I recently realized that we had not formally announced that the College Commission had approved our participation in the Federal Stafford Loan Program. I apologize for not announcing this sooner. Other sources of aid have not increased sufficiently to offset the rising costs of tuition, books, gas, and other expenses. Therefore, a Student Financing Options Task Force was organized and they recommended the College re-establish participation in the Federal Stafford Loan Program as an additional means to help students finance their education. The College last participated in the student loan program more than 15 years ago and chose to stop certifying loans due to the risks associated with high default rates. Due to changes in calculations for default rates and several other factors, the Committee felt the Federal Stafford Loan Program would be a good option for our students and the College. It will provide the most affordable and flexible financing available to qualified students.
Procedures are currently being developed to administer the Stafford Loan Program. It is anticipated the Financial Resources Office will begin certifying Stafford Loans in early November. Interested students should stop by the Financial Resources Office in the Student Services Building to check for initial eligibility and complete a Stafford Loan Request form. Further instructions will be given at that time. Completion of an online financial literacy course is required and students must attend a mandatory entrance loan counseling session. For more information, you may call the Financial Resources Office at 327-8005.
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