How to apply for a Student Loan
There are two steps to apply for a Stafford Loan at RVCC.
1. Please vist www.studentloans.gov to complete the Master Promissory Note(Loan Application) and Entrance Counseling.
2. You will also need to complete and submit a Direct Loan Request form to the RVCC Financial Aid office to inform us how much you want to borrow and for which terms.
Important Loan information
General Loan Eligibility
All loans have general eligibility criteria that must be certified by the school. Whether you are borrowing as a parent or student, from the Federal or State government, or from a private lender, all loans have the following general criteria:
All student must complete the Free Application for Federal Student Aid (FAFSA) and must submit any other required paperwork to the RVCC Financial Aid Office.
- The student must be enrolled in degree or certificate(see catalog to see which are eligible) program;
- The student must be taking 6 or more credits each semester
- The student must be making Satisfactory Academic Progress
Student loans are borrowed by the student while they are enrolled in college to help pay for tuition, fees, books, and certain living costs associated with attending college. Federal and state loans allow students to defer repaying the principal balance of their loans until after their last date of attendance. Some loans also allow for a six (6) month grace period after the last date of attendance before the first payment is required.
Stafford loans are established and supported by the federal government, but a participating commercial lender, such as a bank or credit union, actually makes the loan. Stafford loans are available to all students who meet the financial aid eligibility requirements and are enrolled in a minimum of six credits (half-time).
All student borrowers must complete a Loan Request Form. First time borrowers at RVCC must complete federally mandated Entrance Counseling and a Master Promissory Note (MPN). Stafford loan interest rates loans disbursed for new loans are fixed and current rates can be found here.
Subsidized Stafford Student Loan
Subsidized (the government pays the interest while you're in school) Stafford Loans are available to students who are able to demonstrate financial need. Subsidized annual loan limits are $3500 for freshman and $4500 for sophomore students.
Unsubsidized Stafford Student Loan
Dependent students can borrow $2000 per year in Unsubsidized Loans in addition to their Subsidizied loans.
Independent students can borrow $6000 per year in Unsubsidized loans in addition to theor Subsidized loans.
Undergraduate dependent students can borrow a maximum of $23,000. Independent undergraduates and dependent undergraduates whose parents were denied a PLUS loan can borrow a maximum of $57,500 (of which a maximum of $23,000 can be subsidized).
NJ CLASS loans are offered through the New Jersey Higher Education Student Assistance Authority (HESAA). These loans are credit based loans and you may require a co-signer. You can apply for the NJ CLASS loan on line at www.hesaa.org.
Due to RVCC's low cost of attendance students will not often require an alternative loan. These loans are credit based and often have repayment options that are more restrictive then the Stafford loans. If a student would like to borrow an Alternative Loan they will need to contact the lender of their choice to begin the loan process. We recommend students to only borrow what they need for direct costs (tuition, books and fees). Once your loan is approved we will be notified by your lender to process the loan. The loan will be certified based on your request.
Parent Loans - Federal Parent Loan for Undergraduate Students (PLUS)
Parents of dependent students may borrow on behalf of their children using a PLUS loan. Parent loans must be repaid over a 10-year period with a fixed interest rate of 8.5%. Parents enter repayment beginning 60 days after disbursement. If you would like to take out a PLUS loan simply contact the lender of your choice. Once the loan is complete our office will send the student a Loan Request Form (LRF). Upon completing and returning the LRF the financial aid office will certify the loan if the student is eligible.