Loan procedures and guidelines
Loan procedures
Sometimes students need to borrow money to help with school-related expenses. Typically, students who borrow responsibly are making a good investment in their future. However, it is important to have a clear picture of how student loan debt will affect students in the long run.
The Financial Aid Office at CLC is dedicated to student success. To help students successfully navigate the student loan process and develop a realistic borrowing plan, our loan request procedure for first-time borrowers includes a “Responsible Borrower” budget worksheet and counseling session with a Financial Aid Specialist.
- If this is the first time you are taking out a student loan at CLC, complete the 2023-2024 Responsible Borrower Loan Request Packet (PDF) and contact our office for an appointment.
- If you are a returning borrower at CLC, you do not need to complete the Responsible Borrower packet or appointment. Instead, complete 2023-2024 Loan Request Form (PDF) and submit it to our office.
- Parents of dependent undergraduate students can request a Parent PLUS loan to help pay educational expenses using the 2023-2024 Parent PLUS Loan Request (PDF). No loan appointment is required.
- Read more about the 2023-2024 Loan Terms and Conditions (PDF).
The most recent 3-year student loan default rate (FY2019) for borrowers at College of Lake County was 1.73%, which represents 6 out of the 395 total borrowers who entered repayment and defaulted during the following 3-year repayment period. The national average loan default rate for FY2019 was 2.3%.
Contact the Financial Aid Office for information about loan procedures and private or alternative loans.
Financial aid questions?
Office of Financial Aid
Phone: (847) 543-2062
Email: finaid@clcillinois.edu
Information on receiving federal financial aid
Visit StudentAid.gov for complete information on receiving federal financial aid for college. The Federal Student Aid Information Center helps students complete the FAFSA and provides the public with information about Federal Student Aid programs.
Your responsibilities as a borrower
- Your primary responsibility is to repay your loans according to the terms and conditions of your loan agreement.
- You must attend entrance counseling before receiving loan funds and exit counseling before leaving school.
- You must make payments on time, or make other arrangements with your lender or loan holder.
- You must notify your lender if you change your name, address, phone number or enrollment status.
- You must notify your lender if you're unable to make payments.
Your rights as a borrower
- Before you begin repayment, your loan holder is required to give you a repayment schedule and detailed information about interest rates, fees, the balance you owe and available repayment options.
- You have the right to defer repayment for certain defined periods, if you qualify.
- You have the right to request forbearance.
- You may prepay your loans in whole or in part at any time without penalty.
- See Repaying Your Loans (PDF) for more information on repayment, deferment and forbearance.