Student Loans

The Federal Stafford Loan Program allows students to borrow money at a low interest rate for educational expenses. Please be aware that these funds have to be REPAID.  In order to apply for your loan you must a have a completed FAFSA on file.  All students are required to complete Entrance Counseling.  Loan acceptance forms can be obtained from the Office of Financial Aid. Entrance Counseling must be complete prior to accepting a loan.  You can visit https://studentloans.gov to complete Entrance Counseling.

Instructions on Entrance Counseling

Frequently Asked Questions 

Student Loan Code of Conduct

Loan Types

A subsidized Federal Direct loan is a need-based loan, which means the amount you may be eligible to receive is based on your financial need. The federal government pays the interest that accrues on a loan while you are in school, during your grace period after you leave school or graduate, and during eligible deferment periods.

An unsubsidized Federal Stafford loan is a non-need based loan, which means the amount you may be eligible to borrow is not based on your financial need. If you receive an unsubsidized Direct Loan, you will be responsible for all interest that accrues on the loan from the date of disbursement forward.

Loan Eligibility Requirements

You must be a U.S. citizen or an eligible non-citizen;

• You must be accepted for enrollment or enrolled at least half-time at a participating school in an eligible program leading to a degree;
• You must maintain satisfactory academic progress in your course of study according to your school's standards and statutory requirements;
• You must not be in default on an educational loan or owe a refund on an educational grant;
• You must have a high school or G.E.D. diploma or pass an independently administered test, determined by your school, that demonstrates your ability to benefit from the program of study;
• You must meet all of the other Federal Stafford Loan program eligibility requirements prescribed by law at the time your loan application is processed;
• You must complete the Free Application for Federal Student Aid (FAFSA).

Federal Stafford Loan Limits

Aggregate Amount for Undergraduates:

$31,000 for dependent students (no more than $23,000 may be subsidized)
$57,500 for independent students (no more than $23,000 may be subsidized)

Eligibility for the Federal Stafford Loan Program is determined by the Financial Aid Office. The loan amount is based upon the students remaining eligibility determined by the colleges cost of attendance.

Entrance Counseling

 The Department of Education requires all first-time/first-year borrowers to have student loan entrance counseling.  Southern Crescent Technical College strives on providing substantial financial support for our students.  It is not our intent to have students in a financial bind when leaving our college.  If you are required to complete entrance loan counseling in order to receive a loan, you can do so online. To access the online session, click here. Once you have successfully completed the entrance loan counseling session, the Department of Education will send Southern Crescent an email with your results within 24 hours of your completion.

Master Promissory Note

All students will be required to sign a Master Promissory Note (MPN).  The MPN is a legal binding document between the student and the US Department of Education.  By signing the MPN, the student promises to pay all student loans back upon completion, withdrawal or dropping below half-time plus interest that has accrued.  Please visit www.studentloans.gov to complete your MPN.

Loan Disbursement

All students will be required to sign a Master Promissory Note (MPN).  The MPN is a legal binding document between the student and the US Department of Education, promising to pay all students loans, plus any interest that has accrued, back upon completion, withdrawal or dropping below half-time. Please visit the Pin site if you are a new user or forgot your pin http://www.pin.ed.gov/PINWebApp/pinindex.jsp. Your PIN can be used each year to electronically apply for federal student aid and to access your Federal Student Aid records online. If you receive a PIN, you agree not to share it with anyone. Your PIN serves as your electronic signature and provides access to your personal records, so you should never give your PIN to anyone, including commercial services that offer to help you complete your FAFSA. Be sure to keep your PIN in a safe place. Once the loan is guaranteed by the Department of Education, the proceeds from your Federal Direct Loan will be sent to the school. You will receive a Loan Guarantee and Disclosure Statement outlining the anticipated disbursement schedule, as determined by the school.

Exit Counseling

The federal government requires us to counsel students regarding their rights and responsibilities as a student loan borrower before they graduate or leave school. Southern Crescent will notify you if you are required to complete the exit counseling process. If you are a recent Southern Crescent graduate, or if you have ceased attending 6 or more hours, you are required to complete exit counseling. You can complete the Exit Counseling requirement online by accessing www.nslds.ed.gov and click on "Exit Counseling" on the top bar.

Estimated Loan Repayment Amounts