Student Loans

Loans are a form of financial aid that many students use to help meet the Cost of Attendance that is not covered by scholarships, grants or other personal resources. When thinking about loans, keep in mind that, unlike grants and scholarships, loans accrue interest and must be repaid even if the student does not complete the program and/or does not find employment in his area of study. It is important for students to understand the different loan programs available so they can make informed decisions about how much loan money they should borrow, if any, and which loan programs are best suited for their needs. When a student or parent enters into an agreement with COTC regarding a Federal Direct Loan, all loan data will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system. Additional student loan information published by the U.S. Department of Education is available at https://studentaid.ed.gov/sa/types/loans.

To receive a student loan, students must complete the FAFSA, verification, Entrance Counseling, a Master Promissory Note, and an Annual Student Loan Acknowledgment. The loan must be requested and originated by the last scheduled day of class for the semester and the student must have maintained at least half time enrollment throughout the semester. Once the student has been awarded an estimated loan, he must “Accept” the loan through COTCconnect in order for the Office of Financial Aid to originate the loan. Entrance Counseling, and the Master Promissory Note are completed at https://studentloans.gov.  If Entrance Counseling, and the MPN are not completed before the loan is originated, the student will need to self-identify to have loans disbursed for prior semesters.