Applying for loans

Applying for loans

Applying for loans

A number of options are available for students who could benefit from loans to help finance their college education:

  • The U.S. Department of Education offers Direct Loans (i.e., Stafford Loans) to all students who complete a FAFSA and Parent PLUS Loans to eligible parents of dependent students.
  • Students can also obtain private loans from a variety of lenders.

A number of options are available for students who could benefit from loans to help finance their college education:

  • The U.S. Department of Education offers Direct Loans (i.e., Stafford Loans) to all students who complete a FAFSA and Parent PLUS Loans to eligible parents of dependent students.
  • Students can also obtain private loans from a variety of lenders.

A number of options are available for students who could benefit from loans to help finance their college education:

  • The U.S. Department of Education offers Direct Loans (i.e., Stafford Loans) to all students who complete a FAFSA and Parent PLUS Loans to eligible parents of dependent students.
  • Students can also obtain private loans from a variety of lenders.
+
Direct (Stafford) Loan
  1. To receive a Direct Loan, log in to MyNWC and accept it as part of your financial aid offer.
  2. Then, for first-time borrowers, go to studentaid.gov and log in using your personal information and FAFSA student PIN number. Once logged in, complete an MPN (master promissory note) for a Direct Loan.
  3. Also, on the same website, complete the entrance counseling, which only needs to be done once while you're a college student. (NOTE: Stafford Loans include a 1.057% origination fee that will be subtracted from the loan total.)
+
Parent PLUS Loan
  1. To apply for a Parent PLUS Loan, your parents should log in to studentaid.gov using their personal information and FAFSA parent PIN number.
  2. Then, if your parents are first-time PLUS borrowers, they must complete the MPN (master promissory note).
  3. Your parents should enter a specific amount for their PLUS Loan instead of choosing the "balance" option. (NOTE: Parent PLUS Loans include a 4.228% origination fee.)
+
Private loan
  1. To apply for a private loan, visit nwciowa.edu/private-loans and review NWC's preferred lenders under "View the vendor list."
  2. The link will take you to Fast Choice, which will provide loan options. All freshmen and most upperclassmen applying for private loans are required to have co-signers. Remember to review and include any origination fees in the loan amount requested.

On your billing statement, if a loan or loans you're expecting appear in the "Awarded" column but not the "Applied" column, it means you haven't yet completed the steps to receive a loan or you've not yet accepted your financial aid package. You can accept your financial aid package at MyNWC. Instructions were included in the "Financial Aid Award Guide" (nwciowa.edu/award-guide) that accompanied your financial aid award letter.