Before applying for consideration for
Federal Direct Loans, students must have completed a minimum of six credit hours and must maintain a 2.0 GPA.
A Federal Direct Subsidized Loan is
awarded on the basis of the student's financial need and other
specific eligibility requirements. The federal government does
not charge interest on these loans while borrowers are enrolled
at least half-time, during a six-month grace period, or during
authorized periods of deferment.
A Federal Direct Unsubsidized Stafford Loan is
not based on the student's financial need, but students must
also meet specific eligibility requirements. Interest is charged
throughout the life of the loan. The borrower may choose to pay
the interest charged on the loan or allow the interest to be
capitalized (added to the loan principal).
The Federal Direct Parent Loan for Undergraduate Students (PLUS) is not based on financial need and is limited to a parent
borrower for a dependent student attending at least half-time. A
parent is currently defined as a person's natural or adoptive
mother or father, step-parent, or legal guardian. The annual
limit is equal to the student's cost of attendance, as defined
by NW-SCC, minus any other financial aid the
student is receiving. Parents are required to pass a credit
check. The interest is fixed at 7.9%. Interested parents should
contact Student Financial Aid and complete the Undergraduate
Federal PLUS Loan application.
Loan applications are available in the financial aid office.
Borrowing funds to pay for your education may be necessary, but it is also a major responsibility. Visit the Higher Education Services website for assistance with successfully repaying student loans.