There are generally three types of student loans a student may encounter at SCC; the Federal Stafford Loan, the Federal Plus Loan, and private loans. Each of them have varying characteristics, and a student should fully read and understand all required loan disclosures prior to authorizing any type of student loan. In addition, a student should have a very strong understanding of his or her own personal budget to ensure that student loan funds are required prior to taking on the burden of debt.
Student loans represent an obligation to repay the amount borrowed plus interest. The decision to borrow should not be taken lightly.
Federal Stafford Student Loan
When completing the FAFSA, a student will be asked whether or not he or she is interested in student loans. If a student answers "yes" to this question, SCC will automatically offer the student a Stafford Student Loan on his or her award letter if he or she is eligible. This offer does not represent a "finalized" student loan. A student must complete the proper application paperwork prior to obtaining a student loan. Loan application forms are obtained online at "Online Student Loan." When you have completed all the electronic process, and have completed the on-line entrance counseling, your loan will be processed. Under federal regulation, student loans must be divided in two disbursements over the period of the loan.
If your loan is approved, and you are currently enrolled at least half-time, attending class, and maintaining satisfactory progress, the loan funds will be available to apply directly to tuition and book charges. Any remaining balance after tuition and book charges have been paid will be mailed directly to the student the third week of the term. If you are a first time borrower, the balance funds will not be mailed until at least 30 days into the term per federal regulation.
Of note: the maximum subsidized Stafford Loan for the 2013-2014 award year is $3500 per academic year for freshmen and $4500 for sophomores (dependent students). Repayment of the Stafford Loan generally begins six months after the student graduates or drops below half-time enrollment.
Federal PLUS (Parent) Loan
This loan program is available to the parents of dependent students. The maximum PLUS loan amount is based on the student's cost of attendance and other financial aid received. Parents must generally begin repayment within 60 days after the final loan disbursement. For additional information on the PLUS Loan, see the SCC Financial Aid Office.
Private loans are offered by private lenders and there are no federal forms to complete at SCC.
SCC will not certify a private loan for any student if requested to do so by the lender.
Carl Snipes | Chemistry instructor
I started at a community college before earning a degree in Chemical Engineering, so I know what it takes to succeed.
Students who do well in my classes are very prepared the move on to four-year...More ›
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