Applying for a Federal Direct Loan

If after talking with the financial aid counselor at your academic center you determine you will need to borrow a Federal Direct Student or Parent Loan to cover your tuition and fees, or to help cover some of your living expenses, please read this additional information on how to apply.

Since loans and their interest must be repaid, it is best to only borrow the smallest amount needed to meet your educational expenses.

Net Price Calculator

Students

Already have a recent Direct Loan? Simply talk with your financial aid counselor about the amount you will need for the upcoming semesters.

Never borrowed a Direct Loan? In addition to talking with the financial aid counselor, please complete the Direct Student Loan Master Promissory Note and Entrance Counseling, selecting the Community College of Vermont as the college you are attending. Please see our instruction sheet on how to complete both the Master Promissory Note and Entrance Counseling.

Parents
If you have never applied for a PLUS loan, you will need to complete a Direct Loan Master Promissory Note and application. If you are applying for a subsequent PLUS loan, you will need to do another application on the website. You will obtain much more information about the PLUS loan on this website as well.

Keep Tabs on Your Borrowing

An important part of being a student loan borrower is being a responsible borrower, knowing how much you have borrowed, which company (called "servicer") is holding your loan (and where you will ultimately be repaying), what your monthly repayment amount will be, and very important what your repayment options are, especially if you have any financial difficulties.

View your Loan History
The Federal Department of Education hosts a service called the National Student Loan Data System for Students that will show your total student loan debt and which companies hold your loans so you can make sure you know who to contact about your student loans.


What's my Monthly Repayment?
Okay, you know the total amount you have borrowed, or the total amount you'd like to borrow. It's time to know exactly what your monthly payments will be and how much money you'll need to make to cover those payments and you other expected living costs. Check out this calculator; using an interest rate of 6.8% with a 10 year repayment.

Average Loan Amounts of CCV Graduates
The average debt of a 2009 CCV graduate was $11,922. This includes Federal Subsidized and Unsubsidized Loans. This would require a monthly repayment of $138 for a ten year period.

What if I can't pay? Ignore it?
No way! The servicers who hold your loans have many options to help you if you are having financial difficulties to help you defer or reduce your payment. Don't hesitate to reach out to them for help, the sooner the better.

Read on for important information about easy repayment options and the serious consequences of not paying back your student loans.