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: 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.

• PLUS Loan enables parents with good credit to borrow for the educational expenses of each child who is a dependent student. 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.

  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?schoolNr=00530400. 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?schoolNr=00530400. You will receive a confirmation message when successfully completed and CVTC will receive an electronic confirmation.