 or stop by the Financial Aid Office during regular office hours to schedule an appointment to meet with a Financial Aid Technician.

You will need the PIN you were issued by the Department of Education to complete this process. You can request a copy of your PIN if it is lost. If you have an e-mail address, your PIN will be sent to you electronically within 24-48 hours after your request, or you may choose to have it mailed to you.

About the Direct Loan 

Direct loans are low-interest federal student loans to help you pay for the cost of education at NVC. The lender is the U.S. Department of Education rather than a bank or financial institution. As a Direct Loan borrower, the Direct Loan Servicing Center will be your single point of contact for everything related to the repayment of your loans, even if you receive Direct Loans from different schools. You will also have convenient, online access to your Direct Loan account information 24 hours a day, 7 days a week

There are two types of Direct Loans available at NVC:

Direct Subsidized Loans (Federal Direct Stafford/Ford Loans) are loans for students with financial need, as determined by federal regulations. No interest is charged while you are in school at least half-time and during deferment periods.

Direct Unsubsidized Loans (Federal Direct Unsubsidized Stafford/Ford Loans) are loans for students that are not based on financial need. Interest is charged during all periods.

Interest Rates:

• Direct Subsidized loans first disbursed between 7/1/12 and 6/30/13 have a fixed interest rate of 3.4%.
• Direct Unsubsidized loans first disbursed on or after 7/1/12 have a fixed interest rate of 6.8%.

Other Loan Fees:

The loan origination fee is another expense of borrowing a Direct Loan. The origination fee is subtracted proportionately from each loan disbursement. The origination fee charged for Direct Subsidized and Unsubsidized Loans may be as much as 3 percent of the amount you borrow.

For the 2012-2013 academic year, the Direct Loan Origination Fee is 1.0%. 

Direct Loan Links 

The information provided above has been taken in part from publications provided by the Direct Loan program. For more complete information, please refer to the following publications (links open in a new window):

Direct Loan Student Website

Direct Loan Servicing Online

Budget/Repayment Plan Calculators and Interest Rates 

Repayment Plans

Direct Loan Deferment Forms

Cancellation and Consolidation

StudentLoans.gov

 

Are you eligible to apply for a Direct Loan at NVC? 

You may be eligible to apply for a Federal Direct Loan (Direct Loan) at NVC if you meet the following criteria:

1. You have submitted a Free Application for Federal Student Aid (FAFSA) for the current academic year listing NVC as a school of attendance.
2. You have completed the NVC financial aid process and have been determined eligible to receive federal financial aid funds.
3. You have been accepted into, and are enrolled in a financial aid eligible program of study at NVC leading to an AA/AS degree, vocational certificate, or transfer to a four-year college or university for a BA/BS degree.
4. You are enrolled and attending at least half-time in courses required by your chosen degree, certificate, or transfer program of study.
5. You are not on NVC academic or progress dismissal (or subject to academic or progress dismissal).
6. You are not on Financial Aid Disqualification.
7. You are not in default or delinquent on a prior student loan.
8. You do not owe a repayment of federal Title IV funds.
9. You have not borrowed a Federal student loan at another college for the current academic year.
10. You have not borrowed the maximum yearly amount (see Tables below) you are eligible to receive in Federal student loan funds within the last 12 months.
11. You have not reached or exceeded the Aggregate Loan Limits (see Table 3) for an undergraduate student. 
12. You are in a program for transfer to a four-year college or university and have borrowed less than one-half the Aggregate Loan Limit for undergraduate students.

How much can you borrow at NVC? 

The amount you may borrow for a single academic year is shown in the tables below. The amount you will actually be eligible to receive may vary due to the following factors:

• The loan amount you request;
• Your year in school, based on the requirements of your chosen program of study at NVC;
• Whether you are considered a DEPENDENT (Table 1) or an INDEPENDENT (Table 2) student for federal financial aid purposes;
• The length of time you will be in attendance, also known as your enrollment period, at NVC during the academic year;
• Your cost of attendance;
• Your Expected Family Contribution (EFC);
• Other financial aid you will receive during the academic year;
• Your remaining eligibility under the annual or aggregate loan limits.

 

Direct Loan Annual Limits  

 

Table 1: Dependent Students

 

Table 2: Independent Students 

Loan amounts are prorated for students with less than one year remaining for completion of their program, or who are enrolled in non-standard term programs or programs of less than one year in length, or who are enrolled in clock hour certificate programs.

You may receive a Direct Subsidized Loan, a Direct Unsubsidized Loan, or a combination of both for the same academic year. Direct Subsidized Loan is based on unmet financial need, as determined under federal regulations. Need is not a factor in determining eligibility for a Direct Unsubsidized Loan. You may qualify for a Direct Unsubsidized Loan regardless of your financial need.

Unmet financial need is calculated by subtracting your expected family contribution and any education-based funding you are expected to receive during the academic year from your financial aid student budget. If you do not have sufficient unmet need to cover the full amount of your loan request with the Subsidized Direct Loan, the balance may be covered by the Unsubsidized Direct Loan. Total financial aid, including loans, can never exceed your student budget for the academic year.

The maximum total outstanding loan debt you can accumulate while in school is limited, so you must plan carefully to be sure your loan eligibility is not exhausted before you complete your educational goal. Once you reach the limits listed in Table 3, you will be unable to borrow additional federal educational loans until your loan debt is reduced through repayment.

 

Table 3: Aggregate Loan Limits 

 

Table 3: Aggregate Loan Limits

Table 3 Aggregate Loan Limits Maximum Total Outstanding Loan Debt
	Subsidized/Unsubsidized Aggregate Effective July 1, 2008
UNDERGRADUATE DEPENDENT STUDENTS	$31,000 (maximum $23,000 subsidized)
UNDERGRADUATE INDEPENDENT STUDENTS	$57,500 (maximum $23,000 subsidized)
GRADUATE and PROFESSIONAL STUDENTS	$138,500 (maximum $65,500 subsidized)

Click here to go to the Direct Loan Payments and Exit Counseling 
If you have already received your 1st loan disbursment  for this academic
year  and expect to receive your 2nd disbursement within the next 14 days.