Loans

Tuition Installment Plan (TIPS)
The college offers an option for students to defer a portion of their tuition and fees past the payment deadline date. The payment option is managed by a private–for–profit company called FACTS Tuition Management, Inc. The program is available to all students registering for the current term. All registration fees assessed can be included in your agreement with FACTS. No interest is charged, but there is an enrollment fee each term. The payment schedule, payment amount, and enrollment fee is determined when you sign up for this plan. Details or more information on this plan can be found at valenciacc.edu/finanserv.

Federal Family Education Loan Program (FFELP)
Valencia students are eligible to participate in the Federal Family Education Loan Programs. There are three programs: the Subsidized Federal Stafford Loan, the Unsubsidized Federal Stafford Loan, and the Parent Loan for Undergraduate Dependent Students (PLUS). Applicants must first apply for grants by completing their FAFSA. Federal Family Education Loans are established and supported by the federal government, but a participating commercial lender, such as a bank or credit union, makes the loan itself. ALL FEDERAL FAMILY EDUCATION LOANS MUST BE REPAID. To receive any loan, you must first apply for all types of federal financial aid by completing the FAFSA. You must also enroll in at least 6 credit hours required for your program each term. Please note: Valencia reserves the right to refuse to certify additional student loans if there is any indication you may be unwilling to repay your loan, if you have high existing loan balances or if you have ever defaulted on a prior student loan that you did not repay in full. If any of these conditions may apply to you, you should meet with a Valencia Financial Aid Specialist for an in–person advising session about your loan status.

Subsidized Federal Stafford Loan
This loan requires unmet financial need. The federal government will pay the interest while you are enrolled in school, and you must repay the loan plus interest beginning 6 months after you leave school or drop to less than half–time status. You must be enrolled in at least 6 credits per term. Students with less than 30 credits toward their current program at the time of application may borrow up to $3,500 per year or the amount of unmet financial need, whichever is less. Students with 30 credits or more toward their current program at the time of application may borrow up to $4,500 per year or the amount of unmet financial need, whichever is less. Because an outside lender must approve the loan, you should allow 3 weeks for your loan approval (in addition to the time required to process your financial aid application).

Unsubsidized Federal Stafford Loan
This loan does NOT require financial need, however you must first establish eligibility for need–based financial aid by completing your FAFSA. Interest will accrue on this loan while you are in school. You must repay the loan, accrued interest and current interest beginning 6 months after you leave school or drop to less than half–time status. You must be enrolled in a minimum of 6 credits per term. Dependent students with less than 30 credits toward their current program at the time of application may borrow up to $3,500 per year in combined subsidized and unsubsidized loans, not to exceed the cost of education less other financial aid. Students with 30 or more credits toward their current program at the time of application may borrow up to $4,500 per year in combined subsidized and unsubsidized loans, not to exceed the cost of education less other financial aid. Independent students may also borrow an additional $4,000, not to exceed the cost of education less other financial aid. Because an outside lender must approve the loan, you should allow 3 weeks for your loan approval (in addition to the time required to process your financial aid application).

Parent Loan for Undergraduate Dependent Students
Parents of dependent students may borrow on behalf of their children. Income is not a factor, but the borrower cannot have adverse credit. The student must first apply for other types of financial aid by completing their FAFSA. Loan amounts must not exceed the cost of education less other financial aid. Parent loans must be repaid over a 10–year period with interest beginning 60 days after disbursement. The student will not be able to charge tuition or books against the Plus Loan. However, Valencia does offer a Tuition Installment Plan (TIPS) that can be utilized while waiting for the Plus Loan check.

Alternative Loans

There are a number of private loans which are available to credit-worthy students and/or their co-borrowers. Students should first determine their eligibility under the FFEL programs before seeking additional funding under this option. To apply for a private loan you must contact the lender of your choice. Information on the eligibility criteria and loan terms are available on each lender's website.

How do I apply for a Federal Family Education Loan?

You must first establish your eligibility for a Federal Pell Grant by completing all application steps listed earlier in this publication. A separate Loan Request and Promissory note is required. Instructions and application forms are available here.

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