Loans
Borrow wisely! Loans are debt that accrue interest and must be paid back.
Student loans can help you cover education-related expenses when other resources are not enough. At Rogue Community College, you may have access to Federal Direct Loans and private student loans.
Student Loans at RCC
Federal Direct Loans are funded by the U.S. Department of Education and typically offer more flexible repayment options and borrower protections. RCC recommends exploring these loans first before considering private loans.
Private loans are offered by banks and other lenders and are not managed by the federal government. Terms and conditions vary by lender, so it is important to review all details carefully before you apply. Many private loans require a co-signer who meets income and credit requirements.
RCC does not recommend specific lenders or loan programs. If you choose to apply for a private loan, search for reputable lenders and follow their application process. If your loan is approved, the lender will notify RCC. The college will then add the loan to your financial aid offer or contact you by email with next steps. RCC may decline to certify a private loan based on professional judgment.
Federal Direct Loans
If you need additional funding, Federal Direct Loans may be an option. Visit studentaid.gov to learn about loan limits, repayment options and what to expect when borrowing.
The first step to apply is to complete the FAFSA. RCC must receive your FAFSA before you can request a loan.
RCC does not automatically award student loans. To receive a Federal Direct Loan, you must complete the required steps each academic year after your FAFSA is processed or once the loan application period opens, whichever is later.
You can complete the remaining steps in any order. If you want to learn more before applying, start with Loan Entrance Counseling. This step helps you understand your options and alone does not obligate you to borrow if you decide not to complete the rest of the loan application steps.
How to Apply for a Federal Direct Loan at RCC
- Complete the Free Application for Federal Student Aid (FAFSA) for the applicable academic year, adding Rogue Community College as a recipient.
- Submit a Loan Request for the applicable academic year.
- Federal Direct Loans are not based on your credit score 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).
- Loan maximums are prorated if attending less than full time.
- Go slow and make sure you answer each required question on the form. Contact Financial Aid Advising to submit the completed form.
- Complete Student Loan Entrance Counseling if you have not borrowed a Federal Direct
Loan before.
- Complete Student Loan Entrance Counseling online at studentaid.gov.
- Ensures you understand the terms and conditions of your loan, and your rights and responsibilities as a borrower.
- Learn what a loan is, how interest works, your repayment options, and how to avoid delinquency and default.
- Results are sent electronically to the school(s) you select, usually in 3-5 business days.
- Complete a Master Promissory Note (MPN) if you have not borrowed before, if there
has been a break in your enrollment, or you’re borrowing at a new school.
- Complete the Master Promissory Note online at studentaid.gov.
- Legal document in which you promise to repay your loan(s) and any accrued interest and fees.
- Explains terms and conditions of your loan(s).
- Results are sent electronically to the school(s) you select, usually in 3-5 business days.
Get Help with Your Application
Loan Exit Counseling
If you have a Federal Direct Loan, you are required to complete Loan Exit Counseling when you stop attending or drop below 6 credits for more than three months.
Your loan is managed by a loan servicer. You can find your servicer and loan details on your studentaid.gov dashboard.
Stay on Track with Repayment
- Stay in touch. Contact your loan servicer if you have trouble making a payment. They can help you find options that fit your situation.
- Keep your information updated. Open and read all mail and email from your servicer and make sure your contact details are current.
- Keep records. Save important documents and notes from phone calls or online activity related to your loan.
- Make payments on time. Staying current protects your loan status. Auto-pay can help you avoid missed payments and may lower your interest rate.
- Ask questions. Your loan servicer can help you choose a repayment plan that works for you.
Know Your Options
- Deferment and forbearance: You may qualify to pause or reduce payments during certain situations.
- In-school deferment: If you enroll in at least six (6) credits, your loan may be placed in deferment automatically after the add-drop deadline.
- Repayment plans: Check Studentaid.gov for available repayment plans. Plans with lower monthly payments may cost more over time. You may be able to change plans if your needs change.
Consider Loan Consolidation
Loan consolidation combines multiple loans into one. This can simplify repayment, but it may also change your interest rate or total cost. Review details about Consolidating Student Loans on studentaid.gov before you decide.When to Complete Exit Counseling
Complete Exit Counseling when you stop attending college or take fewer than six (6) credits for more than three months.ECMC Student Loan Support
RCC has partnered with ECMC Solutions to give you easy access to student loan information and support. This free service is available to current and former RCC students as you navigate federal student loan repayment. Take advantage of these tools to stay informed and confidently manage your student loans.
- Call 1-877-331-3262 to speak with a student loan counselor.
- Visit the ECMC Solutions website to schedule an appointment, send an email or start a web chat.
- Attend free webinars designed to help you understand and manage repayment.
Student Loan FAQ
- 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).
- 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 borrowing for only spring term (the final term of the RCC school year), the second half of your loan would disburse halfway through spring term at the earliest.
- The same rule applies if you have a planned break in enrollment, or take fewer than six (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 request another loan for spring (if needed) and it would also disburse in two halves.
If you’re taking a break of more than one term (approximately 3 months), you must complete Loan Exit Counseling 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.
- Read our Exit Counseling section 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 on 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 most cases, we cannot offer you financial aid if you are in default on a student loan. 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 and/or contact your loan servicer for more information.