Student Loans

Federal Student Loans

At Rock Valley College, because of the relatively low cost of tuition, the RVC Financial Aid Office does not include student loans with the initial financial aid package as some other colleges or universities do.

Federal Direct Loans are processed by request only. Loan applications are available by request at the Rock Valley College Financial Aid office (second floor of Student Center). Only students that meet eligibility requirements will be given a loan request form

To be eligible you must:
 

• Have completed the Free Application for Federal Student Aid (FAFSA) and have a completed financial aid file with Rock Valley College.
• Meet all eligibility requirements (ex: satisfactory academic standards).
• Complete a Master Promissory Note and the Online Entrance Counseling. Sign in at studentloans.gov to complete your Master Promissory Note and Online Entrance Counseling.
• Be enrolled in AND attending six financial aid eligible credit hours per semester.

Important things to know:
 

• All funds will be applied first to the student's account to pay any balance owed to the school. If there are remaining funds they will be mailed to the student.
   
• If a student loan is not certified early enough to allow processing time for the scheduled disbursements, the disbursements will be made as soon as the funds are available.
   
• Student loans reduce the amount of work study eligibility a student has.
   
• A student should request the amount of funds needed for the entire timeframe that the loan is requested for. 
• Additional loan fund requests submitted after your loan has been certified may be delayed. Students may be required to fill out an additional form (found at the Financial Aid office counter).
   
• All loan checks are mailed and cannot be picked up.
   
• Once your loan funds are applied to your balance, it could take up to 14 days for any remaining funds due to the student to be mailed.
   

Helpful Links:
 

• Important Federal Direct Stafford Loan Information
• Rock Valley College Student Loan Code of Conduct

Loan Disbursement Dates

Full Year Loans

The first half of the loan will be disbursed prior to the first week of the fall term, and the second payment will be disbursed the first week of the spring term. If the student is a freshman first-time borrower, the fall disbursement will be delayed until 30 days into the semester (per Federal regulations).
 

One Semester Loans for Fall/Spring

The first half of the loan will be disbursed prior to the first week of the term, the second payment will be disbursed about midterm of the semester. If the student is a freshman first-time borrower, the first disbursement will be delayed until 30 days into the semester (per Federal regulations).

Keep Track of Your Student Loans!
 

Students should keep track of current and past Direct Loans through the National Student Loan Data System for students.

Students who have or think they may have a defaulted student loan can call the U.S. Department of Education at (800) 621-3115 to try and resolve the problem.

Parent Plus Loans and Private Student Loans

• Students that wish to receive a private student loan to help fund their education will need to apply with their lender.  If approved, the lender should notify the school that the student has been approved for a private student loan.  The Financial Aid Office will then send out notification to the student’s RVC Student Email account to confirm that the student wishes to proceed with the private loan.  The private student loan will not be processed until the RVC Financial Aid Office receives this confirmation from the student that they would like to proceed with the private loan.

• Private student loans are generally more expensive that federal student loans and are generally not recommended for Rock Valley College students.

• Students should always consider Federal Direct Subsidized and Unsubsidized Loans prior to considering a private loan as Federal Direct Loans tend to have better interest rates and terms.

• Private loans often require an established credit record or a cosigner.

• The college does not have a preferred lender list for private student loans.

• For Parent Plus Loans, students and one of their parents will need to complete a Parent Plus Loan request form, which is obtained from the RVC Financial Aid Office by request.  Only eligible students will be given the request form.  The parent will need to complete additional steps which include applying for the Parent Plus Loan and completing a Master Promissory Note through https://studentaid.gov/.

  • It is recommended that the student’s parent first apply for the Parent Plus Loan and receive approval for the loan prior to having the student request the Parent Plus Loan Request Form.

  • Unlike other federal student loans:

    • The parent is responsible for paying back the entire loan and cannot transfer responsibility to the student.

    • A credit check is required to review the parent’s eligibility for the loan.

  • Parent Plus Loans have higher interest rates and fees when compared to Federal Direct Subsidized Loans and Federal Direct Unsubsidized Loans and are not generally recommended for Rock Valley College students.

  • See the Rock Valley College Financial Aid Office for more details.