Sauk Valley Community College

an institution of higher education that provides quality learning opportunities to meet the diverse needs of its students and community

Loan Processing Procedure

Loan Processing Procedure 

Every student that indicates on his/her Free Application for Federal Student Aid (FAFSA) application form that he/she is interested in a student loan is sent a form letter explaining the loan processing procedure as it is set up for student attending SVCC. The information shown below includes the information page mailed to students and a detailed explanation of each part of the loan process.

There are two ways to process a Direct Loan (student) or a PLUS Loan (parent) at SVCC.  The first and preferred method (via the Internet) will decrease the amount of time and paper work involved in completing the loan process at SVCC.  This is completed using the SVCC web site (www.svcc.edu). The steps to complete this process from start to finish are shown in the block diagram shown here (pdf). You must be in good standing with the Standard of Academic Progress to be eligible for a loan at SVCC. If you are in Denial or probation you are not eligible for a loan unless an appeal has been submitted and approved.

Direct Loans are completed using the loan process at SVCC. Once your loan request has been received the Office of Financial Assistance will process your loan directly with the federal government. You will be required to complete a Master Promissory Note with the federal government using the Department of Education web site if you have not already previously completed one.

 

 The areas listed below give detailed information about each step of the loan process and/or additional information concerning a particular area of loan processing:

Introduction
Types of Loans
Lenders 
Loan Disbursement Dates
The SVCC Direct, Stafford or PLUS Loan Application
Loan Counseling Requirements
Master Promissory Note Requirements
Loan Approval Form
Receipt of loan checks
Alternate Loan process
Sample Loan Repayment Charts
Loan Deferment Information