Student Loans at RCC
If you need additional funds to pay for your education-related expenses, you may be eligible for Federal Direct Loans (FAFSA students only). Visit studentaid.gov to learn about loans including annual & lifetime maximums and repayment plans.
RCC does not automatically award student loans. If you are seeking loans, you must complete the required loan application steps each academic year, once RCC has received your FAFSA for that year (or once the loan application period opens, whichever is later):
You can do the loan steps in any order. If you’d like to learn more about loans before completing the application, we recommend you start with Loan Entrance Counseling. That step alone doesn’t obligate you to borrow if you then decide not to.
Borrow wisely! Loans are debt that accrue interest and must be paid back.
1. Submit a Loan Request/Revision Form for the applicable academic year (Learn More Here).
- Federal Direct Loans are not based on your credit and don’t require a co-signer.
- You must be aid-eligible at RCC to receive Federal Direct Loans.
- The amount you request will be split evenly between the terms you plan to attend 6+ credits (unless you plan to have a break in enrollment)
- Go slow and make sure you answer each required question on the form. Contact FinAid Advising to submit the completed form.
2. Loan Entrance Counseling (undergraduate) if you’ve never borrowed Federal Direct loans (Learn More Here).
- Completed online at studentaid.gov
- Understand loan terms & conditions
- Review your rights & responsibilities as a borrower
- Learn what a loan is, how interest works, repayment options, and how to avoid delinquency/default
- Results are sent electronically to the school you select, usually in 3-5 business days
3. Master Promissory Note or “MPN” (undergraduate) if you’ve never borrowed student loans or it’s been more than 10 years since your last MPN (Learn More Here).
- Completed online at studentaid.gov
- Legal document in which you promise to repay your loan(s) and any accrued interest/fees
- Explains terms & conditions of your loan(s)
- Results are sent electronically to the school you select, usually in 3-5 business days
First-time student loan borrower?
- The first term you borrow a Federal Direct Loan, the loan funds will disburse to the school no earlier than 30 days into term.
- This 30-day wait doesn’t apply if you apply as a sophomore (you have 36 or more credits that apply toward your current associate degree major)
Single-term borrower?
- Loans must disburse in at least two disbursements during the school year.
- If you’re borrowing for just one term in the school year, the loan will disburse in two equal disbursements and the second will disburse no sooner than the halfway point of the term. Example: if you’re only borrowing for spring term (the final term of the RCC school year), the second half of your loan would disburse halfway through spring term.
- The same rule applies if you have a planned break in enrollment (in at least 6 credits) during the school year. Example: if you plan to attend 6+ credits in the fall and spring but plan to take winter term off, your fall loan is considered a “single-term” loan and would disburse in two halves. You would then have to request another loan for spring (if you needed it) and it would also disburse in two halves.
Taking a break from school for 3+ months?
If you’re taking a break of more than 1 term (approximately 3 months), you must complete Loan Exit Counseling (undergraduate) on studentaid.gov as soon as possible.
- Exit Counseling is to ensure you understand your student loan obligations and are prepared for repayment.
- You’ll learn about what repayment options you have and how much your monthly payments will be.
- Visit our Exit Counseling page for additional details and recommendations if you’re taking a break from or have completed your education.
Seeking alternative (private) loans?
Many lenders offer student loan options. Such loans are not federally guaranteed or governed by the US Department of Education. RCC recommends you exhaust Federal Direct Loan options first before seeking private loans.
We do not make lender or loan program recommendations. If you are seeking a private loan, try searching online for reputable private loan servicers and follow instructions for how to apply. Borrowers should carefully review terms and conditions, which vary by lender and loan. To be eligible, a student must often have a co-signer with qualifying income, time-on-job, debt-to-income-ratio and other considerations. RCC retains the right to refuse certification based on professional judgment.
If you request and are approved for a private loan for school, they will notify us and we will either add it to your award offer or contact you via email with additional information.
For loan support and management check out our partner ECMC Solutions
In default on a student loan?
In most cases, we cannot offer you financial aid if you are in default on a student loan. An exception might be made if you are eligibly enrolled in the
Fresh Start Program. To regain aid eligibility, you must provide us with documentation that the default has been cleared or put into satisfactory repayment before we can consider you for aid eligibility. You can review loan default information
here and/or
contact your loan servicer for more information.
