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Loans – Northern Virginia Community College

Students

Notes

All debtors have to be enrolled in (and attending) at the least 6 eligible credit on the time the loan is accepted in NOVAConnect and disbursed.  You might want to full the Master Promissory Note and Entrance Counseling previous to ceasing enrollment in at the least 6 eligible credit for the time period you want to borrow if these necessities weren’t beforehand accomplished for NOVA or if they’ve expired.

Entrance Counseling helps students perceive their obligations relating to their loan. The Master Promissory Note is the authorized doc students electronically signal to obtain a loan. Each one could take roughly half-hour to finish. Students should full each earlier than the College could make the primary disbursement of their loan in the event that they haven’t beforehand obtained a Federal Direct Loan.

NOVA doesn’t course of paper Master Promissory Notes for direct loans.

Additional details about the way to settle for loans and full the Entrance Counseling and Master Promissory Note is offered within the loan tutorial. 

Parents

Notes

Parents should sign up utilizing their very own data to finish the PLUS Master Promissory Note (MPN) and PLUS Loan Request in the event that they want to request a PLUS loan.

When choosing the “School and Loan Information”, please use Northern Virginia Community College ONLY.

Helpful Hints

Student loans are an obligation that debtors should repay. Only borrow what you want and what you’ll be able to afford to repay primarily based in your profession! There are severe penalties for failing to repay student loans, equivalent to wage garnishment, withholding of tax refunds, assortment charges, denial of economic assist and harm to your credit historical past.

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Most federal student loan compensation begins after the borrower stops attending faculty or drops under 6 credit of enrollment. Loan compensation begins as soon as the loan is totally disbursed.

Contact your loan servicer when you’ve got hassle making your loan funds. You could qualify for deferment, forbearance or a special compensation plan that may quickly postpone or cut back the quantity you have to pay. Your loan servicer may reply questions on making funds, loan consolidation and compensation plans.

Log in to the My Federal Student Aid portal to evaluate your loan historical past and the contact data in your loan servicer. If you want help, together with assist with figuring out your loan servicer, please name 1-800-4-FED-AID.

Start planning to repay your student loans with NOVA’s Loan Planning kind.

Loan Default Rates

In 2018-2019, solely 10% of NOVA students accepted student loans.  Our institutional default charges are under the nationwide common for neighborhood faculties (2-3 yr public faculties).  From the Department of Education, for the final three years:

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The nationwide default price averages for neighborhood faculties (2-3 yr public):

FY 2016          15.9%
FY 2015          16.7%
FY 2014          18.3%

Inceptia Is NOVA’s Partner for Assisting Borrowers

You’re not alone in the case of student loans. NOVA has partnered with Inceptia, a division of the National Student Loan Program (NSLP), to offer you FREE help in your Federal student loan obligations to make sure profitable, and comfy, loan compensation. Inceptia’s pleasant buyer representatives could attain out to you in case your loan(s) turn into delinquent. Inceptia is just not a set company. We’ve partnered with them that will help you discover all kinds of potentialities equivalent to various compensation plans, deferment, consolidation, discharge, forgiveness, and forbearance choices. Inceptia will keep in contact with you by way of cellphone calls, letters, and/or emails that will help you discover solutions to your questions and options to your points. For further assets together with data on compensation choices, please go to Inceptia’s Federal Student Loan Overview web site at Inceptia.org/FAQ.

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