STUDENT LOANS
Rend Lake College participates in the Federal Direct Loan program.Federal Direct Loans are either Subsidized or Unsubsidized.
To qualify for a subsidized loan, the student must demonstrate financial need; unsubsidized loans are open to all students. While the student is in school, payment of principal is deferred on both types of loans. Interest on subsidized loans is paid with federal funds, whereas the student is responsible for accrued interest on unsubsidized loans. The amount and type of loan that a student may borrow at Rend Lake College will vary depending on the student’s financial need and other sources of aid being received. A student can borrow no more than $16,000 total in student loans throughout their academic career at Rend Lake College.
Loan maximums for students attending RLC:
| Dependent Freshman students |
$5,500 |
| Dependent Sophomore |
$6,500 |
| Independent Freshman students |
$9,500 |
| Independent Sophomore |
$10,500 |
Loan Policy
Rend Lake College (1) will issue loan checks no earlier than 30 days into the semester; second disbursement, no earlier than 30 days into the second semester, and (2) will
delay processing a loan until the student has completed 12 credit hours at Rend Lake College and maintained a grade-point average of 2.0 or better. (Example: Joe, a new student, enrolls full-time Fall Semester 2008 and completes 12 credit hours. Joe then enrolls full-time in Spring Semester 2009; Joe is eligible to borrow for both Fall 2008 and Spring 2009.)
REQUIREMENTS
The Direct Loan process consists of three steps. All steps must be completed before your loan can be fully processed.
Online Entrance Loan Counseling is the first in completing your Direct Loan. This process will take approximately 30-45 minutes. At the homepage, click on “Entrance & Exit Counseling”. Next, click on “Entrance Counseling”. Choose a Stafford Loan then click on “Tutorial and Quiz (New Session)”. Review the content and take the quiz. Enter your personal information and select the school you want to receive the confirmation. Print the list of Rights and Responsibilities for your personal records.
Click here to complete Online Student Loan Counseling -
Completing the Electronic Master Promissory Note is the next step in the Direct Loan process.
Your social security number, driver’s license number, and FAFSA PIN will all be needed while filling out the Promissory Note. If you do not remember your PIN number, you can request a duplicate on the PIN Website at www.pin.ed.gov. You will also need the names, addresses, and telephone numbers for two references residing at different addresses.
Click here to complete the Electronic Master Promissory Note
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After the Master Promissory Note has been completed, there are two options. If you have not taken out a loan at Rend Lake College within the last year, you must schedule an appointment to speak to Doug Carlson, Director of Financial Aid, to receive further information and make decisions regarding your loans. You may contact the Financial Aid office to make an appointment by calling (618) 437-5321, ext. 1385.
Students who had a loan at Rend Lake College during the previous school year and are interested in applying for a loan for the current year or students who are simply making an adjustment to or cancelling a current student loan are not required to meet with Doug Carlson. These students can add or adjust a loan by filling out a Direct Loan Request Form in the Financial Aid Office or by filling out the form from the link listed below. If the form is being printed from this website, it needs to be completed, signed, and returned to the Financial Aid Office. It can be mailed or faxed, and the contact information is listed on the form.
Click here to complete the Direct Loan Request Form 2008-2009
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