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Student loans – invest in your future.
Student loans require repayment six months after leaving school or dropping below half-time enrollment. There are two types of federal direct loans that you may qualify for at SCC.
Two Types of Federal Direct Loans
|Subsidized Loan||Unsubsidized Loan|
|Awarded on the basis of financial need.||Non-need based.|
|The Department of Education subsidizes or pays for the interest during school and deferment periods.||You'll be charged interest from the time the loan is disbursed until it is paid in full (all periods including in-school, grace and repayment).|
|Interest begins to accrue during the repayment period.|
|Loans disbursed between July 1, 2012, and July 1, 2014, will accrue interest during the grace period.|
How to begin borrowing.
In order to be eligible for a loan, a student must complete the FAFSA application, be in good Satisfactory Academic Progress, be degree-seeking at SCC, and be enrolled in a minimum of 6 credit hours. SCC does not auto-package loans.
Complete the list in the Loan Information Packet to initiate your loan.
How much can you borrow?
SCC determines the loan amount you can borrow based on your FAFSA results, your Cost of Attendance and other financial aid you have received. The Department of Education also sets loan limits based on grade level and dependency status.
Annual Loan Limits
The following aggregate limits represent the total loan debt that may be outstanding at the undergraduate level.