Okefenokee Technical College

Okefenokee Technical College 2013-2014 Catalog

Private Loan Program

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Financial Assistance

Student Loans

Okefenokee Technical College does not participate in any federal student or parent loan programs. Any student loan for which a student wishes to apply must be a private student loan.

Private (Alternative) Educational Loans

Private loans should be used as a last resort ("gap" financing) to pay for educational expenses, such as outstanding tuition, fees, and books. Applicants must complete a FAFSA and submit any necessary verification documentation, if selected for verification. This will ensure that the student has been awarded all applicable Federal and State Scholarship and Grants before you apply for a Private Student Educational Loan. In addition, students must have an existing unmet need after the student’s Expected Family Contribution (EFC) amount and other scholarships and/or grants have been subtracted from the student’s Cost of Attendance for the Aid year. OTC will only certify a private educational loan for up to $6,000 per Aid Year or up to $2,000 per semester.

Okefenokee Technical College’s policy is not to certify loans for living expenses, as this encourages students to incur additional debt during their college education. Any private student loan provider that the student selects, must disburse loan funds directly to the college’s business office for processing and/or refunds that are to be issued to the student.

Please remember that private student loans have much more in common with credit card debt than Federal Student Loans and should be handled responsibly. They are NOT guaranteed by the Federal Government and have different requirements and regulations. For general information regarding private student loans, you can visit PrivateStudentLoans.com or FinAid.org for more information.