Loans are borrowed money that must be repaid with interest. To receive loans, you must be enrolled for at least six credit hours at PVCC, have completed the FAFSA, completed an online loan entrance quiz, signed a Master Promissory Note and met in-person with the loan officer at PVCC for a loan counseling. The loan request form included in your award letter will indicate how to participate in the counseling. As part of the online loan process, you will sign a promissory note - a legal document that spells out the terms of the loan and your promise to repay it. Per the CCRA of 2008, a 1.5% fee is taken out of each loan amount by the lender.
What types are available?
If you do not qualify for the loans below, contact to the Financial Aid Office about other options that may be available to you.
Stafford Loan: Complete the PVCC Loan Request Form.
These low-interest student loans provide additional funds for College.
PLUS Loan: Complete the PVCC Loan Request Form.
The PLUS Loan is offered to parents of dependent students enrolled at least half time in eligible programs at participating and eligible post-secondary institutions.
Nursing Student Loan:
Nursing students are eligible for this long-term, low-interest loan. Repayment begins nine months after the student ceases to be a half-time nursing student. The total amount must be repaid within a 10-year period. For details, ask the Financial Aid Office.
Choosing a Loan Lender
You are responsible for choosing the lender who will provide you with your student loan and indicating your choice on the loan request form which must be returned to the Financial Aid Office.
The PVCC Financial Aid Office has selected Edamerica, National Education, Sallie Mae, and Wachovia as our preferred lenders following a RFI process and using the NASFAA rubric.
You have the right, however, to choose any lender that participates in the Federal Stafford Loan program. If you decide to use a lender that is not listed above, please visit the PVCC Financial Aid Office to complete the loan application process. PVCC uses Educational Credit Management Corporation in Virginia as its loan guarantor for lenders.
Click here to learn more about choosing a lender.
