Forms

All students borrowing to attend KVCC for the first time are required to complete Entrance Counseling.

Loans are borrowed and must be repaid with interest.

Federal Stafford Student Loans (subsidized):

These may be borrowed each year by financially needy students who are enrolled at least half-time (6 to 8 credit hours per semester). The interest rate for new borrowers is currently 6.8%. While in school the federal government pays the interest to the lender on behalf of the borrower. Following termination from the college, the borrower is allowed a six-month grace period at the end of which the first payment on the loan is due.

Federal Stafford Student Loans (unsubsidized):

These may be borrowed by all students who are enrolled at least half-time (6 to 8 credit hours per term) regardless of financial need. The interest rate is the same as the subsidized Federal Stafford Loan program. Borrowers are responsible for the in-school interest that accrues and payments may be paid monthly, quarterly or it can be capitalized and paid according to the loan repayment schedule that will be set following termination from the college.;

     Loan Limits and Refusal to Certify a Stafford Loan: 
Through debt management and loan counseling, students are discouraged from borrowing more than the "recommended" eight percent of projected first-year earnings (published by the KVCC Job Placement Office). Annual loan limits for subsidized and unsubsidized loan are: $2,625 for the first year undergraduate and $3,500 for second year undergraduate. Independent students may be eligible to borrow an additional unsubsidized Stafford loans of up to $4000 per academic year.  Students whose award letter does not include a loan and who wish to apply for one should contact the Financial Aid Office. Individual, comprehensive counseling by KVCC's Loan Counselor is recommended for any student wishing to borrow.  (Borrowers are encourage to limit borrowing requests to a combination of subsidized and and unsubsidized Stafford loans that does not exceed the college's average students indebtedness of $5,000.) KVCC reserves the right, as granted by the U.S. Dept of Education, to refuse to certify a student's Stafford loan or to certify the loan for an amount less than the established federal limits. In that instance, KVCC must document the reason and provide that written explanation to the student. KVCC's decision is final and cannot be appealed to the Dept. of Education.                                                                                            
All students who borrowed loans to pay for attendance at KVCC are required to complete Exit Student Loan Counseling.

Parental Loans for Undergraduate Students (PLUS):

These are available to the parents of dependent undergraduate students. Parents who show credit worthiness and ability to repay may borrow amounts that do not exceed their dependent student's need as certified by the KVCC Financial Aid Department.

Alternative Loans:

Many organizations and banks, such as TERI, Keybank, and MELA offer alternative loan programs.  These are not federal loans and are subject to a credit check.  For more information on alternative loans, check with David Gordon, KVCC's loan counselor.

Below is information on one alternative loan:

Maine Educational Loan Authority (MELA):

MELA makes low interest loans to credit worthy Maine residents (both students and parents) who are certified as eligible by the College's Financial Aid Department. Up to the full cost of education (minus other financial aid) may be borrowed. Borrowers must demonstrate the ability to repay the loan and are offered longer than typical repayment periods (up to 20 years depending on the amount borrowed).