Loans

After being fully admitted to SFCC, the first step in applying for any federal student loan is to complete a Free Application for Federal Student Aid (FAFSA). We will use this information to determine the types and amounts you and your parent may qualify to receive. These offers are then posted on your mySFCC in the College Financing Plan Page.

To request a student loan, follow these Loan Request Process Instructions.

No, if the first disbursement of your Direct Subsidized loan is on or after July 1, 2021, there is no time limitation on how long you can receive a Direct Subsidized loan.

If you were a first-time borrower on or after July 1, 2013, and before July 1, 2021, there was a limit on the maximum period of time (measured in academic years) that you could receive Direct Subsidized Loans. If this limit applied to you, you could not receive Direct Subsidized Loans for more than 150 percent of the published length of the program you were enrolled in at the time. This was called your “maximum eligibility period.” Your maximum eligibility period was generally based on the published length of your program at that time. You can usually find the published length of any previous program of study by contacting your school.

For example, if you were enrolled in a four-year bachelor’s degree program, the maximum period for which you could receive Direct Subsidized Loans was six years (150 percent of 4 years = 6 years). If you were enrolled in a two-year associate degree program, the maximum period for which you could receive Direct Subsidized Loans was three years (150 percent of 2 years = 3 years).

Can I lose eligibility for additional Direct Subsidized Loans?

No, as of July 1, 2021, you cannot lose Direct Subsidized Loan eligibility based on your continued enrollment in a program beyond the 150 percent published length of your program.

If you had lost your subsidized loan eligibility due to reaching the 150 percent time limit, your eligibility for new subsidized loans first disbursed on or after July 1, 2021 is restored.

If you were a new borrower on or after July 1, 2013 and before July 1, 2021 and received Direct Subsidized Loans for your maximum eligibility period, you were no longer eligible to receive additional Direct Subsidized Loans. However, you may have received Direct Unsubsidized Loans.

Before repayment begins, develop a plan that puts you on track to pay back your loan on time and in full. Understanding the details of repayment on your federal student loan can save you time and money. The U.S. Department of Education’s Federal Student Aid website offers you information regarding

• what repayment plan optionsare available,
• when you must begin making payments,
• how to make your payment,
• how to pay off your loan faster, and
• what to do if you have trouble making payments.

Private loans are non-federal loans funded by banks, credit unions, and other private lending institutions and do not have the same terms and conditions as federal loans. Private lenders may require a separate application to be filled out, a credit check and sometimes a co-signer before approving your student loan. The interest rate and loan fees may vary and are usually determined by your credit score. Also, terms and conditions for private student loans may be different from lender to lender.

State Fair Community College does not make any recommendations regarding lender selection nor do we have a preferred lender list. Students are encouraged to review each lender’s terms and conditions before selecting a lender.

Default rates measure the percentage of students who fail to repay their federal student loans. State Fair Community College FY2017 average loan default rate is 17.1% of student borrowers who entered loan repayment and had defaulted within three years (compared to a national average of both 2 yr. and 4 yr. institutions of 9.7%).