Federal Direct Loan Process
If you are interested in applying for a Direct Loan, please note the following:
1. You must have a completed financial aid file at IVC before the Financial Aid Office can process your request for a Direct Loan. This means you must have completed a FAFSA, turned in required documents that the Financial Aid request. Your file is complete once you have been sent an Award Letter from the Financial Aid Office.
2. You must be enrolled in 6 units of standard semester coursework (second eight classes, are subject to a later disbursements).
3. Students must complete Entrance Loan Counseling online at www.studentloans.gov. Click on Sign In; Click on Complete Entrance Counseling. Once it has been completed the Financial Aid office will be electronically notified.
4. NEW BORROWERS AT IVC MUST: complete a Master Promissory Note online at www.studentloans.gov. Click on complete Master Promissory Note. After your Master Promissory Note has been electronically signed the Financial Aid office will be electronically notified.
5. Student’s must complete a Federal Direct Loan Request Form and return in to the Financial Aid Office. Forms are available online, under Financial Aid Forms.
Students will receive a Revised Award letter once the loan has been processed. Processing time for a loan is approximately 4-6 weeks from the time that you are sent your Revised Award Letter.
Funds are disbursed into two disbursements for each semester (Fall and Spring). These disbursements ARE NOT the same dates as the Federal Pell Grant disbursements. The funds will be issued on the Higher One Card.
It is extremely important that the Financial Aid Office has your correct address. The Higher One Card is mailed to the address that you have provided on the 2014-2015 FAFSA. If this address is not correct, you may complete a change of address form in the Financial Aid Office. Please note that you MUST have a photo I.D. for all inquires made in the Financial Aid Office.