Student Loan Process

To receive a student loan, you must complete the following steps, be enrolled at least six credit hours each quarter, and be making Satisfactory Academic Progress. 

Once you “Request the Federal Stafford Loan” through COTCconnect, your loan should be certified by a Financial Aid Advisor within 2-4 weeks.  If you wish to change your loan amount after your loan has been requested and/or certified, you must complete the Loan Change Request form, http://www.cotc.edu/cotc/Finaid/0910finaid/LoanChangeRequestForm.pdf, and submit it to the Office of Financial Aid. 

You are required to complete Entrance Counseling before your student loan is certified by a Financial Aid Advisor.  This is an annual institutional requirement and may be done by clicking on the link below in Step 2.  Once you complete Entrance Counseling, you will be directed to complete the Master Promissory Note. 

If you have any questions regarding this process, please feel free to contact the Office of Financial Aid in Hopewell Hall at 740-366-9435 or via email at finaid@cotc.edu. 

Federal Regulations for Loan Disbursements

• A minimum enrollment status of half-time (6 credit hours) is required each quarter.  If a student's enrollment drops below half-time, the student's loan and any remaining disbursements may be cancelled.
• Students must maintain Satisfactory Academic Progress (SAP).  Information regarding the SAP policy is available upon request and online. 
• Please check the disclosure statement from Great Lakes Higher Education Corporation for your expected disbursement dates.
• First Time Freshman Borrowers - All first time freshman borrowers are subject to an additional 30 day delay on the first loan disbursement.
• Fees - All Stafford and PLUS loans are subject to up to a 3% origination fee and up to 1% guarantee fee.  (COTC uses Great Lakes Higher Education Corporation (GLHEC) as our servicer and guarantor.)

You will receive a disclosure statement in the mail from Great Lakes of your scheduled loan disbursements. Once the funds have been disbursed to your student account in the Office of Fees & Deposits, you have the right to cancel all or a portion of the loan and have the proceeds returned to the lender.  If you wish to cancel your loan and have received funds, you must return all loan funds received with a written cancellation request within 14 calendar days from the date the funds were applied to your student account.  If the cancellation request is received after this deadline, the school may choose to return the funds but is not required to.

Other helpful websites:

 Great Lakes Higher Education Corp - to obtain information concerning account balances, repayment options, deferment and forbearance provisions.

 Loan Exit Counseling - before you graduate or when you drop below six credit hours, you are required to complete an exit counseling session if you have used Stafford loan funds for your educational expenses.

 National Student Loan Database System (NSLDS) - review student loan debt

 Repayment Calculator
 

*Based upon standard repayment term of ten years (calculated at 8.25% interest).

Have questions? Email COTC Financial Aid. NOTE: The Office of Financial Aid staff will respond to email via COTC issued email addresses only.
 

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