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KVCC Loan Home Page
Student loans are one of four types of financial aid. Student loans are borrowed money that must be repaid, with interest. When used properly, student loans can be a good resource to assist with college costs. Before considering a student loan, you should exhaust all other financial aid types, such as grants, scholarships and work-study. To determine eligibility for these programs you must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA can be completed online at www.fafsa.gov at no cost to the applicant. If you choose to borrow, we recommend exhausting federal loan eligibility prior to alternative loans.
As part of the Health Care and Education Reconciliation Act of 2010, signed into law by President Obama, the Federal Family Education Loan Program (FFEL) will cease on July 1, 2010. Kalamazoo Valley Community College will process Federal Stafford loans through the William D. Ford Direct Loan Program known as Direct Lending begining with the 2010 - 2011 academic school year. This change will affect all new and current student loan borrowers. This will involve the Federal Subsidized Stafford loan, Unsubsidized Stafford loan and Federal Parent Plus loans. 
In the Direct Loan program, students and parents borrow directly from the U.S. Department of Education. This change will eliminate the need for the borrower to secure a participating bank or private lender.
This change will affect both past and current KVCC Stafford loan borrowers. A new Master Promissory Note with Direct Lending will be required. You will not have to retake the entrance loan counseling session, if you have already done so, however you can repeat the session as a refresher.
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