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 title="PLUS Loan Data Sheet" target="_self">PLUS Loan Data Sheet
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
U.S. Department of Education
830 First Street, N.E.
Washington, DC 20202-5144
Phone: (877) 557-2575
Fax: (202) 275-0549