Applying for loans

A number of options are available for students who could benefit from loans to help finance their college education:

  • The U.S. Department of Education offers Direct Loans (i.e., Stafford Loans) to all students who complete a FAFSA and Parent PLUS Loans to eligible parents of dependent students.
  • Private loans from a variety of lenders can be obtained by students. .
  1. To receive a Direct Loan, log in to  MyNWC and accept it as part of your financial aid award.
  2. Then, for first-time borrowers, go to studentloans.gov and log in using your personal information and FAFSA student PIN number. Once logged in, complete an MPN (master promissory note) for a Direct Loan.
  3. Also, on the same website, complete the entrance counseling, which only needs to be done once while you’re a college student. (NOTE: Stafford Loans include a 1.072% origination fee that will be subtracted from the loan total.)
  1. To apply for a Parent PLUS Loan, your parents should log in to studentloans.gov using their personal information and FAFSA parent PIN number.
  2. Then, if your parents are first-time PLUS borrowers, they must complete the MPN (master promissory note).
  3. Your parents should enter a specific amount for their PLUS Loan instead of choosing the “balance” option. (NOTE: Parent PLUS Loans include a 4.288% origination fee.)
  1. To apply for a private loan, visit nwciowa.edu/private-loans and review NWC’s preferred lenders under “View the lender list.”
  2. The link will take you to Fast Choice, which will detail private loan options. All freshmen and most upperclassmen applying for private loans are required to have co-signers. Remember to review and include any origination fees in the loan amount requested.
  1. If you are offered a Perkins or forgivable loan as part of your financial aid package and accepted them, log in to Educational Computer Systems, Inc. (ECSI) at ecsi.net/prom47.
  2. For a Perkins Loan: After providing your Social Security number, last name and date of birth, enter your FAFSA PIN number on the Student Authentication Network webpage. There are no origination fees, and Perkins borrowers who have received a Perkins Loan before do not need to complete an MPN.
  3. For other forgivable loans: After providing your Social Security number, last name and date of birth, enter your ECSI PIN number on the Student Authentication Network webpage (you should have received an ECSI PIN number in an email).

*On your billing statement, if a loan or loans you’re expecting appear in the “Awarded” column but not the “Applied” column, it means you haven’t yet completed the steps to receive a loan or you’ve not yet accepted your financial aid package. You can accept your financial aid package at MyNWC. Instructions were included in the “Financial Aid Award Guide” (nwciowa.edu/award-guide) that accompanied your financial aid award letter.

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