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.
Direct Subsidized Loans (undergraduate students) – 3.73% fixed
Direct Unsubsidized Loans (undergraduate students) – 3.73% fixed
Direct PLUS Loans (parents) – 6.28% fixed
Direct Subsidized Loans (undergraduate students) – 4.99% fixed
Direct Unsubsidized Loans (undergraduate students) – 4.99% fixed
Direct PLUS Loans (parents) – 7.4% fixed
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.
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.
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.
$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 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:
| 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. |
Be aware: Student loans are generally not dischargeable in bankruptcy!
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.
