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Student Loans

Reminders to ensure you receive your loan

  • Students must complete the FAFSA 
  • Students will need to be in good standing with Financial Aid 
  • Students must be enrolled in at least 6 eligible credit hours. 
  • Students must complete a Undergraduate Master Promissory Note (MPN).
  • All First-Time Loan Borrowers must complete PPCC's Direct Loan Entrance Counseling via PPCC D2L. 
    • Please note PPCC holds first-time loan borrowers loan funds for 30 days from the start of their semester. 
Complete MPN PPCC D2L Access Money Matters -Ways to pay for College

 

Receiving Federal Loan Funds

To receive a loan you must file FAFSA, accept your loan offer on your financial aid award, then complete a Master Promissory Note (MPN) at www.studentaid.gov and attend Entrance Loan Counseling if you are a first time borrower. You must also be enrolled in and attending half-time (6 credit hours). Entrance Loan Counseling is an online course that informs you of your loan options and repayment requirements. After you have accepted your loan in your portal, you will need to locate PPCC Online Campus (D2L) under Course Access on the Dashboard tab of the student portal. Here, you will see the class listed under PPCC Departments called “Student Loan Entrance Counseling”.   

You must successfully complete all four modules and submit your completed PPCC Entrance Counseling Confirmation page available in Module 4.

If you are not able to successfully complete the course after two attempts, you will need to complete an in-person counseling session.

Please contact Dianne Chan at Dianne.Chan@ppcc.edu or 719-502-2299 to inform her of the day and time you will attend. 

 

Current interest rates on loans disbursed between July 1, 2021 – June 30, 2022 are:

Current interest rates on loans disbursed between July 1, 2022 – June 30, 2023 are:

Please Note: interest rates generally increase or decrease every July 1.

Student loans can have a much lower interest rate than private loans and sometimes the interest is deferred while students are in school. Keep in mind that any money you borrow needs to be repaid. PPCC is a participant in the Federal Direct Loan Program in which students borrow Stafford Loan funds directly from the U.S. Department of Education rather than from a lender.

Types of Loans

  • Must have demonstrated financial need based on EFC

  • Must be enrolled in at least 6 credit hours

  • Meets Financial Aid eligibility requirements

  • Does not accrue interest while student is enrolled in at least 6 credit hours

  • Requires repayment after graduating, ceasing enrollment, or drops below half-time enrollment

  • Must complete the Master Promissory Note (MPN) and Entrance Loan Counseling through D2L Online PPCC Portal to receive

  • Does not require demonstrated financial need

  • Must be enrolled in at least 6 credit hours to receive

  • Meets Financial Aid eligibility requirements 

  • Accrues interest immediately after disbursement

  • Requires repayment after graduating, ceasing enrollment, or drops below half-time enrollment

  • Must complete Master Promissory Note (MPN) and Entrance Loan Counseling through the D2L Online PPCC Portal to receive.

  • PPCC only offers the base loan amount $3,500 in subsidized/unsubsidized to adjust the amount please complete a loan request form 

  • Enrolled in at least 6 credit hours

  • Meets Financial Aid eligibility requirements

  • Parents must complete the PLUS Master Promissory Note and submit the PLUS Loan Request Form

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Loan Limits

$3,500

Dependent students can request an additional $2,000 unsubsidized loan per year. 

Independent students can request an additional $6,000 unsubsidized loan per year.

$4,500

Dependent students can request an additional $2,000 unsubsidized loan per year. 

Independent students can request an additional $6,000 unsubsidized loan per year.

$5,500

Dependent students can request an additional $2,000 unsubsidized loan per year. 

Independent students can request an additional $7,000 unsubsidized loan per year.

$57,500 for an Independent Student 

$31,000 for a Dependent Student

No more than $23,000 may be in subsidized loans 

As a loan recipient, you can expect a few things to happen after graduation, dropping below half-time enrollment, leaving PPCC, or transferring to a new institution:

  • You will be required to complete Loan Exit Counseling to learn about repayment and deferment information regarding loans you've borrowed
  • You may receive communication from your servicer indicating a change of enrollment and expectations of payment
  • You may receive a 6-month grace period of non-payment before your servicer requires monthly repayment of any loans you've borrowed

You will want to work out payment options with your servicer, but below is a sample loan repayment plan to give you an idea of what to expect:

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Sample Loan Repayment Schedule     
  With interest Capitalization (interest not paid while in school)  Without Interest Capitalization (interest paid while in school) 
Original Loan Balance  $10,000 $10,000
Capitalized Interest  $4,800 **$0.00
Current Loan Balance  $14,800 $10,000
Interest Rate 6.8%  6.8% 
Maximum Term  120 Months  120 Months 
     
Level Repayment  Schedule Installments     
119 Months  $170.32 $115.08
1 Month  $169.09 $114.24
Total Repayment Interest  $5,637.17 **$3,808.76
Total Repayment Amount  $20,437.17 $13,808.73
** **It is beneficial for borrowers to make their interest payments because the loan will disclose at a lower balance. In this comparison, the monthly installment is $55.24 less and the total repayment at the end of the life of the loan is a savings of $1828.41 in interest.    
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What If I don't make my loan payments?

If you do not make your loan payments, you can go into Loan Default after being delinquent for 270 days or more. Defaulting on your student loan can have a number of serious consequences including:

  • The national credit bureaus are notified and your credit rating can be affected.
  • The Internal Revenue Service can withhold your tax refund. 
  • Your wages can be garnished.
  • You will be ineligible to receive federal or state aid if you return to college.

     Be aware: Student loans are generally not dischargeable in bankruptcy!

Cohort Default Rate ( CDR)

 A Cohort Default Rate (CDR) is the percentage of a school’s borrowers who enter repayment on student loans during a federal fiscal year (October 1 to September 30) and default prior to the end of the next two federal fiscal years (3-Year CDR). The United States Department of Education releases official cohort default rates once per year for schools participating in the Title IV student financial assistance programs.    


*3YR Official CDR rate for FY2016 is the most recent rate provided by the Department of Education.  These are borrowers who entered repayment of student loans between Oct. 1, 2015 and Sept. 30, 2016 and   subsequently defaulted prior to Sept. 30, 2018.

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