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William D. Ford Federal Direct Loan Program (DL)
Victoria College participates in the William D. Ford Federal Direct Loan Program (DL). The program provides low-interest loans to eligible students enrolled at least half-time in an institution of higher education. Repayment may be deferred until a student ceases to be enrolled at least halftime in an institution of higher education.
All students who apply for a DL must meet these requirements:
- Be currently enrolled for at least 6 credit hours.
- Declare a major with the Registrar's office.
- Be enrolled in courses that count toward their degree plan or certificate program.
- Courses that do not count toward the degree plan or certificate program cannot be included in the enrollment status of students for the purpose of determining whether students are full-time or part-time.
- Students must meet the Satisfactory Academic Progress (SAP) requirements to be eligible to receive any type of financial aid (loans, grants, work-study, etc.)
Eligibility Amount Calculation
A student's loan eligibility amount will be calculated based on financial need, the number of semester credit hours they are enrolled in each semester (as of the 12th class day during the fall and spring semesters and the 4th class day during summer semesters), the amount of other financial aid (grants, scholarships, work-study, WIA benefits, tuition waivers, etc.) they may receive, and grade level.
What do the loan funds cover?
Loans funds are available to cover initial payment of tuition/fees and purchase of books. The first disbursement of loan checks are mailed approximately 30-35 days after the first day of class during the fall and spring semesters and approximately 17-20 days after the first class day during the summer semesters (First-time borrowers must wait 30 days before loans can be disbursed, due to federal regulations.) Your correct mailing address must be on file in the Admissions Office. Loans are disbursed in two equal payments in accordance with federal regulations. For loans covering one semester, the second disbursement cannot be made until at least fifty-percent of the student's enrollment has elapsed.
Obtaining a Direct Loan
To apply for loan funds, students must complete the following:
Entrance Loan Counseling Sessions
Entrance Loan Counseling must be completed online each year through www.studentaid.gov. Victoria College requires all new student borrowers to complete Entrance Loan Counseling even if he or she is a previous borrower.
Loan Exit Counseling
Loan recipients must complete Loan Exit Counseling before:
- Transferring to another college or university
- Graduating from Victoria College
- Dropping below half-time status
- Withdrawing completely
Loan Exit Counseling is available at studentaid.gov. Students not completing Loan Exit Counseling may have a hold placed on their records.