Student Loans

To determine eligibility for federal student loans, you must first apply for financial aid with the Free application for Federal Student Aid (FAFSA).

The Federal Family Loan Program

The Federal Family Loan Program offers long term loans which will allow students to postpone paying for a portion of their school expenses until after they graduate or leave school. Repayment begins six months after completion or withdrawal from the program. Cascadia Community College participates in the Stafford Loan Program (subsidized and unsubsidized) and the Parent Loan to Undergraduate Students (PLUS).

Subsidized Stafford Loans

With a subsidized Stafford Loan, the government makes the interest payments on your loan at certain times, such as while you are in school or in deferment. to qualify for a subsidized Loan, you must demonstrate financial need by submitting the Free Application for Federal Student Aid (FAFSA). the results reveal how much you and your family should contribute toward your education costs. Your costs of attendance minus your expected family contribution establishes your financial need.

Unsubsidized Stafford Loans

With an unsubsidized Stafford Loan, you are responsible for interest payments, even while you are in school. You can either make interest payments or postpone them. If you postpone interest payments, the lender will add the accrued interest to your principal balance. this is known as capitalization. capitalization increases the total amount you will repay. You will save money by making your interest payments. financial need is not required to qualify for an unsubsidized Stafford Loan, but the cost of your education must exceed any financial aid you have been awarded.

To apply for the subsidized or unsubsidized loan click here and complete the Stafford Borrower Loan Confirmation.

Parent Plus Loans

PLUS Loans are for parents of a dependent student to help with educational costs. dependency status is determined by information on the student's FAFSA.

To apply for the Parent Plus Loan click here and complete the PLUS Borrower Loan Confirmation.

Loan Processing Fees

All federal Stafford Loans are subject to origination fees. These are paid to the federal government to offset administrative costs. Loan origination fees will be deducted from your loan proceeds prior to disbursement, and you are responsible for the repayment of all such fees.

Borrowing Limits

The Stafford Loan program has limits on the amount you can borrow each year. The Cascadia's Student Financial Services Office personnel will determine how much you are eligible to borrow.

Keep in mind that you may be repaying your Stafford loan for as long as 10 years. The more you borrow, the higher your monthly payment will be. Borrow only what you need. The size of your monthly payments may make the difference between manageable and unmanageable debt in your future.

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Online Loan Entrance Counseling

Stafford loan funds will not be disbursed to borrowers at Cascadia until the required entrance counseling has been completed. You will go to the entrance counseling web site, review your rights and responsibilities as a borrower and complete a short quiz. Once you complete the quiz correctly, the results will be forwarded to the Student Financial Services Office.

To complete your Online Entrance Counseling click here.

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Online Loan Exit Counseling

Loan exit counseling is required for loan recipients who cease enrollment at Cascadia Community College. You will go to the exit counseling web site, review your rights and responsibilities as a borrower and complete a short quiz. The results will be forwarded to the Student Financial Services Office.

To complete your Online Exit Counseling click here. The results will be forwarded to the Student Financial Services Office.

Repayment

When you graduate, leave school or drop to less than half-time status, you have a six-month grace period before repayment begins. Within 30 to 45 days after the grace period ends, you must begin to make monthly payments. The payment amount depends on the repayment option you select. If you want to select a plan other than standard repayment, please contact your lender before you enter your repayment period. You may prepay all or part of your loan at any time without penalty. You will save money by paying off your loans early.

Repayment Options

Standard Repayment
With the standard repayment plan you make the same payment every month for the entire term of the loan. The payment terms will not exceed 10 years, and the minimum monthly payment is $50.

Graduate Repayment
The graduate repayment plan initially requires lower payments, then gradually increase the amount over the repayment period. This option results in higher interest costs over the life of the loan as compared to the standard repayment schedule. there is a 10-year maximum repayment period, and payments must be at least the amount of the monthly interest.

Income-Sensitive Repayment
the income-sensitive repayment plan adjusts borrower payment annually based on income. As income fluctuates, so do the payments. Depending on the size of the debt and your monthly income, you may be granted up to 15 years to repay your loan. Payments must be at least the amount of the monthly interest.

Extended Repayment
Stafford borrowers with no outstanding FFELP Loans disbursed prior to October 7, 1998 are eligible for extended repayment if they have a FFELP Loan debt of more than $30,000. Through extended repayment, borrowers may pay under a fixed or graduated plan and must repay the loan with in 25 years. borrowers interested in extended repayment must request this option from their lenders.

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How to Request Loan Funds

If your initial award letter award letter does not reflect enough assistance to cover tuition and fees, you may request loan funds using the following steps as your checklist:

1. Go to http://www.cascadia.ctc.edu/StudentFinancialServices/studentloans.asp to complete an Online Stafford Loan Confirmation. Your request will be sent electronically to our office.
2. Once you have completed the Loan confirmation, you will be directed to Northwest education Loan association (NELA) to complete your Online Entrance Counseling. Entrance counseling is required annually from any student requesting loan funds. Once you have successfully completed entrance counseling, your results will be sent electronically to our office.
3. Please allow 2-3 weeks for review and processing of your loan request. Once our office processes your request, you will receive a letter from our office and a letter with instructions from NELA to complete your Master Promissory Note If you receive these instructions, it's very important that you do this promptly so you do not experience a delay. You may sign your application online and submit it electronically. If you do not receive instructions to sign the Master Promissory Note and return it to NELA, it is because NELA already has a valid signature on file for you for a prior loan, and therefore a new signature is not needed.

Loan funds are sent directly to the college. Any loan funds that are not needed to repay your tuition and fees will be disbursed to you in the form of a financial aid check if there was sufficient time to process your request, and you to complete your Master Promissory Note, prior to the start of the quarter.

NOTE: If you have been awarded a loan for one quarter only, you will receive your funds in 2 disbursements. The second disbursement will not arrive until the half way point of the quarter.