Student loans require repayment at a future date. In most cases, loans do not have to be repaid until six months after leaving school or dropping below half-time enrollment (6 credit hours is considered half-time at SCC). If you decide to discontinue your education before graduating, you will be required to start payments towards your loan six months after you ceased half-time enrollment.
When a student borrows money through the Federal Direct Student Loan Program, information is provided by the college to the National Student Loan Data System (NSLDS) and its authorized users such as guaranty agencies, lenders and educational institutions. Make sure that you understand your Borrower Rights and Responsibilities, as well as available repayment options before you borrow.
Failure to repay your loan will result in consequences such as:
Learn more about Loan Default.
Federal Direct Loan Types
Below are the steps for requesting a student loan. We recommend that you print the Loan Information packet for important deadlines and instructions. Incomplete files will delay processing!
A student must be degree seeking at SCC and must follow his/her degree audit in order to be eligible for financial aid. To qualify for a loan, a student must be enrolled in a minimum of 6 credit hours by the term census date. See Loan Information packet and Financial Aid Handbook for additional details.
All sources of funding are considered when determining your maximum amount of eligibility for financial aid. This is including but not limited to PELL, SEOG, Federal Direct Student Loans, Scholarships, A+ Scholarship, Vocational Rehabilitation and any other program participation.
Students receiving financial aid must meet satisfactory academic progress standards (SAP). Failure to meet these standards may result in a student's loss of financial aid eligibility until satisfactory academic progress can be reestablished. Refer to the Financial Aid Handbook for more information about SAP.
Enrollment Services will determine the amount you are eligible to receive. It is possible to receive both a subsidized loan and an unsubsidized loan for the same enrollment period. The amounts that you may borrow will depend upon whether you are a dependent versus independent student, your Cost of Attendance (determined by the college/university that you attend), and your current grade level. It is recommended that you borrow only what is necessary.
BORROW WISELY – STUDENT LOANS MUST BE REPAID!
Loans will be pro-rated for students enrolled in their last semester prior to graduation due to the shortened length of that final semester. Pro-ration will be based on the number of credit hours enrolled for that term according to the chart below.
Exit counseling is required before you withdraw, graduate, or drop below half-time enrollment (6 credit hours). You must complete Exit Counseling upon leaving SCC, even if you plan to transfer to another school. Exit Counseling provides important information you will need as you prepare to repay your federal student loans. You will review your rights and responsibilities as a borrower and receive helpful tips for loan repayment.
Complete exit counseling online at www.studentloans.gov. Select “Loan Exit Counseling,” then complete the steps listed.