Federal Student Loans
For financial aid purposes graduate students fall into two classifications:
Full time: six or more credit hours per term
Half-time: 3–5 credit hours per term
William D. Ford Federal Direct Student Loan Program
(Unsubsidized Interest) The Unsubsidized Federal Stafford Loan is not based on need but the student is required to complete the Free Application for Federal Student Aid. The maximum loan amount per academic year for this program is $20,500 for Graduate students. Graduate students are allowed to borrow an aggregate cumulative maximum of $138,500 (including undergraduate borrowing).
Principal payments on the loan are not required while the student is enrolled at least half-time. Students have the option to pay the interest on the loan while they are in school or let it accrue and capitalize onto the principal balance. The interest rate is set in July each year and cannot exceed 8.25% and the student will be charged a 1% origination fee.
Electronic Funds Transfer
North Central College participates in electronic funds transfer (EFT). Through EFT your student loan proceeds will credit directly to your account at North Central College.
Entrance: All schools are required by Federal regulations to provide “entrance counseling” to first-time Federal Direct Loan borrowers. The “entrance counseling” is designed to provide the student with information about the loan program and his/her rights and responsibilities as a borrower. This “entrance counseling” must be completed prior to the disbursement of any loan funds.
Exit: Students who receive Federal Direct Loan (formerly known as a Guaranteed Student Loan), a Federal Unsubsidized Direct Loan, a Supplemental Loan for Students (SLS), an Illinois Opportunity Loan or a combination of these are required to complete an “exit counseling session” to prepare and inform you about the repayment process. Completion of this exit interview is required by Federal law.
Both the “entrance and exit counseling sessions” are found on the internet at http://www.studentloans.gov. To begin the session, login and click on the graphic called ENTRANCE COUNSELING or EXIT COUNSELING.
Payment of Tuition and Fees
All tuition and fees are due in full on or before the beginning of each term. Exceptions must be cleared through the Business Office. Billing statements are normally mailed three to four weeks in advance of the due date. A student must confirm his or her preregistration through REGISTRATION CONFIRMATION on the first day of classes to be sure the accounts are clear. The location and time schedules of registration confirmation are published prior to each term. A late payment fee will be charged for any unpaid balances.
The College reserves the right to withhold a student’s diploma, the degree, a transcript of credits or course grades, as long as any bills owed the College remain unpaid. The College reserves the right to deny registration to any student with unpaid bills from a previous term.