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.

Information About Federal Direct Loans

Eligibility Requirements

  • Borrowers must be enrolled in and attending at least 6 eligible credits at the time the loan is accepted in SIS and disbursed.

Required Steps

  1. Complete both the Master Promissory Note (MPN) and Entrance Counseling if these have not been completed previously for NOVA or if they have expired.
  2. Borrowers must fulfill these requirements before ceasing enrollment in at least 6 eligible credits for the term they wish to borrow.
  3. NOVA does not process paper Master Promissory Notes for Federal Direct Loans; these must be completed online.

Annual Student Loan Acknowledgment (ASLA)

  • Borrowers are encouraged to complete an Annual Student Loan Acknowledgment (ASLA) each academic year they borrow a Federal Direct Subsidized or Unsubsidized Loan.
  • This acknowledgment provides borrowers with an overview of their current federal student loan debt.

Loan Tutorial

  • Detailed instructions for accepting loans, completing Entrance Counseling, and submitting the Master Promissory Note are available in the loan tutorial.

Requesting a Federal Direct PLUS Loan

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:

  1. Submit the Federal Direct PLUS Loan Application for Parents .
  2. Complete the Federal Direct PLUS Loan Master Promissory Note (MPN) for Parents .

Additional Recommendations for Parent Borrowers

  • Parent borrowers are encouraged to complete an Annual Student Loan Acknowledgment each academic year they borrow a Federal Direct PLUS Loan. This acknowledgment provides a summary of current federal student loan debt and helps borrowers make informed decisions.
  • When completing the School and Loan Information section of the application, ensure you select Northern Virginia Community College ONLY.

Important Notes

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.

Helpful Resources for Parent Borrowers

Federal Student Loan Repayment

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.

Contact Your Loan Servicer

If you are having trouble making loan payments, contact your loan servicer. You may qualify for:

Your loan servicer can also assist with:

Access Your Loan Information

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.

Plan Your Loan Repayment

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.