Financial Aid Office
Loan Information and Forms
Eligibility requirements for federal student aid:
· Not in default on a previous student loan or owe an overpayment on a previous grant
· Enrolled in a program that leads to an associate’s degree or an eligible vocational certificate at NWACC
· Making Satisfactory Academic Progress towards a degree or eligible certificate at NWACC
For more information read our Federal Direct Loan brochure.
To accept Direct Stafford Loans
1. Determine amount of student loan needed to meet educational expenses
2. Accept all or part of the student loan on My NWACC Connection.
3. Complete Direct Stafford Loan Entrance Counseling at www.StudentLoans.gov
4. Complete a Direct Stafford Loan Master Promissory Note (MPN) at www.StudentLoans.gov
5. Enroll in and attend at least six credit hours towards selected degree or certificate at NWACC
6. Students who do not need the offered loans should decline on My NWACC Connection.
Allow approximately one hour to accept your loans,
complete loan counseling and complete the eMPN.
(Approximately 20 to 30 minutes to complete Direct Stafford Loan Entrance Counseling AND approximately 30 minutes to complete the Direct Stafford Loan electronic MPN.)
You will be asked to give information which will include:
· Your permanent address
· Telephone number Driver’s license number and state
· Email address (if you have one)
· Two references who have known you for at least 3 yrs
(names, addresses, telephone numbers)
· Students who receive a Direct Stafford Loan must complete Direct Stafford Loan Exit Counseling at www.studentloans.gov before leaving school or dropping to less than half-time status.
· Student loan borrowers must repay the Direct Stafford Loan even if the student does not complete the academic program, is dissatisfied with the education received or is unable to find employment after leaving NWACC. Information regarding repayment options including income-sensitive and income-based options is available at www.studentloans.gov. A loan calculator can also be found at the following website www.finaid.org/calculators/loanpayments.phtml.
· The student’s individual federal aid history including loan holder contact information can be found at www.nslds.ed.gov. It is recommended that students contact their loan holder immediately upon graduation or dropping to less than half-time status
To cancel your student loan or adjust the amounts
You must complete cancelation and adjustment form and return to our office
· 2012-2013 Student Loan Change Form
Private Educational (alternative) Loans
Students who have educational expenses above the availability of Federal Student Aid may consider private loans. All resources including scholarships, grants, federal student loans and alternative loans may not exceed the Cost of Attendance (see Financial Aid Eligibility/Cost of Attendance). For more information about alternative loans, go to www.elmselect.com.
To view the information:
· Accept the User Agreement
· Select Arkansas
· Select NorthWest AR Community College
For questions/comments on this content, please contact Financial Aid.