Student Services A-Z
All aid types awarded by CVCC require that the student meet satisfactory academic progress requirements and the terms of each aid type. In order to borrow from any of the loan programs offered at CVCC, the student must be enrolled half-time and pursuing a degree at CVCC. Eligibility is confirmed at the point of loan awarding and certification and again prior to disbursement. Students who do not meet eligibility criteria will have loan monies returned to the lender. A state issued ID card is required, preferably a driver's license, at the time the application is submitted. CVCC will validate all reference's addresses and telephone numbers. References must live in the state of Virginia excluding parent or relatives. The references you supply cannot live at the same address as the student (unless the address belongs to the parent or relative). If the student cannot come up with in-state references, a credit check will be performed on the student.
Direct Loans are borrowed from the federal government. Accepted loans are listed on the National Student Loan Database (NSLDS), where students also can monitor their loan history and outstanding loan volume.
To be eligible for the subsidized Stafford Loan, a student must show need, be enrolled at least half-time and pursuing a degree at CVCC. The government subsidizes the loan by paying the interest for the student during periods of at least half-time enrollment. First-year students are eligible for up to a maximum of $3500; students reaching sophomore status can borrow up to $4500. After the grace period, interest is anticipated to accumulate at a fixed rate of 6.8 percent for loans disbursed between July 1, 2012 and June 30, 2013.
The terms of the unsubsidized Federal Stafford Loan are slightly different than those of the subsidized Federal Stafford Loan. A student is not required to show need for the unsubsidized Federal Stafford Loan, and interest is the student's responsibility from the beginning; The government does not pay interest for the student; it currently accumulates at a fixed rate of 6.8 percent. Eligibility for a subsidized loan is considered first; if the maximum limit of $3500 for freshmen or $4500 for sophomores has not been met, an unsubsidized loan will be considered to fill Expected Family Contribution and reach the maximum eligibility limit.
The following limits apply:
Class Standing
Base Amount
Additional Unsubsidized
Total
Aggregate Limit
The PLUS loan is available to parents of dependent students to help meet remaining costs of education. Maximum eligibility is the total cost of education minus financial aid. Interest is the parent's responsibility and is calculated at a fixed rate of 7.9 percent.
Under federal regulations 34 CFR 685.301(a)(8), CVCC has the right on a case-by-case basis to deny loans. CVCC will deny loans after consideration on a case-by-case basis for the following:
CVCC must determine eligibility at the point of loan certification and again at the point of loan disbursement. It is the responsibility of every staff member to consider eligibility requirements prior to awarding and during any aid revisions. Loans must be denied if:
- The student has already borrowed the annual maximum. - The student has exceeded lifetime maximums. - The student is in default on a loan. - The student did not enrolled in 6 credits and/or is not attending
(8) A school may refuse to originate a Direct Subsidized, Direct Unsubsidized, or Direct PLUS Loan or may reduce the borrower's determination of need for the loan if the reason for that action is documented and provided to the borrower in writing, and if- (i) The determination is made on a case-by-case basis; (ii) The documentation supporting the determination is retained in the student's file; and (iii) The school does not engage in any pattern or practice that results in a denial of a borrower's access to Direct Loans because of the borrower's race, gender, color, religion, national origin, age, disability status, or income.