Loans

  • Loans

     The Higher Education Opportunity Act was signed into law on August 18, 2008. In the interest of providing students and families with full, fair, and effective information and to comply with this Act and all federal and state law standards, the college has prepared a Prince George’s Community College Code of Conduct for Education loans link: 

    Prince George’s Community College Code of Conduct for Education Loans
     
    William D. Ford Federal Direct Loan Program 

    Prince George’s Community College is pleased to announce that we are a full participant in the William D. Ford Federal Direct Loan Program and we will no longer be certifying Federal loans through the Family Federal Education Loan Program (FFELP). 

    The Federal Direct Loan program offers many benefits to Prince George’s Community College students and parent borrowers, including: 
    • Consistent access to loan funds directly from the U.S. Department of Education  
    • Competitive rates and repayment options available to all borrowers  
    • Simple application process  
    • Quick receipt of funds  
    • Excellent customer service  

    In order to receive federal loan funds all students must complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. Prince George’s Community's school code is 002089. 

    Application Procedures for Completing Federal Direct Stafford Loan Process

    First-time borrowers

    1. Accept Loans on Owl Link at www.pgcc.edu/owllink  
    2. Complete Entrance Counseling using Manage My Direct Loan at www.studentloans.gov  
    3. Complete Master Promissory Note (MPN) using Manage My Direct Loan at www.studentloans.gov  

    For more information on Federal student loan programs and repayment terms visit Learn More at www.studentloans.gov. 

    All other Federal Direct Stafford loan borrowers

    1. Accept loans on Owl Link at www.pgcc.edu/owllink  
    2. Complete Federal Direct Master Promissory Note (MPN) at www.studentloans.gov  

    For more information on Federal student loan programs and repayment terms visit Learn More at www.studentloans.gov. 

    Annual and aggregate loan limits for Federal Direct Stafford Loans: 

    Federal Direct Loan Annual Limits 

    Dependent 

    0-26 credits 

    $5,500 

    27 plus 

    $6,500 

       
     

    Independent & Dependent with PLUS Denial 

    0-26 credits 

    $9,500 

    27plus credits 

    $10,500 

       
       
     

    Federal Direct Loan Life Time Limits 

    Undergraduate Dependent 

    $31,500 

    Undergraduate Independent 

    $57,500 

       

    Conduct a Federal Stafford Loan Entrance Interview: If you are awarded a Federal Stafford loan or a Federal Perkins loan, you must complete a Loan Entrance interview. An easy and fun way to complete this requirement is to visit the following web site: Conduct a Federal Stafford Loan Entrance Interview 

    Conduct a Federal Stafford Loan Exit Interview: Undergraduate students who have received a Federal Direct, Federal Stafford loan during their attendance at Prince George’s Community College are required to attend a Federal loan exit counseling interview or complete an on-line exit counseling session using the link below at the time of graduation or dropping below half-time. An easy and fun way to complete the exit interview is to visit the following website: Conduct a Direct Loan Exit Interview  

    If you have any questions, feel free to contact the Office of Student Financial Aid at 301-322-0822 or finaid@pgcc.edu.

    Application Procedures for Completing Federal Parent Direct PLUS Loan Process  

    1. Complete Prince George’s Community College's loan request.  
    2. Apply for a FAFSA pin if you've not already complete FAFSA at www.pin.ed.gov.  
    3. Complete Federal Direct PLUS Master Promissory note (MPN) at www.studentloans.gov
      • Prince George’s Community College's school code is 002089.
       

    For more information on Federal student loan programs and repayment terms visit Learn More at www.studentloans.gov.In order to receive a Federal Direct PLUS Loan the Free Application for Federal Student Aid (FAFSA) must be completed at www.fafsa.gov. Prince George’s Community's school code is 002089.  

    How to Apply for a Private Educational Loan

    We suggest completing a Free Application for Federal Student Aid (FAFSA) and considering the Federal Stafford or Federal PLUS before applying for this type of loan. 

    NEW --The Federal Reserve and Department of Education have recently implemented new rules and regulations that impact students borrowers who use private educational loans. All private lenders to whom the regulations apply must be in compliance no later than February 14, 2010. For more information, read the Private Education Loan Applicant Certification.  Contact the financial aid office if you need assistance completing this form at finaid@pgcc.edu. 
     
    • Please borrow wisely.  
    • Your Award Notification lists the maximum amount you are eligible to borrow from each loan program.  
    • Please borrow only what is needed to cover your educational and living expenses for this academic year.  
    • If you choose to borrow less than you are offered, you will be eligible to request the remaining funds later in the semester.  
    • Requests for additional loans should be submitted at least 30 days before the last day of classes. Set a realistic budget and stick to it.  
    • Exhaust all alternatives before borrowing.  
    • Only borrow what you really need.  
    • Understand the features and benefits of your loan.  
    • Stay in touch with your lender and the Office of Student Financial Aid.  
    • Avoid interest accrual on unsubsidized loans.   
    • Keep a log of whom you talk to about your loan.  
    • Keep records of all correspondence with your lender.  
    • Contact your lender about payment options if you can't make a payment.  
    • Borrow for the year, not the semester.  
    • PLUS loan borrowers should determine the annual amount needed and remember that your lender will charge a 4% fee before disbursing funds.  
    • A credit preapproval for the PLUS loan annual requested amount is required.  
    • Learn to control and manage your debt. 

    Internet Resources 

     Resources for Student Loan Borrowers 

    National Student Loan Data System (NSLDS)

    Student receiving a Federal Stafford, PLUS, Grad PLUS or Perkins loan while attending Prince George’s Community may access their information at any time using the NSLDS and the Free Application for Federal Student Aid personal identification number. This information includes the type of loan, amount, status of student loan and lender information.  

     

  • The Office of Student Accounts, Bladen Hall, Room 120

    Office Hours:

    Monday – Friday 8:30 a.m. to 4:30 p.m.

    Address

    Bladen Hall, Room 120

    Phone:

    301.322.0688

    Fax:

    301.386.7507

    Email us:

    StudentAccounts@pgcc.edu