Student Loan Policy

Students must be enrolled in and attending at least six (6) credit hours per semester at Cowley College to receive a Stafford loan. (Summer hours are calculated the same as any other semester. You still will have to have 6 hours to be eligible for a loan.)

How To Apply for a Student Loan
(Apply for Admission to Cowley College at www.cowley.edu/admissions/steps.html)

1. Complete the Free Application for Federal Student Aid (FAFSA). Available online at www.fafsa.ed.gov.

2. Complete financial aid file, returning all requested documentation to the Financial Aid Office (if selected for verification).

3. Sign and return your Award Letter to the Financial Aid Office. Be sure to Accept or Decline all aid offered and complete the Student Responsibility Form on the back of it.

4. Complete the online Entrance Counseling at www.mappingyourfuture.org.
   This counseling is mandatory. Failure to complete it will delay the processing of your loan.

5. Complete the online Loan Application at http://easiapp.org/cowley

6. Click on Apply for a Federal Stafford Loan, then click on the lender you wish to use and complete the Master Promissory Note with that lender. Be sure to complete all steps required. Failure to sign and submit the application will delay the processing of your loan. Make sure you receive your confirmation once the process is completed. Once step 5 is complete, the lender will notify Cowley of your pending loan application so that Cowley can certify the loan.

7. For Additional Unsubsidized Stafford Funds-Print and complete the request form at www.cowley.edu/admissions/finaid/forms/addunsub.pdf and turn it in to the Financial Aid Office.

Once all of the above steps have been completed, the lender selected by the student will send CCCC notification of a loan to certify for that student. The Financial Aid Office will process the loan with the selected lender.  The lender will send the first disbursement of the loan to the college via EFT (Electronic Funds Transfer) according to the disbursement dates requested by the school.  The lender will notify the student of the loan details by mailing them a Disclosure Statement. Funds will be credited to the students’ accounts and will pay unpaid charges in the following order: tuition, fees, books, dorm and any other remaining charges. Any excess loan funds due to the student after the account is paid in full will be mailed to the student.  (Make sure your address is current with the Business Office)

All student loans are processed in two disbursements by the lender. If the student is borrowing for only one semester, the loan will be disbursed in two checks within that one semester, with the second disbursement being at midterm.  If the student is borrowing for the academic year (two semesters) the loan will be disbursed in one check each semester. Each disbursement will have an origination fee and a guarantee fee deducted by the lender.

All student loan borrowers are subject to a waiting period at the beginning of each semester before their loan disbursement will be released. This waiting period will be 30 calendar days from the beginning of classes.  Absolutely NO loan funds will be disbursed prior to the end of the student’s waiting period. Any loans processed and received after the waiting periods have expired will be releasable immediately.

All student loan borrowers are subject to the Satisfactory Academic Progress Policy established by Cowley. A copy is included with your Award Letter. Student’s who drop below 6 credit hours before a loan is disbursed, will not receive that disbursement. The loan will be returned to the lender and cancelled.

Cowley policy on loan limits per academic year (two semesters): Freshman (1-30 completed hours) $3500 year.  Sophomore (31-or more completed hours) $4500 year. If a student applies for a loan for a single semester, the maximum allowed will be ½ of the yearly limit.

If a student wishes to borrow less on a Stafford Loan than the amount offered on the Award Letter, simply write in the amount desired.  

Additional Unsubsudized Stafford Loan funds are available to “Dependent” and “Independent” students now.   To request the Additional Unsub. Stafford funds, complete the request form (step #6)  and submit it to the Financial Aid Office.  This can be done at the same time you return your original Award Letter. Maximum limit on Additional Unsub. Funds is $2000 per academic year for dependent students and $6000 per academic year for independent students. Eligibility for additional unsubsidized Stafford funds is determined on the students cost of attendance minus all other aid. Some students may not qualify for the full amount requested.

Cowley reserves the right to deny a student’s request for loan funds or to certify a lesser amount than requested. If denied, the reasons for the denial will be documented in writing and the student will be informed. Students who have been denied loan funds at Cowley have the right to appeal the decision to the Student Affairs Committee. A letter of appeal must be submitted for consideration to the Financial Aid Office. The appeal will be brought before the Student Affairs Committee and the student will be notified in writing of the committee’s decision.

GUIDELINES FOR STUDENT LOAN DEBT
The maximum Stafford Loan amount an undergraduate dependent student may borrow is $31,500 (no more than 23,000 of which can be subsidized) and $57,500 for an undergraduate independent student ( no more than $23,000 of which can be subsidized).

To Access the Online Loan Application from the Cowley Homepage: