Financial Aid

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Federal Direct Loans 

 



The Subsidized Federal Direct Loan:

Is based on financial need. Financial Need is determined by completing the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. A loan is “subsidized” when the government pays the interest for the student during the following periods:

  1. While enrolled in school at least half time (6+ credit hours)
  2. During the six month grace period after the student stops attending school at least half time
  3. During periods of authorized deferment

The Unsubsidized Federal Direct Loan:

Is not based on financial need. This loan is not subsidized by the government. The student is responsible for all interest that accrues during in-school, grace and deferment periods. Students may choose to make interest payments while in school or may defer (and accumulate) the interest until repayment.


ANNUAL FEDERAL Direct LOAN LIMITS:

Dependent Students (excluding students whose parents cannot borrow PLUS)

 

Base Amounts Subsidized/Unsubsidized

 

Additional Unsubsidized

 

 

Annual Loan Limit

First Year Undergraduate

$3,500

$2,000

$5,500

Second Year Undergraduate

$4,500

$2,000

$6,500

Independent Students (and Dependent Students Whose Parents Cannot Borrow PLUS (Denial Letter Required)

 

Base Amounts Subsidized/Unsubsidized

 

Additional Unsubsidized

 

Annual Loan Limit

First Year Undergraduate

$3,500

$6,000

$9,500

Second Year Undergraduate

$4,500

$6,000

$10,500



Federal Direct Loan Application Process

  1. Complete the Free Application for Federal Student Aid at www.fafsa.ed.gov. Instructions can be found here.
  2. Students must enroll in a MINIMUM of 6 credit hours each semester.
    1. Students must do this prior to receiving loan funding. Your loan application will be processed based on the expected enrollment status you have provided. If your enrollment status changes for any reason, your loan may be reduced or canceled.
    2. If you drop below 6 credit hours, your future loan disbursement(s) will be canceled.
    3. If you completely withdraw from all your classes, you will be subject to having to repay a portion of your loan funds immediately to NCMC. The amount you have to pay will be determined in accordance to the US Department of Education’s return of Title IV Funds policy.
  3. Students must be in Good Academic Standing: Students must be making satisfactory academic progress towards completing their NCMC degree or certificate program.
    1. Good academic standing means maintaining a cumulative grade point average of 2.0 on all attempted credit hours.
    2. Satisfactory academic progress toward completion of a course of study means completion of 67% of all attempted credits.
  4. Complete the steps to apply for a Federal Direct Loan: you must complete all three steps to apply for a Federal Direct Loan or Parent PLUS Loan at NCMC.

Step One: Go to www.studentloans.gov

  1. Click on the green button that says "sign in", enter your ssn, 1st two letters of your last name, date of birth, and your pin number(same pin that is uses to fill out the FASFA)
  2. Click on complete entrance counseling
    *NOTE: All NCMC students are considered undergraduate students
  3. Select Missouri and then North Central Missouri College
  4. Follow the on-screen instructions
  5. Read the following on Direct Subsidized Loan limits
  6. After completing entrance counseling, click complete master promissory note
  7. Select Missouri and then North Central Missouri College
  8. Follow the on-screen instructions.

Step Two:

  1. Complete the 2013-2014 Student Loan Request Form
  2. Submit the form to the NCMC Financial Aid Office
    1. In Person: Alexander Student Services building Financial Aid Office
    2. By Mail: North Central Missouri College, 1301 Main Street, Trenton,MO 64683
    3. By Fax: (660)359-7856

Please contact the Financial Aid Office with any questions by calling (660)359-3948 x1402

 

Exit Counseling

Students who have taken out a student loan from NCMC must complete Exit Counseling at the time in which they cease enrollment at NCMC. Exit Counseling can be found at www.studentloans.gov under the “Tools and Resources” heading.

 


FOR YOUR INFORMATION:

All loans will be certified electronically by the NCMC Financial Aid Office. The Stafford Loan Request form OR a paper loan information form must be completed and returned to the Financial Aid Office to initiate the Stafford Loan process.


PARENT LOAN BORROWERS (PLUS)

Parents who wish to borrow funds through the Parent Loan for Undergraduate Students program (PLUS) must submit a completed Request Form to our office and Promissory Note to the lender. A check for any excess funds will be sent to the parent borrower.

ALL BORROWERS

*Delays will be caused if necessary information is unavailable to the Financial Aid Office. Submit all requested information promptly. Please keep a copy of all forms for your records!

*Note the difference between Subsidized and Unsubsidized Direct Loans. You may request both at one time, but you will pay interest from the date of disbursement on the unsubsidized portion.