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Financial Aid

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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 LoanUnsubsidized 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.  

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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. 

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
Completed HoursDependentIndependentSubsidized
0-29 $5,500/yr $9,500/yr $3,500/yr
30-96 $6,500/yr $10,500/yr $4,500/yr

The following aggregate limits represent the total loan debt that may be outstanding at the undergraduate level.

Aggregate Limits
Completed HoursDependentIndependent
Subsidized $23,000 $23,000
Total Loans $31,000 $57,500

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.

 

Student Loan FAQs

Eligibility

How many credit hours must I take to qualify for a loan this semester?
You must be enrolled in at least 6 credit hours in order to achieve half-time enrollment and qualify for a loan. This includes the summer term.
Can I get a student loan at SCC even though I have a bachelor's degree?
If your transferred credits from your prior degree total more than 150% of the credit required for your new SCC degree, you should complete a Maximum Hours Appeal.
Do I have to complete a new Loan Request eform every year if I want to continue borrowing new student loans?
Yes. You must actively confirm that you want to borrow a new student loan by completing the Loan Request eform and indicating how much you would like to borrow.  Don't forget you also need to complete the FAFSA every academic year (August through July).

Repayment

How much do I owe on my loans?
Find out your loan balance and monthly payment by visiting studentaid.gov.
Who is my loan servicer?
Find your loan servicer at studentaid.gov.
Can I start paying my loans early?
Yes. In fact you will save money on interest by getting a head start. There are no pre-payment penalties.

Transferring Schools

What if I have already used up my grace period and then return to school.  Do I get another grace period?
No. Once you have used your grace period on a particular student loan, you will not get another one for that loan. While in school that loan payment will be deferred, but it will enter repayment immediately after you fall below half-time enrollment. However, any new loans that you acquire are entitled to a six-month grace period.
How many credit hours must I take at my new school in order to postpone payments on my previously borrowed student loans?
You must be enrolled in at least 6 credit hours in order to achieve half-time enrollment and qualify for a deferment to postpone your payments.
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