Northeast Iowa Community College administers three Federal Direct Student Loans. Students must first complete the Free Application for Federal Student Aid (FAFSA) and receive notification from NICC that a student loan (or loans) has been awarded and offered. The three types of loans include:
For both the Federal Direct Subsidized and Unsubsidized loans, repayment begins six months after graduation or when the student drops below half-time enrollment. The federal government withholds an origination fee from the amount borrowed.
If you qualify, you may apply for the loan as long as you are enrolled and attending at least half-time (minimum six credits).
All NICC students wishing to borrow must complete the following steps, including federal requirements (steps 2-4):
You’re not alone when it comes to student loans. NICC has partnered with Inceptia, a division of National Student Loan Program (NSLP), to provide you with free assistance on your Federal student loan obligations to ensure successful, and comfortable, loan repayment. Inceptia’s customer representatives may reach out to you during your grace period to answer questions you have about your loan obligation and/or repayment options. They may also contact you if your loan(s) become delinquent .
Inceptia is not a collection agency. NICC has partnered with them to help you explore a wide variety of possibilities such as alternative repayment plans, deferment, consolidation, discharge, forgiveness, and forbearance options. Inceptia will stay in touch with you via phone calls, letters, and/or emails to help you find answers to your questions and solutions to your issues.
For additional resources including information on repayment options, please visit Inceptia’s Federal Student Loan Overview website.