Loans

William D. Ford Direct Loan Program

NOTE: **Before submitting a loan application, you must complete your FAFSA and have
all other required paperwork turned into the Financial Aid Office.**

Exit Counseling

If you have used a Ford Direct Loan to help finance your education at Spokane Falls Community College, the Federal financial aid regulations require us to provide you with exit counseling information about your loan.

Exit Counseling is located on the Student Loans.gov website. Once you enter the site, click on “Exit Counseling” under the Tools and Resources section.

You will need to use the PIN #you received when you applied for financial aid to complete the exit counseling process. If you have misplaced it, you can request a duplicate on this site.

The Exit Counseling site will provide you with the following information:
  1. Total Direct Loans you have borrowed and our payment schedule
  2. Payment options – estimated monthly payments and payment days
  3. Transferring to another school
  4. Information about other student loans you borrowed
  5. Loan consolidation, deferment and cancellation information
  6. Debt Management and consequences of default
  7. Address and telephone number for the Direct Loan Servicing Center, as well as, other agencies to help you as a loan borrower
We recommend that you print the pages as you go so you can refer to them during the short quiz you will take at the end of the exit interview. You must successfully pass the quiz in order to be given credit for completing the exit interview. We will receive a list of those borrowers who successfully complete the exit interview.

SCC TITLE IV CODE OF CONDUCT

  • The financial aid office at SCC will process loans in a timely manner. SCC will not refuse to certify or delay certification based on choice of lender
  • The financial aid office does not contract with any lender and does not receive any staffing assistance from lenders.
  • Students are advised to borrow loans through the federal student loan programs. Private loans will not be packaged or offered from any specific lender.
  • Employees in the financial aid office are prohibited from receiving gifts from lenders, guaranty agencies or loan servicers.
  • Spokane Falls Community College does not have revenue sharing arrangements with any lender. Advisory boards will not receive compensation from any lender. SCC prohibits the offer of funds for private loans.

NOTE: **Before submitting a loan application, you must complete your FAFSA and have
all other required paperwork turned into the Financial Aid Office.**

Subsidize Loan Eligibility for First-Time Borrowers
Click for more information

To borrow Subsidized/Unsubsidized loans for periods of enrollment from July 2013 to June 2014, choose the option below that applies to you and follow the instructions.

Loans, unlike grants or work-study, are borrowed money that must be repaid, with interest. You cannot have these loans canceled because you didn't like the education you received or because you're having financial difficulty.

  • The Financial Aid Notification serves as passive confirmation for your student loan. It tells you the new loan dollar amount that will be added to your Master Promissory Note (MPN), that you have agreed to repay.
  • By accepting loan disbursement, you acknowledge understanding and receipt of loan money.

Information you must know about Student Loans:

  1. Enrollment Requirements
    • You must be enrolled in an eligible degree or certificate program and least half-time, which is 6 credits.
  2. If you have to withdraw or become less than half-time:
    • Your grace period may start on loans you previously borrowed.
    • Payments will be due on old loans that no longer have a grace period or were on "In-School Deferment."
    • No new loans can be certified and no second disbursement released for this period.
    • You may be put on Warning or Suspension for Satisfactory Academic Progress.
    • You will need to complete Exit Counseling at www.studentloans.gov.
  3. You have the right to cancel your student loan at any time.
    • If your loan funds have been disbursed to you, you have within 14 business days to return the funds to the college for a full refund back to the loan program. If you have already received your loan disbursement and it has been more than 14 days, you can send the funds directly back to your DL Servicer.
  4. If you borrow an Unsubsidized Loan:
    • You have the option to work with your loan servicer and either pay the interest as it accrues quarterly or have it capitalized. Capitalized interest is added to your principal loan amount and the next quarter the interest that accrues will be calculated on your principal amount plus the capitalized interest.
  5. Find out information about YOUR loan after it is certified.
    • Access www.studentloans.gov to:
      • Find out who is your loan servicer.
      • Complete Exit Counseling, which is required before you leave SCC.
      • Set up a repayment schedule.
      • Find out how much you have borrowed overall.
      • And do much more.

NOTE: **Before submitting a loan application, you must complete your FAFSA and have
all other required paperwork turned into the Financial Aid Office.**

Subsidize Loan Eligibility for First-Time Borrowers
Click for more information

To borrow Subsidized/Unsubsidized loans for periods of enrollment from July 2014 to June 2015, choose the option below that applies to you and follow the instructions.

Loans, unlike grants or work-study, are borrowed money that must be repaid, with interest. You cannot have these loans canceled because you didn't like the education you received or because you're having financial difficulty.

  • The Financial Aid Notification serves as passive confirmation for your student loan. It tells you the new loan dollar amount that will be added to your Master Promissory Note (MPN), that you have agreed to repay.
  • By accepting loan disbursement, you acknowledge understanding and receipt of loan money.

Information you must know about Student Loans:

  1. Enrollment Requirements
    • You must be enrolled in an eligible degree or certificate program and least half-time, which is 6 credits.
  2. If you have to withdraw or become less than half-time:
    • Your grace period may start on loans you previously borrowed.
    • Payments will be due on old loans that no longer have a grace period or were on "In-School Deferment."
    • No new loans can be certified and no second disbursement released for this period.
    • You may be put on Warning or Suspension for Satisfactory Academic Progress.
    • You will need to complete Exit Counseling at www.studentloans.gov.
  3. You have the right to cancel your student loan at any time.
    • If your loan funds have been disbursed to you, you have within 14 business days to return the funds to the college for a full refund back to the loan program. If you have already received your loan disbursement and it has been more than 14 days, you can send the funds directly back to your DL Servicer.
  4. If you borrow an Unsubsidized Loan:
    • You have the option to work with your loan servicer and either pay the interest as it accrues quarterly or have it capitalized. Capitalized interest is added to your principal loan amount and the next quarter the interest that accrues will be calculated on your principal amount plus the capitalized interest.
  5. Find out information about YOUR loan after it is certified.
    • Access www.studentloans.gov to:
      • Find out who is your loan servicer.
      • Complete Exit Counseling, which is required before you leave SCC.
      • Set up a repayment schedule.
      • Find out how much you have borrowed overall.
      • And do much more.

Parent Loans for Undergraduate Students (PLUS)

The student must complete the entire financial aid application process, receive an aid notification letter, and apply for his/her maximum Direct Loan before the student's parent can apply for the Parent Loan for Undergraduate Students (PLUS).

The PLUS loan application must be completed by the parent borrower.

Hello Worksheet

Privacy Act Disclosure Notice

The Privacy Act of 1974 (5 U.S.C.552a) requires that the following notice be provided to you. The authority for collecting the information requested on this form is S451 et seq of the Higher Education Act of 1965, as amended. Your disclosure of this information is voluntary. However, if you do not provide this information, you cannot be considered for a Direct PLUS loan. The information on this form will be used to determine your eligibility for a DIrect PLUS loan. The information in your file may be disclosed to third parties as authorized under routine uses in the Privacy Act notices called "Title IV Program Files" (originally published on April 12, 1994, Federal Register, Vol. 59 p 17351) and "National Student Loan Data System" (originally published on December 20, 1994, Federal Register, Vol 59 p65532). Thus, this information may be disclosed to federal and state agencies, private parties such as relatives, present and former employers and creditors, and contractors of the Department of Education for purposes of administration of the student financial assistance program, for enforcement purposes, for litigation where such disclosure is compatible with the purposes for which the records were collected, for use by federal, state, local, or foreign agencies in connection with employment matters or the issuance of a license, grant, or other benefit, for use in any employee grievance or discipline proceeding in which the federal government is a party, for use in connection with audits or other investigations, for research purposes, for purposes of determining whether particular records are required to be disclosed under the Freedom of Information Act, and to a Member of Congress in response to an inquiry from the congressional office made at your written request.

Because we request your Social Security Number (SSN), we must inform you that we collect your SSN on a voluntary basis, but Section 484(a)(4) of the HEA (20 U.S.C.109(a)(4)) provides that, in order to receive any grant, loan, or work assistance under Title IV of the HEA, a student must provide his/her SSN. Your SSN is used to verify your identity, and as an account number (identifier) throughout the life of your loan(s) so that data may be recorded accurately.

Parent Loans for Undergraduate Students (PLUS)

The student must complete the entire financial aid application process, receive an aid notification letter, and apply for his/her maximum Direct Loan before the student's parent can apply for the Parent Loan for Undergraduate Students (PLUS).

The PLUS loan application must be completed by the parent borrower.

Privacy Act Disclosure Notice

The Privacy Act of 1974 (5 U.S.C.552a) requires that the following notice be provided to you. The authority for collecting the information requested on this form is S451 et seq of the Higher Education Act of 1965, as amended. Your disclosure of this information is voluntary. However, if you do not provide this information, you cannot be considered for a Direct PLUS loan. The information on this form will be used to determine your eligibility for a DIrect PLUS loan. The information in your file may be disclosed to third parties as authorized under routine uses in the Privacy Act notices called "Title IV Program Files" (originally published on April 12, 1994, Federal Register, Vol. 59 p 17351) and "National Student Loan Data System" (originally published on December 20, 1994, Federal Register, Vol 59 p65532). Thus, this information may be disclosed to federal and state agencies, private parties such as relatives, present and former employers and creditors, and contractors of the Department of Education for purposes of administration of the student financial assistance program, for enforcement purposes, for litigation where such disclosure is compatible with the purposes for which the records were collected, for use by federal, state, local, or foreign agencies in connection with employment matters or the issuance of a license, grant, or other benefit, for use in any employee grievance or discipline proceeding in which the federal government is a party, for use in connection with audits or other investigations, for research purposes, for purposes of determining whether particular records are required to be disclosed under the Freedom of Information Act, and to a Member of Congress in response to an inquiry from the congressional office made at your written request.

Because we request your Social Security Number (SSN), we must inform you that we collect your SSN on a voluntary basis, but Section 484(a)(4) of the HEA (20 U.S.C.109(a)(4)) provides that, in order to receive any grant, loan, or work assistance under Title IV of the HEA, a student must provide his/her SSN. Your SSN is used to verify your identity, and as an account number (dentifier) throughout the life of your loan(s) so that data may be recorded accurately.

About Our Financial Aid Portal

Save time and check your Financial Aid Status Online!

Log in from home to see the current status of your Financial Aid Application.

If you have completed a FAFSA online and included Spokane Community College as one of your school choices, you can view your financial aid status including any awards you have been offered on our new Student Financial Aid Portal.

What You Can See in the Portal

  • Documents you have turned in or need to turn in.
    (Please allow at least two weeks from the time you turned in your documents.)
  • Messages from our office
  • Awards you have been offered

To log into the Student Financial Aid Portal, you will need your SSN (Social Security Number) and your SCC-assigned PIN (Personal Identification Number). » Request your PIN

HINT: The FAM Portal only accepts PINs that are five to six digits in length. If your PIN number is four digits long, add a zero to the front of your PIN to access the FAM Portal.

Budget Wisely

Budgeting puts you in control and will help you make better decisions about financing your education. Budgeting in school will also help you manage your money after you leave school. Finding ways to increase your income and decrease your expenses will help prepare you for budgeting your money.

Calculate your expenses and your total resources (income). Then use these figures to help you determine your balance and how much you really need to finance your education. Knowing the balance helps you determine if you need all the money you are allowed to borrow.

Loan Limits Chart

Academic
Year
Dependent
Sub. and/or Unsub.
Independent
Sub. and Unsub. + Add'l Unsub.
First Year $3,500 + $2,000 = $5,500 $3,500 + $6,000 = $9,500
Second Year $4,500 + $2,000 = $6,500 $4,500 + $6,000 = $10,500
AGGREGATE Undergraduate LIMITS $23,000 + $8,000 = $31,000 $23,000 + $34,500 = $57,500

What Is My Monthly Payment?

Examples of Debt Levels, Beginning Monthly Payments, and Total Amounts Repaid for All Direct Loan Repayment Plans*

Non-Consolidation Borrowers

Debt When Loan Enters Repayment Standard Extended Fixed Extended Graduated Graduated Income Contingent**
Income = $25,000
Per Month Total Per Month Total Per Month Total Per Month Total Single Married/HoH***
Per Month Total Per Month Total
$5,000 $61 $7,359 N/A N/A N/A N/A $38 $7,978 $40 $9,414 $38 $12,294
10,000 123 14,718 N/A N/A N/A N/A 76 15,957 80 18,828 77 24,587
25,000 307 36,795 N/A N/A N/A N/A 190 39,892 201 47,069 189 61,588
50,000 613 73,591 394 118,264 344 126,834 380 79,800 247 106,630 189 137,766
100,000 1,227 147,183 788 236,528 688 253,660 760 159,566 247 187,553 189 170,153
Notes: * Payments are calculated using the maximum interest rate for student borrowers, 8.25%.
** Assumes a 5 percent annual income growth (Census Bureau).
*** HoH is Head of Household. Assumes a family size of two.

Consolidation Borrowers

Debt When Loan Enters Repayment Standard Extended Fixed Extended Graduated Graduated Income Contingent**
Income = $25,000
Per Month Total Per Month Total Per Month Total Per Month Total Single Married/HoH***
Per Month Total Per Month Total
$5,000 $61 $7,359 N/A N/A N/A N/A $38 $7,978 $40 $9,414 $38 $12,294
10,000 97 17,461 N/A N/A N/A N/A 69 19,165 80 18,828 77 24,587
25,000 213 51,123 N/A N/A N/A N/A 172 55,491 201 47,069 189 61,588
50,000 394 118,264 394 118,264 344 126,834 344 126,834 247 106,630 189 137,766
100,000 751 270,452 788 236,528 688 253,660 688 286,305 247 187,553 189 170,153
Notes: * Payments are calculated using the maximum interest rate for student borrowers, 8.25%.
** Assumes a 5 percent annual income growth (Census Bureau).
*** HoH is Head of Household. Assumes a family size of two.

Loan Videos

How much should I borrow? Click here for an informative video!

 

Repaying your student loans? Click here for a helpful video!