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Types of Loans


There are three types of loans available for U.S. students attending Holland College:
Direct Loan – undergraduate subsidized
Direct Loan – undergraduate unsubsidized
Parent PLUS Loan – dependent undergraduate
Note: U.S. Pell Grants are not available for student attending foreign schools.
For complete details about these loans, please visit https://studentaid.ed.gov/sa/types/loans  and/or https://studentloans.gov/myDirectLoan/launchPLUS.action?plusType=parentPlus

Initial Eligibility


You must meet the following eligibility requirements to apply for the Direct Loan program:

For more information on determining your eligibility, please visit https://studentaid.ed.gov/eligibility.

Find out more about maintaining your eligibility.

US Federal Aid Gainful Employment Information


Generally, in order to be eligible for funding under the Higher Education Act Title IV student assistance programs, an educational program must lead to a degree at a non-profit or public institution or it must prepare students for "gainful employment" in a recognized occupation. See a list of eligible Holland College programs here.

Loan Amounts and Limits


For all students, the U.S. Direct Loan program has annual as well as lifetime loan limits that vary according to a student’s:

The following table provides a breakdown of annual and aggregate loan limits.

Year

Dependent Students (except students whose parents are unable to obtain PLUS Loans)

Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)

First-Year Undergraduate Annual Loan Limit $5,500—No more than $3,500 of this amount may be in subsidized loans. $9,500—No more than $3,500 of this amount may be in subsidized loans.
Second-Year Undergraduate Annual Loan Limit $6,500—No more than $4,500 of this amount may be in subsidized loans. $10,500—No more than $4,500 of this amount may be in subsidized loans.
Third-Year and Beyond Undergraduate Annual Loan Limit $7,500—No more than $5,500 of this amount may be in subsidized loans. $12,500—No more than $5,500 of this amount may be in subsidized loans.
Graduate or Professional Students Annual Loan Limit Not Applicable (all graduate and professional students are considered independent) $20,500 (unsubsidized only)
Subsidized and Unsubsidized Aggregate Loan Limit $31,000—No more than $23,000 of this amount may be in subsidized loans. $57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.
$138,500 for graduate or professional students—No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.


How to apply


Applying for a Direct Loan

  1. Complete a Free Application for Federal Student Aid (FAFSA) for the applicable academic year. Holland College’s federal school code is G34203
  2. E-sign a Master Promissory Note

The Holland College U.S. Federal Aid Administrator will be in contact with you.

Applying for a Parent PLUS loan

  1. Parent to complete a Free Application for Federal Student Aid (FAFSA) for the applicable academic year. Holland College’s federal school code is G34203
  2. Complete a loan application to authorize a credit check and E-sign a Master Promissory Note

The Holland College U.S. Federal Aid Administrator will be in contact with you.

Receiving a Direct Loan


Once the loan has been processed, a letter confirming your loan amount(s) will be emailed to the address provided on your application. You must sign the letter in approval of the approved funds.

Your loans will be disbursed in two equal installments as follows:

Fall Term: disbursed early September

Winter Term: disbursed early January

All student tuition and fees owing will be paid first from the proceeds of the disbursements and any remaining funds, if any, will be disbursed to you. For PLUS loans, the parent will be required to give permission to Holland College on how the funds should be disbursed after tuition and fees are paid.

For students beginning in the Winter Term, the first disbursement will be in January and the second disbursement will be in September.

Deferring your existing U.S. government loan


Holland College International Office reports student registration via the National Student Loan Data Service (NSLDS). Loan repayment for previous and current loans is deferred for full time students. Students can verify the status of their US government loan(s) at NLSDS.