Student Loans
Information about student loans including eligibility and tips for student loan borrowers.
Student Loan Eligibility
- Complete your FAFSA and financial aid file.
- Enroll in a minimum of 6 financial aid eligible credit hours (non-credit classes or ABE are not considered eligible). Congress also establishes loan limits that may be prorated depending on your student classification.
- Enroll in an eligible program of study.
- If you are a first-time federal loan borrower, you need to complete the Entrance Counseling and sign a Master Promissory Note.
- Maintain financial aid Satisfactory Academic Progress.
- If you qualify for a Federal Subsidized Direct Loan, you may borrow up to $3,500 per year as a first-year student and $4,500 per year as a second-year student.
- Private student loan requirements vary by lender.
Student Loan Tips
If you decide to borrow, here are some points to remember:
- If you’re a freshman student and a first-time borrower, you must complete the entrance counseling, sign a master promissory note and apply online for your loans. In addition, your first disbursement can’t be made until 30 days after the first day of term.
- If you drop below half-time during a term in which you are receiving a student loan, all subsequent disbursements may be canceled.
- Be an informed borrower. Review loan deferment provisions, repayment terms, and refinancing and consolidation options before your loan repayment begins.
- Keep records on all your loans, keep them up-to-date and keep them together in one place.
- Keep your lender informed of your current address, any name changes, any changes in your repayment status and any problems you may have with loan repayment.
- Retain the Notice of Loan Guarantee; it details the interest rate, the type of loan you have, total amount borrowed (provided all loans have been processed through the same guarantee agency), and your projected monthly payment.