Federal regulations stipulate that funds from the William D. Ford Direct loan program are to be used for expenses directly relating to your education. At Kirtland we strongly encourage students to monitor their student loan debt throughout their education and to limit borrowing strictly to cover tuition and related educational expenses.
Students that would like to apply for a Federal Stafford student loan to help pay for their educational expenses may obtain a loan request form by accessing your NetPartner account.
SALT Financial Literacy
Students wishing to obtain a Direct Subsidized and/or Direct Unsubsidized Student Loan must enroll for SALT membership. SALT is our financial literacy and default prevention partner.
SALT Overview Video
Loan ENTRANCE Counseling
If you are requesting a Federal Stafford loan for the first time at Kirtland Community College, Entrance Loan Counseling is a requirement to ensure your understanding of student loans and your rights and responsibilities as a borrower.
Go to: online Loan ENTRANCE Counseling
Loan EXIT Counseling
If you are graduating or leaving school, Exit Loan Counseling is required to help you plan for the repayment of your student loans.
Go to: online Loan EXIT Counseling
Master Promissory Note
To sign your master promissory note CLICK HERE
Other Loan Information
(click on the links below to read more)
- Standard Repayment: Typically this is the least-expensive option in terms of total interest costs. Most federal education-loan borrowers choose this option. This option provides a fixed monthly payment of at least $50 over a period of up to 10 years. A lender may permit a borrower to make smaller payments than otherwise required if the reduced scheduled monthly payment equals at least the amount of interest due on the loan.
- Graduated Repayment: This plan starts off with low payments, which then gradually increase every two years. The loan term varies depending on the total loan amount. Unless you consolidate several federal education loans, the maximum repayment term under this option is 10 years. No single payment will be more than three times greater than any other payment.
- Income-Sensitive Repayment: Monthly payments in this plan begin low and increase as the borrower’s income increases. Repayment terms can be adjusted annually to adapt to income changes. While this benefits the borrower with smaller initial payments, borrowers should be aware that by reducing early payments, the long-term interest costs will increase.
- Extended Repayment: This plan is for borrowers with accumulated loan balances of $30,000 or more received on or after Oct. 7, 1998. Under this plan, you may reduce the amount of your monthly payment by spreading payments over a period of up to 25 years. You may choose to make payments over this extended period under a level or graduated schedule. Because payments are stretched over a longer term, total interest costs will be significantly higher than under the other repayment plans. Although a borrower’s monthly payment will be lower, the total amount of money paid back over the life of the loan will be more than standard repayment.
- Your loans may be turned over to a collection agency.
- You’ll be liable for the costs associated with collecting your loan, including court costs and attorney fees.
- You can be sued for the entire amount of your loan.
- Your wages may be garnished. (Federal law limits the amount that may be garnished to 15% of the borrower’s take-home pay.)
- Your federal and state income tax refunds may be intercepted.
- The federal government may withhold part of your Social Security benefit payments. (The US Supreme Court upheld the government’s ability to collect defaulted student loans in this manner without a statute of limitations in Lockhart v US (04-881, December 2005).)
- Your defaulted loans will appear on your credit record, making it difficult for you to obtain an auto loan, mortgage, or even credit cards. A bad credit record can also harm your ability to find a job.
- You won’t receive any more federal financial aid until you repay the loan in full or make arrangements to repay what you already owe and make at least six consecutive, on-time, monthly payments. (You will also be ineligible for assistance under most federal benefit programs.)
- You’ll be ineligible for deferments.
- Federal interest benefits will be denied.
- You may not be able to renew a professional license you hold.
- Make sure you understand your options and responsibilities before taking out a loan.
- Make your payments on time.
- Notify your lender or servicer promptly of any changes that may affect the repayment of your loan. If you move or change your address, let them know. Likewise tell them about name changes (e.g., because of marriage), graduation or termination of studies, leaves of absence and transfers to another school.
- If you encounter financial difficulties, consider applying for a deferment or forbearance on your loans. It is better to defer your payments than to go into default. Ask your lender about these options while you are still making payments, before you default on your loan. You won’t be able to get a deferment or forbearance after you default.
- Consider using a consolidation loan to combine all of your educational loans into one big loan. This lets you send your payments to just one lender. You may also be able to extend the term of the loan in order to reduce the size of your monthly payments.
- Keep careful records regarding your loan. Put copies of all your letters, canceled checks, promissory notes, notices of disbursement and other forms in a file folder.
- students who are enrolled in undergraduate or graduate school
- disabled students who are participating in a rehabilitation training program
- economic hardship