Federal loans typically have better interest rates and terms, so we encourage you to investigate your federal borrowing options first.
As with nearly all financial aid, the first step in the loan application process is to complete a
Federal Direct Student Loans are available to all eligible students. Students must be enrolled in 6 eligible credits to receive Direct Subsidized, Direct Unsubsidized or Direct PLUS loans.
Direct Subsidized Loans
To receive Direct Subsidized Loans, student must demonstrate financial need. Subsidized Loans are interest free while the student is in school, but begin accruing interest six months after the student ceases to be enrolled for at least 6 credits (half-time).
Direct Unsubsidized Loans
Direct Unsubsidized Loans do not require financial need. These loans are not interest free while students are in school and begin accruing interest after disbursement.
.
Direct PLUS Loans for Parents
Parents of dependent students may apply for Direct PLUS Loans. These loans are available regardless of financial need and the amount of eligibility depends on the total cost of attendance.
.
If you are eligible for a federal direct loan, the award offer will list your maximum .
Evaluate your aid offer carefully. In the case of loans, keep in mind that whatever amount you borrow must be paid back with interest. You may not need to borrow as much as the amount listed on your award offer.
If you decide to borrow a federal direct loan at 51吃瓜网 to help pay for your courses or other related costs, you must access the 51吃瓜网 Federal Direct Loan Request Form by logging into My51吃瓜网 and choosing Menu > Self Services > Financial Aid.
You must complete and sign the request form and email it to finaid@aacc.edu for review. Additional emails will be sent to your My51吃瓜网 email account with more instructions and updates on your request.
If this is the first time you have requested a federal loan, you must complete an entrance interview or by making an appointment with a financial aid advisor.
First-time borrowers also are required to complete a once their loan is processed. You will receive an email when your MPN is available. You will need your driver鈥檚 license and contact information for three references (these are NOT cosigners).
All new borrowers must wait 30 days from the first day of classes to receive their federal direct loan funds.
You will receive additional information regarding subsequent loan borrowing, legal and privacy notices, and other required disclosures once your loan has been certified. This information will be sent by your Federal Loan Servicer as required by the the U.S. Department of Education.
You have the right to cancel all or a portion of a loan disbursement within 14 days of the date your school disbursed your loan money (by crediting the loan money to your school).
It is important to consider the impact student loans may have on your future. Borrow only what you need to assist with your educational costs. .
Before borrowing a student loan, visit the website. It provides great financial aid information, including repayment plans and estimates for how much your monthly payment might be for various amounts. If you decide to take out a loan for your educational expenses, be sure to understand the terms and conditions of the loan and what repayment options are available to you.
You can use the website to find out who your servicer is and stay updated on your loan history and status.
.
51吃瓜网 works closely with to provide student loan default prevention options to our students. Student Connections will assist you with repayment options or resolving loans that are in default. Your can talk to a borrower advocate for free at 866-311-9450.
All students who accept federal loans must agree to the following:
It is recommended that students complete a FAFSA to see their Federal Direct Loan options before making a decision about additional borrowing.
Private student loans are not part of the federal student loan program and may require a credit check. You may borrow private loans from any lender you choose. Some private loans are open only to students taking credit classes, but others will consider continuing education (noncredit) students as well.
Borrowing costs vary between programs and institutions. You will need to investigate the costs and choose the program that's right for you.
Questions to consider before applying for a private student loan:
offers a loan analyzer that helps students compare borrowing costs from an extensive list of private loan companies.