NCTC will start awarding Loans for the 2008-09 award year in May 2008.

Loans will be certified after June 1 for the Fall Semester.

North Central Texas College works with the following loan programs:

• Federal - Stafford Subsidized Loans
• Federal - Stafford Unsubsidized Loans

Stafford Subsidized Loans

This is a need based loan program that provides low interest loans to students who are attending NCTC at least half-time. If you are eligible for a Stafford Subsidized loan, the federal government pays the interest on the loan while you are enrolled in school at least half-time (6+ credit hours per semester). North Central Texas College will not award loans for the summer semester.

Annual loan limits are:

• $3,500 - First Year Students
• $4,500 - Second Year Students

Stafford Unsubsidized Loans

This is a non-need based program that provides low-interest loans to students who are attending NCTC at least half-time. This loan is available to students who do not demonstrate financial need. The student is responsible for the interest that accrues on the Stafford Unsubsidized loan during in-school and deferment periods.

The loan limits are the same as the Stafford Subsidized loan.

Financial need is not a requirement to obtain certain loans. However, if you demonstrate financial need and are eligible for a Subsidized Loan, the federal government (U.S. Department of Education) will pay the interest that accrues on this type of loan during certain periods of enrollment.

Loans are legal obligations, so before you take out a student loan, think about the amount you'll have to repay over the years. A loan calculator may help you to plan for your loan repayment.

Click here to view Estimated Repayment Calculator.

The subsidized and unsubsidized Stafford loan interest rates are at a fixed rate of 6.8% as of July 1, 2006. Repayment of principal and interest begins six months after the student ceases the course of study or six months after the borrower ceases at least half-time enrollment. The borrower will be assessed a small guarantee fee.

Once you have accepted your loans on Campus Connect, you can proceed to Loans by Web within 7 business days. In order for us to finish the loan process you must complete Entrance Counseling and sign a Master Promissory Note (MPN) is a binding contract between you and your lender. You are promising to pay back the funds loaned to you. You will be required to fill out a promissory note if you change lenders or file bankruptcy.We have arranged this for you at Loans By Web.

If you are having trouble with loans by web click here for step by step process, including screens shots.

Click here to view our lender list.

Important Note!! If you have chosen a lender (usually out-of-state) that does not guarantee their loans through TGSLC, if you do not find your lender on TG's Loans by Web and decide not to chose a lender that is on loans by web you must provide our office with a completed Loan Certification Form provided by your lender or guarantor.

Federal regulations require all Federal Stafford loan borrowers to complete an exit counseling session upon graduating, withdrawing, or dropping below half-time attendance. The exit counseling session must be completed regardless if you plan to transfer to another school or re-enroll at our school in the future. You can complete Exit Counseling by going to Mapping Your Future .

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest. You cannot have these loans canceled because you didn't get a job in your field of study or due to financial difficulty.

Click here for directions to apply for a Federal loan.

Who makes the loan?

Loans are made by a lender such as a bank, credit union or savings and loan association. These loans are insured by the state guarantee agency and reinsured by the federal government.

How do I get a loan?

First you must complete your financial aid file. 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.

Do I have to borrow the maximum amount?

NO! You should only borrow as much as you need. Remember, these loans DO have to be paid back!

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 Federal Stafford Subsidized Loan, Federal 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 or National Direct Student Loans.

What is the difference between subsidized and unsubsidized loans?

The Federal Subsidized loan is need based and the government pays the interest during in-school status, grace periods and authorized deferment periods. The Federal 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 Federal 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, and choose a lender and complete Parent Plus application on the lender website.

Important Websites:

National Student Loan Data System (NSLDS): Click here to view your loan information.

Click here for Simple Tuition. Simple Tuition is a free web-based loan comparison tool.

Click here to look at private loan comparison tool.

Click here to learn how to manage your credit and debt.

If you have any questions please contact the Financial Aid Office.

Gainesville Campus

Ashley Tatum

940-668-4242

atatum@nctc.edu

Stephanie Martin - Bowie Representative

940-668-4242

smartin@nctc.edu

Michelle Winters

940-668-4242

mwinters@nctc.edu

Corinth Campus

Stanja Zylowski

940-498-6302

szylowski@nctc.edu

Franklin Haskins

940-498-6302

fhaskins@nctc.edu

Dionne Dixon

940-498-6302

ddixon@nctc.edu

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