I understand I must be enrolled at least half-time (6 credit hours) each term I plan to receive loan proceeds.
I understand that federal regulations may require multiple disbursements of all loan funds.
I understand that all loan funds will first be credited to my student account.
I understand that the loans may be reduced or adjusted if other award amounts change or if additional awards are added (scholarships, grants, sponsorships, etc.).
I understand that if this is the first loan I am borrowing at NCC, I am required to complete Loan Entrance Counseling and a Loan Agreement (Master Promissory Note). If I fail to do so, my loan will be cancelled, the funds will be returned to the lender, and the loan funds will not be available to pay my bill at NCC.
I understand that I may lose financial aid eligibility if I am not attending classes.
I understand that if I am not maintaining satisfactory academic progress my future loans will be cancelled.
I understand that when requesting a Direct Loan, the loan information will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.
I understand that an origination fee (1-2%) will be deducted from each disbursement.
I will promptly inform my Direct Loan Servicer and NCC when I graduate, withdraw from school, enroll in less than 6 credits per semester or change my name and/or address.
I understand that I must complete a mandatory Loan Exit Counseling session after I graduate, transfer, withdraw or drop to less than half-time status.
I understand I must begin repaying the loan six months after I graduate, withdraw or drop below half-time (6 credits).
