State Fair Community College wants all of our students to be well informed regarding both borrowing and repaying student loans. We encourage our students to manage debt wisely. Our staff offers assistance with money management and establishing good financial habits.

The Financial Aid Office is always willing to discuss any questions you may have about choosing to apply for student loans. Approximately 15.8% of our students use federal or private student loans to help pay for their expenses.

Frequently Asked Questions

  • What Types of Loans are Available at SFCC?

    A loan is money you borrow to help pay for college; it must be paid back with interest. The William D. Ford Federal Direct Loan Program enables students and parents to borrow money at low interest rates directly from the federal government and usually have more benefits than loans from banks or other private sources.

    Types of federal student loans available at SFCC:

    • Direct Subsidized Loansare loans made to eligible students who demonstrate financial need to help cover the costs of higher education.
    • Direct Unsubsidized Loansare loans made to eligible students but eligibility is not based on financial need.
    • Direct Parent PLUS Loansare loans made to parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
  • Am I Eligible for Student 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.

  • How Much Can I Borrow?
    Academic LevelDependent StudentIndependent Student
    Freshman

    0-29 Credit Hours
    $5,500

    Up to $3,500 of this amount may be in subsidized loans.
    $9,500

    Up to $3,500 of this amount may be in subsidized loans.
    Sophomore

    30+ Credit Hours
    $6,500

    Up to $4,500 of this amount may be in subsidized loans.
    $10,500

    Up to $4,500 of this amount may be in subsidized loans.
    Aggregate Loan Limits$31,000

    Up to $23,000 of this amount may be subsidized loans.
    $57,500 for undergraduates

    Up to $23,000 of this amount may be in subsidized loans.
  • How Do I Request a Student Loan?

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

  • Is there a time limit on how long I can receive Direct Subsidized Loans?

    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.

  • How Do I Repay My 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

  • Are Private Loans Available at SFCC?

    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.

  • What is the loan default rate at SFCC?

    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%).

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