Loans

Loans

Loans are a type of financial aid that must be repaid.


Loans Offered by Alvin Community College

ACC participates in the William D. Ford Federal Direct Loan Program (Direct Loans). Eligibility for a need based loan (Subsidized) is determined before awarding a non-need based loan (Unsubsidized). ACC also participates in PLUS Loans for parents, and private/alternative loans.

LOANS OFFERED BY ALVIN COMMUNITY COLLEGE
Loan Type Loan Made To Required Hours Credit Check Limit on Funds Interest Accrues While Enrolled 6 Hours Payments Required While Enrolled 6 Hours Continued Eligibility
Federal Direct Subsidized Loan Student  6 hours No  FAFSA results, Available Cost of Attendance, and grade level No  Deferred  Meet Satisfactory Academic Progress
Federal Direct Unsubsidized Loan Student  6 hours No  FAFSA results, Available Cost of Attendance, and grade level Yes  Deferred  Meet Satisfactory Academic Progress
Federal Parent Loan (PLUS) Parent  6 hours Yes, parent FAFSA results and Available Cost of Attendance Yes  May request a deferment from the servicer Meet Satisfactory Academic Progress
Private/Alternative Loan Student  Terms are set by the lender Yes, student Credit worthiness and Available Cost of Attendance Terms are set by the lender Terms are set by the lender Terms are set by the lender

How to Apply for Loans

  1. After a FAFSA application and all required documents are submitted and complete, the ACC Financial Aid Office will review eligibility for grants (free money).
  2. Once grants are awarded (if eligible), an email will be sent to the student about student loans. You must REPLY to the email if you would like your eligibility for a loan reviewed.
  3. The ACC Financial Aid Office will determine the student's eligibility for a loan, and send a Loan Award Notification email to the student. The student must complete the items in the email within 30 days, or the loan will be cancelled.
  4. Disbursements will be made based on eligibility and enrollment.  Login to The POD for disbursement dates, or refer to the Disclosure Statement (sent to the borrower by the U.S. Dept. of Education).
  5. To reduce or cancel a loan, please email the ACC Financial Aid Office (fa@331system.com).


Important Information for ACC Federal Student Loan Borrowers

  • You must be enrolled in at least six semester hours that are required for your ACC degree/certificate plan to be eligible for a loan.
  • ACC must receive electronic confirmation from the U.S. Dept. of Education that you completed your entrance counseling and Master Promissory Note (MPN) at least seven days prior to your first disbursement date. If electronic confirmation is not received in time, your first disbursement will be scheduled for the next available disbursement date. 
  • Loans are issued in two disbursements per loan.
  • Eligibility may be reduced or aid cancelled due to: not meeting Satisfactory Academic Progress Requirements, changes in the availability of funds, changes in marital status, changes in financial resources, or enrolling in classes outside of the active ACC degree/certificate plan.
  • ACC does not automatically determine eligibility for additional unsubsidized loans. If seeking an additional loan, please email the ACC Financial Aid Office (fa@331system.com) for the appropriate application.
  • Eligibility may be limited if the student has been convicted of a felony or crime involving a controlled substance, or is in default on a federal loan.
  • Valuable information about interest rates, fees, and other important information can be found at studentaid.gov.

  1. After a FAFSA application and all required documents are submitted and complete, the ACC Financial Aid Office will review eligibility for grants (free money).
  2. Once grants are awarded (if eligible), an email will be sent to the student about student loans. The student must REPLY to the email if you would like your eligibility for a loan reviewed, and include information that the parent is applying for a PLUS Loan.
  3. Parents must complete a PLUS Loan Application at studentaid.gov.
  4. The credit approval or denial is forwarded electronically to ACC. If credit is approved, ACC will contact the parent at the email address or phone number provided on the PLUS application. Additional information and instructions will be provided.
  5. Disbursements will be made based on eligibility and enrollment.
  6. To reduce or cancel a loan, please email the ACC Financial Aid Office (fa@331system.com).


Important Information for ACC Federal Parent Loan (PLUS) Borrowers

  • The student must be enrolled in at least six semester hours that are required for your ACC degree/certificate plan to be eligible for a PLUS loan.
  • ACC must receive the approved credit confirmation at least fourteen days prior to the first disbursement date. If electronic confirmation is not received in time, the first disbursement will be scheduled for the next available disbursement date.
    Loans are issued in two disbursements per loan.
  • Eligibility may be reduced or aid cancelled due to: not meeting Satisfactory Academic Progress Requirements, changes in the availability of funds, changes in marital status, changes in financial resources, or enrolling in classes outside of the active ACC degree/certificate plan.
  • Eligibility may be limited if the student has been convicted of a felony or crime involving a controlled substance, or if the student or parent are in default on a federal loan.
  • Disbursement dates may be adjusted based on term enrollment within the semester.
  • Valuable information about interest rates, fees, and other important information can be found at ed.gov.
  • ACC does not process Grad PLUS Loans made to the student.

  1. FAFSA results are not required to apply for a private/alternative loan. However, students and parents are highly encouraged to exhaust all federal and state aid eligibility prior to considering applying for a private/alternative loan.
  2. ACC cannot recommend private loan lenders. The student is responsible for finding and comparing lenders (a search can be done on the internet). Most private loan applications are also completed on the internet.
  3. ACC receives private loan certification requests electronically, and will review the application and contact the student at the phone number provided on the application to discuss the terms of the loan and individual eligibility. The certification request must be received and reviewed at least 30 days prior to the desired disbursement date.
  4. An Award Notification is emailed to the student once the loan is processed.
  5. Disbursements will be made based on eligibility and enrollment.
  6. To reduce or cancel a loan, please email the ACC Financial Aid Office (fa@331system.com).

Important Information for Private/Alternative Loan Borrowers

  • Private/alternative loans can be made in one, two, or three disbursements.
  • Disbursements will be made based on eligibility and enrollment.
  • Eligibility is limited by the cost of attendance for the projected period of enrollment, FAFSA results (if applicable), and other aid received.
  • Disbursement dates may be adjusted based on term enrollment within the semester.