Financial Aid - Loans

Loans are borrowed money that must be repaid with interest.

Borrower Rights and Responsibilities.
Students are legally obligated to repay loans. Be aware of the impact repayment obligations will have on future earnings and credit records before you decide to accept a loan. An excellent repayment calculator is located at www.mygreatlakes.com.

Click here for current interest rates.
Click here for a list of borrower rights and responsibilities.

Federal Stafford Loans are either subsidized or unsubsidized. Repayment of the principal amount does not begin until six months after you graduate, withdraw or drop below half-time status.

• Subsidized Stafford Loan is awarded on the basis of financial need. You will not be charged interest before you begin repayment or during authorized periods of deferment.
• Unsubsidized Stafford Loan is NOT awarded on the basis of need. You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accrue (accumulate) while you are in school or during other periods of nonpayment, it will be capitalized- interest will be added to the principal amount of your loan, and additional interest will be based on that higher amount.

The maximum base loan amount awarded is determined by the number of credits a student has earned. A first year student has earned 0 - 29.9 program credits and may be eligible for a maximum loan amount of $3500. A second year student has earned more than 29.9 program credits and may be eligible for a maximum loan amount of $4500. The number of credits a student has earned is determined at the time we certify the loan.

An enrollment status of half-time is required for student loans. If you drop below half-time or terminate your enrollment, you may not be eligible to receive your loan disbursement.

An origination fee (up to 2%) is deducted directly from the gross amount of the loan by the Department of Education.

Loans must be certified by the school prior to the end of the student's enrollment period for the academic year. If the end of your enrollment period is less than a month away and you are expecting a loan, stop by the Financial Aid Office to determine why your loan has not been certified.

Additional Loan Options:

• Additional Unsubsidized Stafford Loan is NOT awarded on the basis of need. If you are considered a dependent student for financial aid purposes, you may be eligible for up to $2,000. If you are considered an independent student for financial aid purposes you may be eligible for up to $6,000 per school year. An independent student must meet one of the following criteria for the 2008-2009 school year: Will turn 24 by December of the school year, married, veteran of the U.S. Armed Forces, have children or dependents that receive more than one half of their support from you, or an orphan or ward of the court. An independent student must meet one of the following criteria for the 2009-2010 school year: Will turn 24 by December of the school year, married, veteran of the U.S. Armed Forces, have children or dependents that receive more than one half of their support from you, an orphan or ward of the court, were in foster care after the age of 13, an emancipated minor, a minor in legal guardianship, or been verified as an unaccompanied youth who are homeless children or youth or are at risk of homelessness.
• PLUS Loan enables parents with good credit to borrow for the educational expenses of each child who is a dependent student. Parents may request, from their lender, a deferement of repayment while the student is enrolled at least half time. To apply for a PLUS loan the parent will need to fill out and return to us a PLUS Loan Authorization Form which can be found www.cvtc.edu/pages/332.asp. The parent must also fill out a Plus Master Promissory Note which can be found at https://plusloans.fastproducts.org/, click on Fill out your Plus Master Promissory Note.The maximum amount of this loan is equal to the student's cost of attendance (COA) minus any other financial aid received by the student. Students whose parents are denied a PLUS loan could be eligible to borrow an additional $2,000 through the Additional Unsubsidized Stafford Loan program for a total of $4,000. Interested students should contact the Financial Aid Office. A parent may contact their lender to request that the loan repayment be deferred if the parent or student is enrolled in school as a half time student. If payment is deferred, interest will still accrue on the loan.
• Nursing Student Loan Program provides loans to Wisconsin resident undergraduates or graduate students who are enrolled at least half-time at an eligible in-state institution that prepares them to be licensed as nurses, either RN or LPN. The maximum award per year is $3,000 with an overall maximum of $15,000. The student who participates in this program must agree to be employed as a licensed nurse in Wisconsin. For each of the first two years the student works as a nurse or nurse educator and meets the eligibility criteria, 25% of the loan is forgiven. The balance remaining after forgiveness must be repaid at an interest rate of 5%. If the student does not work as a nurse or nurse educator and meet the eligibility criteria, the loan must be repaid at an interest rate of 5%. More information can be found at http://heab.state.wi.us/programs.html#loans.

Loan Entrance Counseling:

If this is the first time you have borrowed a Federal Stafford Loan you must complete a Stafford Loan Entrance/Exit Interview now.

Complete this at https://ent.glhec.org/FastFacts/entrance/Welcome.do?configId=1173540870091. You will receive a confirmation message when successfully completed and CVTC will receive an electronic confirmation.

If loan entrance counseling is not completed, CVTC must return loan funds to Great Lakes Higher Education Corporation (GLHEC) within 10 days of receipt.

Loan Exit Counseling:

If you received loans while attending Chippewa Valley Technical College and have dropped below half time status or have graduated, you must complete Stafford Exit Counseling.

Complete this at https://ext.glhec.org/FastFacts/exit/Welcome.do?configId=1173541154605. You will receive a confirmation message when successfully completed and CVTC will receive an electronic confirmation.

Alternative Loans

Alternative student loans, sometimes called private loans, are loans a student takes out directly from lending institutions to assist with college related costs. These types of loans should only be considered after you have applied for financial aid using the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. This application will determine if you are eligible for any federal and/or state grants and loans. Remember, you do have to be accepted into a financial aid eligible program to receive funding from FAFSA.

The following programs are not eligible for financial aid consideration: Dental Assistant, Nursing Assistant, Criminal Justice - Law Enforcement Academy, Central Services Technician, Truck Driving, Farm Business and Production Management, Youth Options, any short-term certificate program, or if you are undeclared.

An alternative student loan must be certified by the school and is limited to your cost of attendance minus other financial aid you receive.

Having a credit-worthy co-signer typically provides more favorable rates for student borrowers.

While shopping for an alternative loan online or by contacting lending institutions directly, there are some questions you may want to ask.

• What is the lowest interest rate and fee combination you offer? Is this for the life of the loan?
• Is the interest rate a fixed rate?
• What will my payments be on this loan?
• What is the total I will have to repay including fees and interest, provided I do not prepay?
• Is there any penalty for paying off the loan early?
• When do I have to start making payments?
• How long will I be repaying the loan?
• Can I defer payments while I'm in school? How long can I defer payments while in school?
• If I do not make payments while in school, how much will I owe when I do start making payments?
• If I have difficulty making payments do you allow me to defer or reduce my payments temporarily? If the answer is yes, under what circumstances, and for how long?
• Will I lose any discounts with just one late payment or if I ask for a change in the payment schedule?
• What proportion of your borrowers actually gets the discounts you offer?
• Are your discounts guaranteed, or are they subject to change later?