Financial Aid

Loans

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The following is a brief description of student loan programs at SCC. Loans are borrowed funds that must be repaid. SCC participates in the Federal Direct Loan Program, which includes Federal Stafford Loans for students and Federal PLUS Loans for students’ parents. Students must be enrolled in at least 6 credit hours to receive a Stafford Loan. The Free Application for Federal Student Aid (FAFSA) should be filed and eligibility determined before pursuing student loans.

Go to the how to apply for loans link for more detailed instructions and the application packets.  The FAFSA should be filed, and eligibility determined before pursuing student loans.

The following chart shows the maximum amount that an SCC student may be eligible to borrow during an academic year. Each student’s eligibility will be determined individually. The amount a student may borrow will be determined by a number of factors, including whether he/she is a first-year or second-year student, whether he/she is a dependent or independent student, and whether or not he/she is receiving other financial assistance.

Federal Stafford Loan Limits for Academic Year (Fall -Summer)

Dependent Student Maximum Subsidized Amount Annual Limit (Subsidized & Unsubsidized)
First Year (In first half of current SCC program) $3500 $5500
Second Year (In second half of current SCC program) $4500 $6500

 

Independent Student Maximum Subsidized Amount Annual Limit (Subsidized & Unsubsidized)
First Year (In first half of current SCC program)  $3500  $9500
Second Year (In second half of current SCC program)  $4500  $10500

All applicants are required to file a Free Application for Federal Student Aid (FAFSA) and must have calculated financial need to receive a subsidized loan. Subsidized loans are those on which the government pays the interest while the student is in school and in other periods of authorized deferment. The student becomes responsible for the interest and principal payments six months after graduating or dropping below half-time enrollment. For subsidized loans disbursed for 2013-2014, the interest rate is 3.86%.

Unsubsidized loans are those on which the student is charged interest beginning after the date of the loan origination. Payments are not required while the student is in school and in other periods of authorized deferment, but the student is encouraged to make the interest payments rather than allow them to accrue and be added to the loan balance. For unsubsidized loans disbursed for 2013-2014, the interest rate is 3.86%

If the student cannot file the FAFSA, he/she must contact the Financial Aid Office to determine if he/she can qualify for an unsubsidized loan.
 

Financial aid file must be completed before you can apply for a student loan.