How do federal student loans work?

For general student loan information, please refer to Federal Student Aid: Student Loans.

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What is the loan application deadline?

In order to have your loan application processed by the payment deadline, submit your loan application by: Fall semester: July 1 Spring semester: December 1 Summer semester: May 1

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When is the loan application available?

June 1 – October 31: Full Year or Fall Only November 1 – March 31: Spring Only April 1 – June 15: Summer Only* *There are no summer loans for students enrolled in only July-start courses.

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What are the consequences of not repaying a student loan?

If you don’t make your student loan payment or make your payment late, your loan may eventually go into default. If you default on your student loan, that status will be reported to credit bureaus, and your credit rating and future borrowing ability will be damaged. In addition, legal action can be taken to require […]

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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. Additional information is available through Federal Student Aid: Understanding Repayment and Federal Student Aid: How to Repay Your Loans.

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What is a Loan Servicer?

A loan servicer is a company that handles the billing and other services on your federal student loan. The loan servicer will work with you on repayment plans and loan consolidation and will assist you with other tasks related to your federal student loan. It is important to maintain contact with your loan servicer. If […]

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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.

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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 your new college to determine what requirements you need to complete.

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

Students should ALWAYS contact the Financial Aid Office BEFORE changing their schedule (adding or dropping classes) to determine how changes will impact their costs and financial aid. Financial aid is based on attendance for the entire semester. If you drop ALL of your classes before 60% of the semester is complete, federal regulations require schools […]

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When will I receive my loan refund?

Refunds are processed by the Bursar’s Office once a credit balance is created on your billing account. Refunds will be available approximately 14 days AFTER the credit balance is created. To avoid delays, students who anticipate receiving a refund should log into their account on www.refundselection.com to select a refund preference as soon as possible.

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