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If awarded Federal Work-Study, it is the student’s responsibility to apply, arrange for interviews, be offered and accept any work-study opportunities. Once hired, appropriate documents must be completed such as I-9 forms, W-4’s, etc. Federal Direct Loan Program The Federal Direct Loan Program provides federally insured loans to students enrolled in eligible post-secondary institutions. Under this program the U.S. Department of Education is the lender. The two types of Direct Loans are Subsidized and Unsubsidized Loans. Subsidized Loans are available to students with financial need and the U.S. Department of Education pays the interest on the loan while the student remains enrolled at least half-time, in the grace period, or during a deferment period. Unsubsidized Loans do not require the student to demonstrate financial need and the student is responsible for paying the interest during all periods. If the student does not pay the interest, the interest will accrue (accumulate) and be capitalized (the interest will be added to the principal amount of the loan). The maximum yearly loan limit for a dependent student is $5,500 for the first-year and $6,500 for the second-year. Federal regulations require all first-time borrowers to complete Entrance Counseling and a Master Promissory Note prior to receiving the first disbursement of their loan funds. Students will also be required to complete a mandatory Exit Counseling session when departing from NCC. Direct Subsidized Loan Changes Effective July 1, 2013 (150% Limit for Interest Subsidy) Effective July 1, 2013, Federal law restricts the benefits of the Direct Loan subsidy to a limit of no more than 150% of a student’s program length (measured in academic years) for new borrowers. (A new borrower is an individual who has no outstanding balance on a Direct Loan or on a FFEL Program loan on July 1, 2013, or on the date the borrower obtains a Direct Loan after July 1, 2013.) Once that limit has been exceeded, a student may borrow only unsubsidized loans and will begin to incur interest charges on outstanding subsidized loans. For example, a student enrolled in a twoyear program will have three years’ worth of subsidized loan eligibility (150% of 2 years=3). Because the maximum eligibility period is based on the length of the student’s current program of study, the maximum eligibility period can change if the student changes to a program that has a different length. If a student receives Direct Subsidized Loans for one program and then changes to another program, the Direct Subsidized Loans received for the earlier program will generally count toward the student’s new maximum eligibility period. The U.S. Department of Education will undertake the tracking responsibilities to determine when the subsidy limit has been reached, inform schools of a borrower’s subsidy usage, and notify borrowers when the limit has been exceeded. The borrower becomes responsible for accruing interest during all periods as of the date the borrower exceeds the 150% limit. Federal PLUS (Parent) Loan For Undergraduate Students The Federal PLUS Loan Program is designed for the parents of dependent students in order to assist students with the costs of a college education. The loan amount is limited to the cost of attendance minus other financial aid. To apply for a Federal PLUS Loan, complete and submit a Free Application for Federal Student Aid (FAFSA). A parent must also complete and submit a separate Federal PLUS Application and Master Promissory Note and a Loan Authorization Form (LAF) found on NCC’s website. Additional Information Federal regulations require NCC to provide prospective students, current students and other stakeholders with “Consumer Information.” This information can be found on NCC’s website at http://www.nwicc.edu/compliance/ VETERAN PROGRAMS ______________________________________________________ Iowa National Guard Educational Assistance Grant This grant provides awards to Iowa National Guard members who attend eligible Iowa colleges. A new application must be completed each year prior to July 1 for the fall term, and prior to December 1 for the spring term. Applications are available online at www.IowaCollegeAid.gov, or www.IHaveaPlanIowa.gov, or by contacting the Iowa National Guard Headquarters. Eligibility requirements include being an Iowa resident, a member of an Iowa Army or Air National Guard unit for each term the member receives benefits, satisfactorily complete required guard training and maintain satisfactory performance of Guard duty, pursue an undergraduate degree, and maintain satisfactory academic progress. NOTE: Active duty military personnel and military service veterans attending Northwest Iowa Community College, as well as their spouses and dependent children, are considered to be Iowa resident for admission, tuition and fee purposes. For further information, please contact the Registrar at 1-800-352-4907. Veterans Educational Benefits Information concerning veterans’ educational benefits and applications may be obtained from NCC’s Registrar. ADDITIONAL RESOURCES ______________________________________________________ Division of Vocational Rehabilitation Services Vocational Rehabilitation Services (DVRS) provides financial assistance to eligible persons with disabilities. For more information contact a DVRS counselor in your area (Sheldon Office—1022 Third Avenue – 712-324-4864) or the Financial Aid Office. Workforce Innovation and Opportunity Act The Iowa Workforce Innovation and Opportunity Act (WIOA) provides assistance to people experiencing significant barriers to employment. Funding may be available for retraining eligible students. For more information contact the WIOA counselor in your area (Spencer Office 217 W. 5th Street P.O. Box 1493 712-262-1971) or the Financial Aid Office. Northwest Iowa Community College Catalog 2017–2018 Financial Aid 24


NCC_Catalog
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