Student Loans

Vance-Granville Community College does not participate in the Federal Loan Program

What is a Loan?

A loan is money borrowed that must be paid back with interest. Typically, education loans have an extended repayment period of at least 10 years, and repayment does not begin until the student graduates or withdraws from school. However, some students choose Alternative Education Loans, also known as Private Education Loans, to fund education costs not covered by federal and state aid. Alternative Education Loans cost more than loans backed by the federal government. Interest rates and eligibility are dependent upon the applicant’s credit score. Therefore, these loans should be a last resort.

Vance-Granville Community College’s Financial Aid Office provides information for students, prospective students, and parents to help make informed choices about their financial aid options. Before applying for an Alternative Education Loan/Private Education Loan, students are required to complete the FAFSA and apply for VGCC scholarships. The private loan information provided is a guideline only to assist students.

Our website can help assist with the financial aid process and should be used as a tool.

Federal Loan Information

While VGCC does not participate in the Federal Loan program, students can access information about any Federal Loans they have already received through the student’s account on studentaid.gov.

Private/Alternative Education Loans

Many private lenders offer alternative loans; however, the choice of which lender to borrow from is a decision the student must make. Our office will certify an alternative loan, which must be repaid from any lender the student chooses. Students should carefully read each lender’s information about eligibility criteria, interest rates, fees, repayment terms, cosigner requirements, and loan terms. Most lenders require a good credit rating and may also require a co-signer. VGCC does not endorse any lender and is not responsible for the timeliness of private loans. For further private loan information, visit the College Foundation of North Carolina’s information about student loans. Please note that VGCC does not offer federal loans.

Self-Certification Form

Private lenders must obtain a self-certification signed by the applicant before disbursing a private education loan. Upon request, the Financial Aid Office will provide a Private Education Loan Applicant Self-Certification form to students admitted or enrolled at VGCC. Students may request the Self-Certification form in writing or through their VGCC email account.  In addition, the form is available for students to print (see link below), complete and submit to the Financial Aid Office.  After the form is completed, it will be returned to the student.  The student is responsible for returning the form to his/her chosen lender.

Private Education Loan Application Self-Certification Form

Private/Alternative Loans:

• Are higher-cost, variable-rate loans
• Are not backed by the federal government
• Do not qualify for discharge or loan forgiveness
• VGCC does endorse or not have preferred lenders

Some Possible Loan Funding Sources

• Your financial institution
• NC Student Assist Loan and NC Parent Assist Loan
• Sallie Mae
• Etc.

Forgivable Education Loans for Service

• Application, eligibility requirements, and approved programs are available on the College Foundation of North Carolina’s website (Federal Edu. Loans Information, CFNC)
• Approved Programs include Allied Health (Pharmacy and Radiography), Nursing, Medical, and Education.
• The deadline to apply is March 1. Students apply through CFNC.

Please notify the financial aid office at [email protected] or 252-738-3280 of the lender you have chosen to complete the loan certification process.

2024-2025 Academic year

Fall 2024 – August 15, 2024, through December 17, 2024

Spring 2025 – January 10, 2025, through May 13, 2025

Summer 2025 – May 27, 2025, through July 28, 2025

Private student loan options and comparison

Private Loan Comparison Chart

This information is subject to change due to changes in federal or state regulations, college policy, financial aid office procedures, or budgeting by any agency supplying financial aid funding. If you discover discrepancies concerning other sources of information (federal publications, college publications, etc.), please notify the Financial Aid Office at (252) 738-3280.