Federal Stafford Loans
J. Sargeant Reynolds Community College participates in the Federal Stafford Loan Program, offered through the Federal Family Education Loan Program (FFELP). Loans made under this program are low-interest, long-term loans. A student must be enrolled for at least six credits in an eligible certificate or degree program and be making Satisfactory Academic Progress in order to be eligible for a Federal Stafford Loan.

Students with financial need can obtain a Subsidized Federal Stafford Loan. This means the U.S. Department of Education will pay the interest charges to the student’s lender as long as the student is enrolled on at least a half-time basis (6 or more credits) and during a six-month period following enrollment (grace period). At the end of the grace period, repayment of the loan will begin and interest begins to accrue to the student borrower. Repayment may extend up to ten years but borrowers must make payments of at least $50 per month. Students who do not qualify for the Subsidized (need-based) Federal Stafford Loan can obtain an Unsubsidized (non need-based) Federal Stafford Loan. Unlike the Subsidized Loan, the student is responsible for the interest obligation while enrolled. The student, while enrolled on at least a half-time basis (6 or more credits), may pay interest only or have the interest capitalized (added to the principal). The interest rate for both types of loans is currently fixed at 6.8%.

Federal Stafford Loan Borrowers must complete an Entrance Loan Counseling Session for each new loan application and an Exit Loan Counseling Session upon graduation or withdrawal. Repayment begins six months after a student leaves school because of graduation, other reasons, or drops below half-time level. All loan applicants must have completed a Free Application for Federal Student Aid (FAFSA) and may not have defaulted on prior loans or borrowed their maximum lifetime amounts as determined by the Federal government. Students may not borrow more than the cost of their education minus other financial aid awarded them. The Office of Financial Aid must approve all federal loans and reserves the right to refuse loan applications due to academic deficiency or evidence that a student may have difficulty managing loan debt.

How to Apply for a Federal Stafford Loan

If you are a student interested in applying for a Federal Stafford Loan, you will need to follow these steps:

1.      Complete the FAFSA each year at www.fafsa.ed.gov.

2. Apply to the College and be admitted into an approved Program or Plan of Study and be making Satisfactory Academic Progress (SAP).

3. Comply with any information requests from the Office of Financial Aid, such as verification items and tax information.

4. Complete the J. Sargeant Reynolds Community College “Federal Stafford Loan Request Form” by the deadline. You will need to choose a Lender. We encourage you to select from the lender list below.   These lenders, listed alphabetically, provide great customer service, and we have arrangements with them through Education Credit Management Corporation (ECMC) to process the loans electronically.  Note the lender code and use it when completing your Promissory Note.  Please note that you do not have to choose a lender from our list. If your lender does not appear below, you can visit the ECMC site at http://www.ecmc.org/student/participating_lenders.html to look up your lender code.

5. Complete Loan Entrance counseling. All first time borrowers at JSRCC are required to complete Loan Entrance Counseling.  You can do this online at http://mapping-your-future.org/oslc/index.cfm?act=Intro&OslcTypeID=1 .

6. Complete your Master E-Promissory Note (MPN). Our guarantee agency, Education Credit Management Corporation (ECMC) uses an electronic version of the Master Promissory Note on their secure site. You can do the form electronically and it shortens the process for all of us.  However, ECMC also provides a downloadable Promissory Note for those who prefer paper. The website to complete the E-Promissory Note electronically or print a paper copy is https://www.ecmc.org/esign//default.htm.

Please Note: You only have to do one Master Promissory Note during your borrowing "career" at JSRCC. The only thing you have to do each time you wish to borrow is complete the JSRCC “Federal Stafford Loan Request Form.” The only time you would have to redo the MPN is if you transfer to another college and borrow there. You would do a new MPN at that college, and upon your return to JSRCC, you would do another MPN.  

7.      Finally, allow 2-3 weeks for College processing, depending on the time of the year.

8. Enroll, attend, and maintain at least six credit hours to retain loan eligibility. Students must stay active in at least six credit hours each semester for which they apply for a loan. Students who drop below half-time status risk having their loans canceled and will enter their grace period for repayment.

How much can I borrow?

Make a Budget!

Plan your finances and then borrow enough loan money to cover the amount of tuition, fees, books, and education related living expenses that your budget requires.  Student loans should not be used to purchase a car, pay for a vacation, used for investments. 

Plan your Loan Period

Most students make their loan request for the academic year which runs from August to May.   If you are planning to transfer or graduate after one semester, then borrow for just one semester.   All loans are disbursed in TWO payments.  One during the third week of school and the other at the half way point in the semester or year.

Max Loan Amount

The US Department of Education sets the maximum awards a student can borrow in an academic year (Fall + Spring) based on their year in college and dependency status.  At Reynolds, you are a level 01 student until you have completed 30 credits.  The chart below lists the annual maximums. If you only plan to borrow for one semester, the maximum amount is half of the annual amount.  

The absolute maximum aggregate limits for JSRCC students are
Dependents: $23,000 (sub & unsub combined)
Independent: $23,000 subsidized  $46,000 total (sub + unsub)
Students who have exceeded these limits may not borrow more money while at J. Sargeant Reynolds Community College.

Complete the Loan Request Form

Download, print, complete and submit the loan request form.  The LoanRequestForm.pdf is the only mandatory paper part of the process.   Turn in this loan request form at any of the campus Access Centers, or mail to

JSRCC Central Financial Aid
P.O. Box 85622
Richmond, VA 23285-5622

The deadlines for submitting loan request forms in a given year are:

Loans submitted after the recommended dates may not be processed until after the start of the semester.  

*Students planning to attend Fall/Spring should submit the Fall/Spring loan request forms by the Fall deadlines.   

Enroll, Keep Attending at least six credits

To keep and maintain loan eligibility, students must stay active in at least SIX credit hours (half time.) each semester.  Students who drop below half time may have their loans cancelled, and will start using their grace period.   Please watch your hours and avoid withdrawing.

This page was last edited on May 31,2007.