Financial Aid - Loans
The Institutional refund polis is not dictated by the Return of Title IV Funds (Return) regulations.
The calculations of Title IV funds earned by the student has no relationship to the student's incurred institutional charges.
Loans
Federal Stafford Loans are a type of financial aid. You have both rights and responsibilities when you borrow a federal student loan. In some cases the federal government will pay the interest on your loan while you are in school.
Learn about federal student loans and complete the application process.
If you have not already borrowed at Potomac College, you need to complete entrance counseling and a Direct Loan Electronic Master Promissory Note (MPN). To do this, you will need your PIN that you established when you completed your FAFSA.
Student Loan Information Published by Department of Education
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department), though the entity you deal with, your loan servicer, can be a private business.
With Direct Loans, you:
- Borrow directly from the federal government and have a single contact—your loan servicer—for everything related to repayment, even if you receive Direct Loans at different schools.
- Have online access to your Direct Loan account information via your servicer's website.
- Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change
The Direct Loan Program offers the following types of loans:
- Subsidized: for students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
- Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
- PLUS: unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
- Consolidation: Eligible federal student loans can be combined into one Direct Consolidation Loan.
For additional information proceed to: http://www.direct.ed.gov/index.html
Entrance Counseling for Student Borrowers
https://www.dl.ed.gov/borrower/BorrowerLogin.jsp
Exit Counseling for Student Borrowers
https://www.dl.ed.gov/borrower/BorrowerLogin.jsp
Private Loan Disclosure
At present, Potomac College does not have a private loan program
Additional Information - Financial Aid Disclosure(s) (ie: Verification, R2T4 Policy, etc.)
