What are the consequences of not repaying a student loan?

You will be reported to a credit bureau having a negative effect on your credit rating. You can be referred to a collection agency and have to pay collection costs. Your employer may garnish your wages. The Internal Revenue Service may withhold your state and federal income tax returns. The entire unpaid amount of your […]

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When do I have to begin repaying my Federal Direct Student Loan?

Repayment begins 6 months after graduating, withdrawing, or dropping to less than 6 credit hours. Repayment Resources: Federal Student Loan Repayment Options Hidden Truths of Student Loans Federal Student Loans Ombudsman

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Who is my Loan Servicer?

Federal loans are assigned to a Loan Servicer to coordinate repayment. Black Hawk College will list your loan servicer in your Exit Counseling letter. You may also access this information, as well as your loan history, on the National Student Loan Data System. Your Loan Servicer will contact you concerning repayment. You must work with […]

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What is Exit Counseling?

Loan borrowers are required to participate in Federal Loan Exit Counseling after graduating, withdrawing, or dropping to less than 6 credit hours, even if they intend transfer to another institution. Black Hawk College will mail a letter with Exit Counseling information. Black Hawk College has contracted with HigherEDGE to make sure you have the support […]

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What happens if I transfer to another college during the same academic year?

You must cancel any pending loans at Black Hawk College and contact the new college to find out how to be awarded financial aid there, including loans. When you change schools, you will need to complete an In-School Deferment Form at your new school to postpone loan repayment.

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What if I drop out or stop attending during the semester?

Financial aid is based on attendance for the entire semester. If you drop ALL of your classes before 60% of the semester, the law specifies how a school must determine the amount of federal aid (including loans) that you “earned”. Your aid will be “pro-rated” based on the last date of academic activity. You must […]

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When will I receive my loan refund?

Loans are disbursed in two payments during the loan period. If you have requested a full year loan, the Fall amount will be disbursed in late September, and the Spring amount will be disbursed in late February. If the loan is requested for one term, the second Fall amount pays in late October; or the […]

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How long will it take to process my loan?

Loan applications take approximately two weeks for processing after receiving all required documents at www.bhc.edu/loan, or three or more weeks during peak registration periods. Loans will be processed in the order they are received. You will receive a confirmation email and your loan will appear on myBlackHawk.

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How much can I borrow at Black Hawk College?

As stated in Federal Loan Guidelines, the actual loan amount you are eligible to receive for an academic year is determined by your school and may be less than the maximum annual amounts shown in the chart below:  Grade Level  Degree Applicable Hours Completed  Loan Limits  Students in Year 1  0 – 29 credit hours […]

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What are the loan application dates?

June 1 – November 1: Full Year or Fall Only November 1 – April 1 : Spring Only April 1 – June 15: Summer Only* *There are no summer loans for students if ALL registered courses start in July. July 1: Finish Financial Aid Day Loan applications must be completed for Fall payment due date. December 1: […]

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