Financial aid loans
Federal student loans are borrowed funds that you must repay with interest. A federal student loan allows students and their parents to borrow money to help pay for college through loan programs supported by the federal government. They have low interest rates and offer flexible repayment terms, benefits, and options. To qualify for student loans, students must be eligible to complete a FAFSA. ORSAA students are not eligible for loans.
How to get a loan
To get a loan, follow the steps to receiving financial aid, beginning with Step 1: Apply for financial aid. If you are eligible for a loan, it will be listed when you review your award.
Want to save some money?
Making early interest payments reduces the amount you’ll owe later. Consider making (small) monthly interest payments on your loans while you’re in school. You’ll save money a lot of money in the long run.
Types of financial aid loans
Loans are limited and must be repaid, so take only what you need for your education. Learn how to responsibly borrow for school in Panther Tracks: Managing Student Loans.
Direct Loan
The most utilized loan program is the William D. Ford Federal Direct Stafford Loan. The Direct Loan is made through the U.S. Department of Education. Direct Loans are either subsidized or unsubsidized – subsidized loans have slightly better terms to help out students with financial need. Read more at the Department of Education’s loans page.
Steps for Direct Loan borrowers:
PLUS Loan
Parents of dependent students may borrow money in their name to help meet the student’s educational expenses. To be eligible for a Parents’ Loan for Undergraduate Students (PLUS loan), you must demonstrate that you have unmet financial need and that you do not have an adverse credit history. If you are eligible, your son/daughter will receive an email providing further instruction. The maximum PLUS loan amount you can borrow is the cost of attendance minus any other financial assistance received, like scholarships or financial aid. For more on PLUS loan eligibility and borrowing limits, visit the Department of Education’s PLUS Loan page.
Nursing Loan
The Nursing Loan is funded through the Department of Health and Human Services. It is a fixed 5% deferred-interest loan based on financial need as determined by federal and institutional guidelines. PCC is your lending institution for this loan. No interest accrues on this loan while you are enrolled at least half-time in the Nursing Program. This is only available to students in the Nursing Program. For questions, contact Eva Galindo.
Steps for Nursing Loan borrowers:
Help with repayment options
Need support throughout the loan repayment process? PCC has partnered with Student Connections, a service that provides free, up-to-date, and accurate info about your repayment options. Talk to a Borrower Advocate and get one-on-one help with any questions.
Visit Student Connections
About repayment
After you graduate or drop below half-time (6 credits per term), you have a grace period of 6 months. After the 6 months are up, you have to start making payments on your loans. You’ll need to find out where to send payments, as well as choose a repayment plan that works for you.
Check this page for more: When do I repay?