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    How to Pay for College > Financial Aid 101 > Financial Aid and Sources of Aid > Student Loans

Student Loans

After receiving your award statement, you will need to finance the rest of your education not covered by grants and scholarships with a loan. Federal Direct Loans through the William D. Ford Loan Program have the most payment and deferral options and best rates.

How to Apply for a Loan

Need-to-Know Information About Student Loans

  1. Enrollment Requirements

    • You must be enrolled at least half-time, which is 6 credits

    • If you have to withdraw or become less than half-time

      • Your grace period may start on old loans you have borrowed

      • Payments will be due on old loans that no longer have a grace period or were on school deferment

      • No new loan can be certified for this period

      • You may be put on warning or suspension for Satisfactory Academic Progress

      • You will need to complete Exit Counseling at StudentLoans.gov

  2. If you borrow an unsubsidized loan

    • You have the option to work with the holder of your loan and either pay the interest as it accrues quarterly or have it capitalized. Capitalized interest is added to your principal loan amount and the next quarter the interest that accrues will be calculated on your principal amount plus the capitalized interest.

  3. You have the right to cancel your student loan at any time. If your loan funds have been disbursed to you, you have within 14 business days to return the funds to the college for a full refund back to the loan program. If you have already received your loan disbursement and it has been more than 14 days you can send the funds directly back to your DL Servicer.

SFCC utilizes "active confirmation" on all student Direct Loans prior to disbursing the loan(s) to the student financials. Active confirmation is the process requiring the student to accept/decline/decrease the loan(s) they want to borrow for the specified aid year.

After the loan has disbursed to student financials, SFCC utilizes "passive confirmation" on all student Direct Loans. SFCC sends students an updated award notification when/if any changes are made to their financial aid awards. The Financial Aid Notification serves as passive confirmation for your student loan. It tells you the new loan dollar amount that will be added to your Master Promissory Note, that you have agreed to repay.

  1. Once certified your loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system. Find out information about YOUR loan after it is certified. Access StudentLoans.gov to:

    • Find out who is the Holder of your loan(s)

    • Complete EXIT counseling

    • Set up a repayment schedule

    • Find out how much you have borrowed

  2. After you complete all steps the Financial Aid Office will process your loan request and, if approved you will receive a revised Financial Aid Notification containing the loan amount and date of disbursement. You also can check your student services center within CTC Link.

    • By accepting the loan disbursement, you acknowledge understanding and receipt of loan money. Direct Loan amounts can change upon further review of eligibility.