Loans

William D. Ford Federal Direct Loan Program

  • Undergraduates may borrow up to $3,500 per year as freshmen and $4,500 for sophomore year (must have completed at least 32 credits at SCCC)
    Note: Additional unsubsidized loan funds are available upon review by the campus Financial Aid Office.
  • First year, first time borrowers must wait 30 days for enrollment verification before the first disbursement.
  • Loans proceeds are disbursed in two installments to the college during the course of the semester, summer or academic year for which you are borrowing.
  • The federal government makes subsidized and unsubsidized educational loans available to students. 
  • Subsidized loans are interest-free while the borrower is in school. 
  • Unsubsidized loans are available to all students (interest accrues when the loan is received)
  • Loan repayment begins six months after a borrower graduates or ceases attending less than half time.
  • For more information visit studentloans.gov.

Federal Parent Loan (PLUS)

  • Parents of a dependent student enrolled at least half-time can borrow the cost of the student’s education less any financial aid awarded
  • Interest accrues when the loan is received
  • Repayment begins within 60 days of the loan disbursement
  • Parents and student must file the Free Application for Federal Student Aid (FAFSA) to determine what other types of federal aid may be available
  • After student has received the results of the FAFSA, student must file the PLUS Loan Data Sheet

Exit Interview

Upon completing your studies or ceasing half-time enrollment, you must complete an exit interview. This may be done at studentloans.gov or in person at your campus financial aid office. The exit interview covers:

  • average anticipated monthly repayment amounts
  • repayment plan options
  • options to prepay or pay on shorter schedule
  • the seriousness and importance of the student’s repayment obligation
  • terms and conditions for forgiveness or cancellation
  • rights and responsibilities of students under Title IV, HEA loan programs
  • terms and conditions for deferment or forbearance
  • consequences of default
  • options and consequences of loan consolidation
  • tax benefits available to borrowers
If you encounter a problem in loan collection or other matters, please be aware that the U.S. Department of Education has established the FSA Ombudsman for student loan borrowers. This office may be contacted at:

U.S. Department of Education
FSA Ombudsman
830 First Street, N.E.
Fourth Floor
Washington, DC 20202-5144
Phone: (877) 557-2575
Fax: (202) 275-0549