Loans
NOVA participates in the U.S. Department of Education's Federal Direct Loan Program, which offers loans with low interest rates and long repayment terms. Review NOVA's loan policies and procedures for detailed information.
NOVA participates in the U.S. Department of Education's Federal Direct Loan Program, which offers loans with low interest rates and long repayment terms. Review NOVA's loan policies and procedures for detailed information.
Student loans are an obligation that borrowers must repay. Only borrow what you need and what you can afford to repay based on your career! There are serious consequences for failing to repay student loans, such as wage garnishment, withholding of tax refunds, collection fees, denial of financial aid, and damage to your credit history.
To request a Federal Direct PLUS Loan, parents must sign in with their own credentials on the Federal Student Aid website and complete the following steps:
Credit File Security Freeze: If you have a security freeze on your credit file, you must lift or remove it at each credit bureau before proceeding with the application. Your application cannot be processed with an active security freeze.
Most federal student loan repayment begins after the borrower stops attending college or drops below 6 credits of enrollment. Repayment starts once the loan is fully disbursed.
If you are having trouble making loan payments, contact your loan servicer. You may qualify for:
Your loan servicer can also assist with:
Log in to the My Federal Student Aid portal to review your loan history and find contact information for your loan servicer. If you need help identifying your loan servicer, call 1-800-4-FED-AID.
Start planning to repay your student loans with NOVA's Loan Planning form.
In the 2018-2019 academic year, only 10% of NOVA students accepted student loans. NOVA’s institutional default rates are below the national average for community colleges (2-3 year public schools). According to data from the Department of Education, the official default rates for the past three years are:
Cohort Fiscal Year | Official Default Rate (%) |
---|---|
2020 | 0 |
2019 | 2.4 |
2018 | 8.4 |
You're not alone when it comes to student loans. NOVA has partnered with Inceptia, a nonprofit division of the National Student Loan Program (NSLP), to offer free assistance with your federal student loan obligations, ensuring a successful and comfortable loan repayment.
How Inceptia Assists You:
Proactive Support: If your loans become delinquent, Inceptia's friendly customer representatives may reach out to discuss your situation and explore solutions. Please note, Inceptia is not a collection agency; they are here to help you navigate repayment options.
Customized Repayment Strategies: Inceptia can help you explore various possibilities, including alternative repayment plans, deferment, consolidation, discharge, forgiveness, and forbearance options.
Ongoing Communication: Expect support through phone calls, letters, and emails to address your questions and concerns.
Additional Resources:
Repayment Options Overview: For comprehensive information on repayment plans and strategies, visit Inceptia's Student Knowledge HQ.
Direct Assistance: If you have past-due federal student loans, contact Inceptia's trained counselors at 855.471.1615 for free assistance.