Code of Conduct for Financial Aid Personnel

Loan Eligibility

  • You must be registered for at least 6 credits at the time your loan is certified and disbursed by SCC.
  • Your loan eligibility is based on the types of aid you will be receiving on your award letter. If you become eligible for additional funding such as scholarships, third party funding, etc., your loan eligibility may decrease. As a result, you may have to repay part of your loan funds to the college if you have already received the loan funds, or may see future loan amounts decreased.
  • Your loan may require proration (a reduction in what you are eligible to borrow) if your final period of enrollment at SCC is just one semester. Therefore, the amount listed on your award letter may be higher than your actual remaining eligibility. The amount will be revised at the time the college certifies your loan.
  • If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. This time limit does not apply to Direct Unsubsidized Loans or Direct PLUS Loans. If this limit applies to you, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. This is called your "maximum eligibility period." Your maximum eligibility period is based on the published length of your current program.
Accepting Your Direct Student Loans

Interest Rates

The interest rate for Direct Subsidized and Unsubsidized Loans is 3.86% for loans first disbursed on or after July 1, 2013. Interest begins to accumulate on a Direct Subsidized Loan when you are no longer enrolled at least half-time. For additional information regarding the Federal Direct Loan Program, go to FSA’s Direct Loans.

Dependent Student Loan Limits

Grade Classification Annual Limit Aggregate Limit
Freshman

$5,500 (subsidized may not exceed $3,500)

$31,000 (subsidized may not exceed $23,000)
Sophomore $6,500 (subsidized may not exceed $4,500) $31,000 (subsidized may not exceed $23,000)

Independent Student Loan Limits

Grade Classification Annual Limit Aggregate Limit
Freshman

$9,500 (subsidized may not exceed $3,500)

$57,500 (subsidized may not exceed $23,000)
Sophomore $10,500 (subsidized may not exceed $4,500) $57,500 (subsidized may not exceed $23,000)

*Note – grade classification is determined by the number of earned credits at the time your award letter is prepared, not how many years you have attended college.

0-29 credits = Freshman, 30+ credits = Sophomore