Student Loans

At Ventura College, we are dedicated to promoting financial transparency and providing valuable information to our students and the community. As part of this commitment, we openly disclose our Cohort Default Rates (CDR)* on an annual basis, regardless of whether it rises above or remains below the national average.  If our CDR exceeds the national average, we will promptly notify identified students, including Service Members via email. 

VENTURA COLLEGE COHORT DEFAULT RATES

Cohort Fiscal Year 2021 - 0%

Cohort Fiscal Year 2020 - 0%

Cohort Fiscal Year 2019 - 4.2%

*The U.S. Department of Education (the Department) publishes Cohort Default Rates (CDR) based on the percentage of a school’s borrowers who enter repayment on Direct Loan Program loans during a federal fiscal year (October 1–September 30) and default before the end of the second following fiscal year.

Eligibility is not guaranteed.  Students must meet all federal aid eligibility requirements. Ventura College reserves the right to refuse to certify a loan under conditions established by 34.CFR 685.301. Borrowing the low-interest, Federal Direct Loan is a privilege. 

Students must be enrolled in and attending 6 or more eligible degree applicable units and must pass a minimum of 6 degree applicable units each semester.  

Students must meet ALL Satisfactory Academic Progress (SAP) standards each semester to be eligible.  Repeat coursework rules apply as do attending hours.  Failure to comply will result in loss of eligibility and any undisbursed portion will be canceled.

Funds must be used to assist in meeting educational costs. Loan proceeds may not be used for non-educational expenses.

If you receive a federal student loan, you will be required to repay that loan with interest. You must understand how interest is calculated and the fees associated with your loan. Both of these factors will impact the amount you will be required to repay.

What are the interest rates for federal student loans?

The interest rate varies depending on the loan type and (for most types of federal student loans) the first disbursement date of the loan. The table below provides interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2024, through June 30, 2025.

Perkins Loans (regardless of the first disbursement date) have a fixed interest rate of 5%.

The interest rate caps for these loans are 8.25%, 9.5%, and 10.5%, respectively. The interest rate for Direct Consolidation Loans remains the weighted average of the interest rates on the loans included in the consolidation, rounded to the next higher one-eighth of one percent. There is no maximum interest rate for Direct Consolidation Loans.

Are there any fees for federal student loans?

Most federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive while enrolled in school. This means the money you receive will be less than the amount you borrow. You’re responsible for repaying the entire amount you borrowed and not just the amount you received.

The chart below shows the loan fees for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after Oct. 1, 2020.

Loan Fees for Direct Subsidized Loans and Direct Unsubsidized Loans

Loan Fees for Direct PLUS Loans

Loans first disbursed prior Oct. 1, 2019, have different loan fees.

For more information please visit http://studentaid.gov/understand-aid/types/loans/interest-rates

Before applying for a loan, please ensure you have completed the following steps:

1. Complete the FAFSA online at www.fafsa.gov
2. Fulfill all required financial aid items listed on your my.vcccd.edu student portal.
3. Meet Financial Aid Satisfactory Academic Progress (SAP) standards.
4. Be officially registered at least half-time in degree-applicable units (6 units).
5. Complete Direct Loan Entrance Counseling at studentaid.gov/entrance-counseling/.
6. Sign the Direct Loan Master Promissory Note at studentaid.gov/mpn/.
7. Submit the Federal Direct Loan Confirmation Form.

Please note: Students must maintain half-time enrollment status throughout the loan period. This enrollment status will be verified before each loan disbursement.

Welcome Veterans

Thank You for your service!

In addition to the Veteran Educational Benefit programs, the Federal Student Aid programs such as the Federal Pell Grant or low-interest student loans are also available. Veterans benefits are not used to determine need so all veterans are encouraged to apply for the variety of Ventura College federal and state financial aid programs. It’s free to complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov

Transitioning into college life is not always easy. We are here to support you. If you are a current or former veteran, we are here to help!

Financial Aid Services at the VC Veterans Resource Center

A financial aid representative will be available at VC Veterans Resource Center on the first and third Wednesday of the month from 10:00am -12:00pm or get help anytime at the Financial Aid Office.

Who Can Qualify?

If you are a spouse, child or registered domestic partner of a veteran

You may qualify for fee waiver benefits. If you meet the criteria listed below, complete the California Department of Veterans Affairs college fee waiver program for veterans dependents application at: www.calvet.ca.gov

• Served during the "qualifying war period" and
• Has a service-connected disability, or
• Died while on active duty or as a result of a service-related condition

* Please note dependents of a member of the California National Guard who was killed or permanently disabled while in service to the state may be eligible for similar benefits.

GI Bill Eligibility/Benefits

Active Military Service & Education Loan Deferments

The borrower of an education loan, may be eligible to postpone repayment of that loan for up to three ( 3 ) years if serving on active duty during—

• A war or other military operation,
• A national emergency, or
• If performing qualifying National Guard duty under the same circumstances.

Note: For PLUS Loans, only principal is deferred – interest continues to accrue.

To see if your service qualifies you for a deferment of your loan payments, contact—

• Your lender and/or your loan servicing agency and request a military deferment or forbearance
• The United States Department of Veterans Affairs

For additional information, visit the following Web sites:

U.S. Department of Education College Scorecard

The United States Department of Veterans Affairs
The California Department of Veterans Affairs
*** Important information for U.S. Armed forces student loan borrowers ***

To apply for a Parent PLUS loan for your student at Ventura College, certain eligibility criteria must be met:

1. Parent Eligibility: The borrower must be the student’s biological or adoptive mother or father. A stepparent is also eligible if their income and assets are considered when calculating the student's Student Aid Index(SAI). However, legal guardians are not considered parents for Federal Student Aid purposes.

2. Student Dependency: Your child must be a dependent student who is enrolled at least half-time at Ventura College. For federal financial aid purposes, a student is considered "dependent" if they are under 24, unmarried, and have no legal dependents when the Free Application for Federal Student Aid (FAFSA) is submitted. If the student is dependent, the parent's income and assets must be reported on the FAFSA.

3. Credit Check: Parent PLUS loan borrowers must pass a credit check. An adverse credit history may affect eligibility.

4. Citizenship and Other Requirements: Both the parent borrower and the dependent child must be U.S. citizens or eligible noncitizens. They must not be in default on any federal education loans or owe an overpayment on a federal education grant. Additionally, they must meet other general eligibility requirements for Federal Student Aid programs.

For more detailed information on these requirements, refer to "Funding Education Beyond High School: The Guide to Federal Student Aid," available at www.studentaid.gov/plus-app/.

If you have any questions or need assistance with the Parent PLUS loan application process, please don't hesitate to contact our Financial Aid Office. We're here to help you navigate the process and support your child's educational journey at Ventura College.

Here's an improved version of the information about the Direct PLUS Loan:

The Direct PLUS Loan offers funding up to the student's Cost of Attendance minus any other financial aid received. The interest rate is determined annually, calculated as the 10-year Treasury Bill rate plus 4.6%, capped at 10.5%. Please note, eligibility is subject to a credit check, which is valid for 90 days. Applications should not be submitted before July 1st, as the interest rate is reset annually on this date.

2024-25 Interest Rates for Direct PLUS Loans First Disbursed on or After July 1, 2024, and Before July  1, 2025, the fixed interest rate is 9.08% for the loan's duration. Interest accrues from the date of the loan's first disbursement.

In addition to interest, a loan fee is charged as a percentage of the loan principal. This fee changes annually on October 1st. For loans disbursed between October 1, 2019, and before October 1, 2020, the fee is 1.059%. For loans disbursed on or after October 1, 2020, and before October 1, 2025, the fee is 1.057%. This fee is deducted from the loan amount before disbursement, reducing the amount received compared to the amount to be repaid.

These measures help maintain the affordability of these loans with favorable terms, ensuring they remain a viable financial aid option for students and parents. For more details or to apply, please contact our Financial Aid Office.

Parents can apply by completing the PLUS Loan Request Application and checklist.  

Please note: Students must maintain half-time enrollment status throughout the loan period. This will be verified before each loan disbursement.

Dependent students whose parents have applied for but were unable to get a PLUS Loan may be eligible to receive additional Direct Unsubsidized Loan funds. Students must provide a copy of the PLUS credit denial to the Financial Aid Office.

Loans offer you the opportunity to cover the cost of your educational expenses. It is important to explore all options and find what works best for you and your family. The Federal Student Loans VS Private Student Loans Comparison Chart provides you with additional information on the differences between the Federal PLUS Loan and Private Student Loan options for those families who demonstrate credit worthiness and wish to explore private options that may better suit your family's financial situation.

When choosing a private loan, there are many factors to consider, including the fees the lender charges to make the loan, the interest rate, repayment terms and deferment options. Lenders are required by federal law to collect the Private Loan Certification Form. If you plan to apply for a private loan, complete and submit this form to your lender.

As a general rule, students should only consider obtaining a private educational loan if they have maxed out the Federal Direct Loan. We strongly encourage students to file a Free Application for Federal Student Aid (FAFSA) which may qualify them for grants, work-study and Federal Direct Loans. Undergraduate dependent students should also compare costs with the Federal Direct Parent PLUS Loan, as this loan is usually much less expensive and has better repayment terms. 

Steps for applying for a private loan at Ventura College:

1. Complete a Free Application for Federal Student Aid (FAFSA) online at www.FAFSA.gov for the school year you intend to enroll. Ventura College’s Federal School Code is 001334.
2. Complete an educational loan application through a banking institution of your choice.  Please be aware that you may need a co-signer as these loans are credit based.
3. Continue to meet the minimum Ventura College Satisfactory Academic Progress (SAP) standards to ensure eligibility.
4. Enroll in 6 or more degree-applicable units for an eligible Ventura College program of study during the desired loan application period. For example: If you will be submitting a private loan request for the upcoming school year, you must wait until you enroll in a minimum of 6 units for the Fall semester (usually in June/July before the semester begins).
5. Complete the Private Loan Request Form and submit it to the Ventura College Financial Aid Office.

Please Note: You must be a U.S. citizen or permanent resident to apply.

How much can I borrow?

Generally, the minimum private loan amount you can request is $1,000. The maximum you can borrow is your Cost of Attendance (COA) minus any financial aid, which includes Direct Loans. The amount borrowed cannot exceed the student’s budget, or cost of attendance, as determined by the school.

What is the deadline to apply?

See the Important Dates page for all deadlines, or contact the Financial Aid Office. Loan requests received after the application deadline will not be processed. 

Can I be denied for a Private Loan?

Yes, as private loans are credit-based loans. If denied, contact your lender for information concerning any resolution options available to you.

What is the enrollment requirement for a Private Loan?

Enrollment requirements vary according to the lender, but most lenders require a minimum half-time (6.0 units) enrollment. Please refer to your lender's website for additional information.

How will I receive my Private Loan funds?

Disbursements for private loans are awarded by a paper check.  You will receive a notification from the Financial Aid Office notifying you that your check is available for pick up in the Student Business Office.