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Student Loans at Ventura College
2011-2012 FEDERAL DIRECT LOAN INFORMATION
Ventura College participates in the William D. Ford Federal Direct Loan Program. The U.S. Department of Education is the lender for the William D. Ford Federal Direct Loan Program.
The Federal Direct Loan program offers loans at a low interest rate with repayment terms designed with students in mind. In most cases, you will not have to start repaying your loans until six months after you graduate and/or enroll less than half time. Direct Loans include Subsidized and Unsubsidized Student Loans and Parent Loans for Undergraduate Students (PLUS).
Loans must be repaid with interest so it is important to understand your rights and responsibilities as a borrower. All borrowers are required to complete Loan Entrance Counseling before we may certify a loan.
There are two types of Direct Loans:
Subsidized Loans
Subsidized Loans are available to students who meet certain financial need criteria. If you qualify, the federal government will pay the interest on the loan while you are in school, during a six-month grace period after you leave school or fall below half-time enrollment, and during periods when you are authorized to defer your loan payments.
Unsubsidized Loans
Unsubsidized Loans are available to students regardless of financial need. You are responsible for the interest that accumulates on an unsubsidized loan while you attend school, during the grace period and during any periods when you are authorized to defer your loan payments. You have the option to pay the interest during school or postpone payment. If you postpone payment, the interest will be added to your principal balance. This addition of interest to your principal balance is known as capitalization.
Maximum Loan Limits:
Federal law specifies annual loan limits on Federal Direct Loans based on your year in college and your dependency status. At Ventura College, you must have completed 30 college level units toward your program of study to be considered a second year student.
| Dependent Student | |||
|---|---|---|---|
| Grade Level | Base Annual Amount | Additional Unsubsidized | Total Annual |
| 1st Year | $3,500 | $2,000 | $5,500 |
| 2nd Year | $4,500 | $2,000 | $6,500 |
| Undergraduate Aggregate Loan Limit $31,000 (no more than $23,000 may be Subsidized) | |||
| Independent Student | |||
|---|---|---|---|
| Grade Level | Base Annual Amount | Additional Unsubsidized | Total Annual |
| 1st Year | $3,500 | $6,000 | $9,500 |
| 2nd Year | $4,500 | $6,000 | $10,500 |
| Undergraduate Aggregate Loan Limit $57,000 (no more than $23,000 may be Subsidized) | |||
Annual Interest Rates for 2011-2012 are 3.40% fixed on subsidized loans and 6.80% fixed on unsubsidized loans.Annual Interest Rates:
To apply you must complete a 2011-2012 Federal Direct Loan Request Form.LOAN APPLICATIONS WILL NOT BE ACCEPTED UNTIL YOU HAVE RECEIVED YOUR 2011-2012 AWARD NOTIFICATION ON YOUR MyVCCCD ACCOUNT.
Loan Application Deadlines:
2011-2012
Fall 2011: November 23, 2011
Spring 2012: April 18, 2012
Summer 2012: May 15, 2012
Loan requests received after the application deadline will not be processed.
2011-2012 Parent Loan for Undergraduate Students (PLUS):
To apply you must complete a 2011-2012 PLUS Loan Request and Authorization to Check Credit Form
Maximum annual award for PLUS is the student's Cost of Attendance minus any resources the student has been awarded. Eligibility is contingent on approved credit. The interest rate for Direct PLUS Loans is a fixed rate of 7.9%. Interest is charged on Direct PLUS Loans during all periods, beginning on the date of your loan's first disbursement.
In addition to interest, you pay a loan origination fee that is a percentage of the principal amount of each Direct PLUS Loan that you receive. This fee helps reduce the cost of making these low-interest loans. We deduct the fee before you receive any loan money, so the loan amount you actually receive will be less than the amount you have to repay.
Dependent students whose parents have applied for but were unable to get a PLUS Loan are eligible to receive additional Direct Unsubsidized Loan funds.
Loan Exit Counseling:
Federal regulations require that all student borrowers who graduate, withdraw, or drop below half time enrollment complete loan exit counseling. Always notify your lender of your current address, phone number and contact information in a timely manner. The National Student Loan Data System (NSLDS) website has the most current contact information for the Holder/Servicer of your loan(s).