Student Loans | NorthWest Arkansas Community College
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Financial Aid

Student Loans

Student loans are available to help you offset your educational expenses for a specific academic period. Borrowing through student loans should be your last alternative. Be sure to exhaust all other resources of financial assistance, including scholarships, state grants and work-study employment before applying for a student loan. Keep in mind that applying for a student loan too early may limit or exclude you from receiving grants or scholarships.

Eligibility requirements for federal student aid:

  • Not in default on a previous student loan or owe an overpayment on a previous grant
  • Enrolled in a program that leads to an associates degree or an eligible vocational certificate at NWACC
  • Making Satisfactory Academic Progress towards a degree or eligible certificate at NWACC


For more information read the Federal Direct Loan brochure.


Federal & Private Student Loans

Direct Stafford Loans

A Direct Stafford Loan is a federal loan program available to undergraduate students depending on eligibility.

To apply for a Direct Stafford Loan:
  • Determine amount of student loan needed to meet educational expenses.  Accept all or part of the student loan on My NWACC Connection.
  • Complete Direct Stafford Loan Entrance Counseling at www.StudentLoans.gov
  • Complete a Direct Stafford Loan Master Promissory Note (MPN) at www.StudentLoans.gov
  • Enroll in and attend at least six credit hours towards selected degree or certificate at NWACC
  • Students who do not need the offered loans should decline on My NWACC Connection.

Allow approximately one hour to accept your loans, complete loan counseling and complete the eMPN.

(Approximately 20 to 30 minutes to complete Direct Stafford Loan Entrance Counseling AND approximately 30 minutes to complete the Direct Stafford Loan electronic MPN.) You will be asked to give information which will include:

  • Your permanent address
  • Telephone number Driver's license number and state
  • Email address (if you have one)
  • Two references who have known you for at least 3 yrs (names, addresses, telephone numbers)

What's Next:

  • Students who receive a Direct Stafford Loan must complete Direct Stafford Loan Exit Counseling at www.studentloans.gov before leaving school or dropping to less than half-time status.
  • Student loan borrowers must repay the Direct Stafford Loan even if the student does not complete the academic program, is dissatisfied with the education received or is unable to find employment after leaving NWACC. Information regarding repayment options including income-sensitive and income-based options is available at www.studentloans.gov. A loan calculator can also be found at the following website www.finaid.org/calculators/loanpayments.phtml.
  • The student's individual federal aid history including loan holder contact information can be found at www.nslds.ed.gov. It is recommended that students contact their loan holder immediately upon graduation or dropping to less than half-time status.

Private Educational (alternative) Loans

Students who need additional funds after considering the feasibility of The Direct Stafford Loan or students who are ineligible for federal aid, may need to apply for a private loan. It is NWACC's recommendation that our students apply for a Federal Direct Stafford Loan prior to an Alternative Loan as it is in the student's best interest.

For more information and to apply for alternative loans, go to www.elmselect.com.

To view the information:

  • School Search - for NorthWest Arkansas Community College
  • Select Program -  ‘Undergraduate' if you are the student or ‘Parent Loans' if you are the parent or other individual taking out the loan on the student's behalf