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 once RCC has received your FAFSA (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.
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
Need help with the loan application? Schedule an appointment with TRIO-EOC or contact FinAid Advising.
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.
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.
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 IonTuition
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.
