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Apply for Federal Direct Stafford Loan

    An education loan is a form of financial aid that must be repaid, with interest.  Student loans are loans taken out in the name of the student. They must be used for educationally related expenses, such as tuition, housing, books, and any other cost associated with going to college. Whether or not to take out a student loan to fund your education can be a big decision.  It is important to look at your Financial Aid Package and create a budget of your educational expenses to determine if a Federal Direct Stafford Loan is right for you.

    Important Note

     

    Application Process

    First-Time Borrowers

    If you are new to the college or have not received a Federal Direct Stafford loan from Clover Park Technical College in the past, you are required to complete Entrance Counseling and a Master Promissory Note (MPN). To complete these steps, go to studentloans.gov.  The school will be notified electronically within three to five business days from the time of completion. You can check your student portal to see when Clover Park has received notification that this requirement has been completed.  

    Please Note: Students who are first-time borrowers at CPTC or who haven't attended in over a year must serve a 30 day waiting period and will not receive the first disbursement of their loans until approximately the 35th day of the quarter. This applies only to the first quarter that students receive loan funds. 

    Single Quarter Loan Disbursements

    Loans approved for one single quarter will require two disbursements. One at the beginning of the quarter and one midway through the quarter. This requirement may change from year to year.

    Returning Borrower

    Continuing students must complete the Annual Student Loan Acknowledgment each year you accept a new federal student loan. Our goal is to help you understand your loans and how they affect your financial future. The website for the Annual Student Loan Acknowledgment is https://studentaid.gov/asla/ . The school will be notified electronically within three to five business days from the time of completion. You can check your student portal to see when Clover Park has received notification that this requirement has been completed.

    If you previously received a Direct loan for a prior year at CPTC, you do not need to complete an entrance counseling and Master Promissory Note. The Department of Education allows a borrower to receive additional Direct Loans on a single Master Promissory Note for up to 10 years.

    Federal Direct Parent Plus Loans

    Parent Plus Loans are federal loans to help you pay for the cost of your child’s education expenses. Parent Plus loans are only available to Dependent Students. To apply for a Parent Plus Loan go to studentloans.gov and complete a Parent Plus Application and Parent Plus Master Promissory Note. The school will be notified electronically within three to five business days from the time of completion. For more information about Federal Direct Parent Plus Loans click here.

    Exit Counseling

    Student loan recipients must complete Exit Counseling during their last quarter at Clover Park. Exit Counseling provides students with the information they need before they enter into repayment, including the different repayment options available to them and what to do if they ever have difficulty making their loan payments. To complete the Exit Counseling requirement go to studentloans.gov and Select Exit Counseling. The school will be notified electronically within three to five business days from the time of completion. For more information on Exit Counseling, click here

    Failure to complete Exit Counseling will result in a hold placed on official student transcripts.

    Frequently Asked Questions (FAQs)

    Helpful Links

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