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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.
|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 Steps to initiate your loan.
- Complete the FAFSA for the academic year in which you will enroll (Note: Academic years begin in Fall and end in Summer)
- Complete Loan Entrance Counseling
- Complete a Direct Loan Master Promissory Note
- Complete a Loan Request eform in your MySCC portal (Note the correct academic year)
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.
The following aggregate limits represent the total loan debt that may be outstanding at the undergraduate level.
Loan Exit Counseling
Before you leave school, you are required to complete Loan Exit Counseling, a tutorial that goes over your loan repayment obligations while offering helpful resources. Students are required to complete Loan Exit Counseling if they:
- Drop below half-time enrollment (less than 6 credit hours)
Loan Terms & Repayment
A complete list of Federal Direct Loan repayment terms can be found in the Master Promissory Note that you sign before taking out a student loan. A summary of borrower rights and responsibilities is also included on the Loan Request eform that you submit via the MySCC portal. Among these responsibilities, is the obligation to repay your loan 6 months after you cease half-time enrollment. Before you leave school, you are required to complete Loan Exit Counseling, a tutorial that goes over your loan repayment obligations while offering helpful resources.
For more information on loan repayment, you may reference the following guide to Repaying Your Loans. You may also use the Repayment Estimator to access sample repayment schedules. Having difficulty with repayment? You have options, and guidance from the Department of Education is always free. Check out this guide to Avoiding Repayment Scams and getting the help you need. For more details about the Federal Student Loan program, please visit www.studentaid.ed.gov.