Financial Aid Home > Loan Information
Who makes the loan?
Loans are made by the Department of Education.
How do I get a loan?
First you must complete your FASFA at www.fafsa.gov. In addition, federal
regulations require borrowers undergo entrance loan counseling before receiving
a loan each academic year. Exit loan counseling is required when the student
ceases at least half-time enrollment.
Who is eligible?
A loan recipient must be enrolled at least half-time in a
semester and show satisfactory academic progress.
When are loans paid back?
Repayment of these loans starts six(6) months after you cease to
be enrolled or after you drop below half-time status.
What if I transfer to NCTC from another school? Will I be
eligible for a loan?
A student who transfers in the middle of an academic year and has
received his or her annual limit while at the transfer institution will not be
eligible for a loan at NCTC until the beginning of the next academic year.
How often do I have to apply for a loan?
Student loan recipients must apply for financial aid each year.
Student loans are packaged for each eligible student and included in his/her
award letter. The student will need to accept their loan awards before
certification by financial aid office will be submitted.
Which loan program does NCTC participate in?
The Direct student loan that consist of Stafford Subsidized Loan,
Unsubsidized Stafford Loan, Federal Parent Plus Loan for undergraduate students
are the only loans available at NCTC. NCTC does not participate in the following
loan programs: Federal Perkins Loans.
What is the difference between subsidized and unsubsidized
The Subsidized loan is need based and the government pays the
interest during in-school status, grace periods and authorized deferment
periods. The Unsubsidized loan is not need based and the borrower is responsible
for paying the interest that accrues during these loan periods.
What is a Federal Parent Plus Loan?
The Parent Plus Loan is a fixed interest loan created by the
federal government to help creditworthy parents pay for their dependent
student's education beyond high school. Repayment begins 60 days after the loan
is fully disbursed. Interested students must complete their financial aid file,
complete Parent Plus application at https://studentloans.gov.