Procedure No. 601.6
Area: Finance Department

Adopted: 04/23/96
Revisions Approved:

Description: Student Loans


1. The authority to make a loan to a student is a loan award notification received from the Financial Aid Office and signed by the Financial Aid Administrator.

2. It will be the responsibility of the Finance Department to collect the payments on Federal Perkins (NDSL) and Nursing loans, exercising diligence and good business practice, according to the terms and conditions of the various funds from which loan monies were made available.

3. A promissory note is executed by the student in the form prescribed by the source agency for loan funds.

4. Total proceeds of the loan are applied to the student's account. Any balance after payment of College bills may be paid to the student by check.

5. Billing and payment of loans is handled by a service subsidiary of EduServ Technology, Inc.

6. By internal procedures the College secures reimbursement of loan monies from the granting agencies.

Procedures:

Student Scholarships and Grants No. 601.7
Payment Plan No. 601.8
Chargeback Certificates for Non-County Residents No. 601.9
Refund No. 601.10
Renegotiating Perkins Loans No. 601.11
Renegotiated Payment Agreement Supplement 1, No. 601.11

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