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.

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.

There are two types of direct loan programs:

  • Direct Stafford Loans—These are available to undergraduate and graduate students and may be subsidized or unsubsidized.
  • Direct PLUS Loans—These are available to parents of dependent students and to graduate and professional-degree students. These loans are always unsubsidized.

Subsidized loans are based on financial need and are available only to undergraduate students. The federal government pays the interest on subsidized loans while you are in college and during deferment. Unsubsidized loans are based on your education costs.

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.

What is the 150 Percent Subsidized Loan Limit?

If you are a first-time borrower (someone who has no outstanding balance on a Federal Family Education Loan Program* (FFELP) or direct loan received on or after July 1, 2013, you will only be able to obtain federal direct subsidized loans for a maximum of 150 percent of the published length of the program in which you are enrolled.

What Does that Mean?

  • You may receive direct subsidized loans for no more than 150 percent of the length of the current academic program. For example, if you are enrolled in a two-year program, you will have three years of subsidized loan eligibility. If you are enrolled in a four-year program, you will have six years of subsidized loan eligibility.
  • Once you reach the 150 percent mark in a particular program, your subsidized loan eligibility in that program will end. However, you may be eligible for unsubsidized loans.
  • If you reach the 150 percent limitation, your interest subsidy will end for all outstanding subsidized loans if you do not graduate and are still enrolled in the same or a shorter undergraduate program. Repayment does not begin, but like unsubsidized loans, you (rather than the government) would become responsible for interest that accrues from this point forward.
  • Unlike other measures in determining continued aid eligibility, this provision is not affected by the total dollar amount borrowed. Any and all periods of subsidized loan borrowing will count against the 150 percent time limit.
  • This policy is in addition to, and not in place of, the lifetime aggregate loan limits that are currently in place.

What Are My Repayment Options?

Understanding how to repay your federal student loans can save you a lot of time and money. Find the right repayment plan for you, learn how to make payments, get help if you can’t afford your payments, and see what circumstances might result in a loan being forgiven, canceled or discharged.

*The FFELP is a government-sponsored program that, through June 30, 2010, provided low-interest loans to help students and their parents pay for education beyond high school. The Health Care and Education Reconciliation Act of 2010 eliminated new lending under the FFELP. FFELP loans disbursed before July 1, 2010, continue to be serviced according to the terms and conditions of the FFELP master promissory note the borrower signed when he or she obtained the loan.

For more information about student loans, visit the U.S. Department of Education’s Federal Student Aid website.

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.

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