Types of Loans
Alamance Community College does not participate in Federal Stafford or Direct Student Loan Programs. Students wishing to borrow money may use an alternative private lender.
Online resources may be used to compare loan information from various private lenders. Students should be aware that these lenders will perform credit checks and may require a co-signer for the loan.
Students considering private loan options must complete a Free Application for Federal Student Aid (FAFSA) and list ACC as one of the colleges to receive a copy. The loan amount must not exceed the Cost of Attendance minus any other financial aid received.
For more information and to apply please click on the link below: https://ncassist.cfnc.org/ncassistInfo/
Applying for a Private Education Student Loan
1. Review Federal Aid First
This explains the difference between Federal and Private loans.
2. Complete Financial Aid File
You must have a completed financial aid file, including the FAFSA: and all follow-up paperwork. Our school code is 005463.
Choose a lender or bank to apply for a Private Education Loan. ACC does not offer a preferred lender list for private loans. Students may check with their bank or research private loans on the Web. We strongly encourage students to look into scholarships and other forms of aid first. Interest rates on private loans are significantly higher than the Federal Direct Loans.
4. School Certification
The ACC Financial Aid office will certify the loan once it receives a certification request from your lending institution and your financial aid file is complete. Private loan limits are set by Federal regulations and cannot exceed the cost of attendance minus any financial aid received. ACC is not responsible for the timeliness of private loans and students should address all customer service issues with their chosen lender.
5. Eligibility Requirements
For most private lenders, there is a six credit hour minimum and students must be making satisfactory academic progress as determined by the school. Be aware that most private lenders require a good credit rating and may also require a co-signer.
If you have any questions about your current or previous Federal Education Loan (your responsibilities, regulations, payment options, complaints, etc.) you may contact your lender or the Department of Education’s Loan Ombudsman at 1-877-557-2575 or through this link: Loan Ombudsman.