Loans

Our financial advisors will explain the loan process to you, and how this valuable resource can help you finish college. 

Step 1:

Before completing the loan application, you must complete the FAFSA. You’ll then receive a formal determination from SC4’s Financial Aid Office. A formal determination can be either:

• An SC4 award letter, or
• An SC4 letter indicating that you are ineligible for a grant but may apply for a loan. 

Step 2:

First-time borrowers must complete the following:

• Entrance counseling can be completed at studentaid.gov
• Master Promissory Note
• SC4 loan request form

Returning borrowers must complete:

• SC4 loan request form

Repaying Your Student Loans

For most loans, you will have six months after you graduate, leave school, or drop below half-time enrollment before you must begin making payments. You can use this time to get financially settled, to determine your expected income and expenses, and to select a repayment plan. Once you enter repayment, you must make your payments on time to avoid delinquency and default.

If you have questions or concerns about repaying your federal student loans, contact your loan servicer.

Before you graduate, leave school, or enroll less than half-time, make sure you complete the steps below.

2. Complete Exit Counseling – You are required to complete exit counseling before you graduate, leave school (for any reason), or drop below half-time enrollment. Exit counseling is a mandatory session that explains your loan repayment responsibilities and when repayment begins. This can be done at https://studentaid.gov/exit-counseling/.
3. Review your Student Loan Borrowing History by logging into StudentAid.gov and viewing your dashboard. For questions related to functions such as student eligibility, overpayments, loan history and enrollment reporting, contact the National Student Loan Data System (NSLDS) at (800) 999-8219.
4. Create a login with your loan servicer. Review and set up repayment.

Stafford maximums

Student Level & Dependency Status	Maximum Stafford (subsidized and unsubsidized)	Maximum Subsidized
Dependent freshman	$5,500	$3,500
Dependent sophomore	$6,500	$4,500
Independent freshman	$9.500	$3,500
Independent sophomore	$10,500	$4,500

Lifetime limits

Student Level & Dependency Status	Maximum Stafford (subsidized and unsubsidized)	Maximum Subsidized
Dependent undergraduate	$31,000	$23,000
Independent undergraduate	$57,500	$23,000

Phased-in Cuts in Interest Rates on
Subsidized Stafford Loans for Undergraduate Students

Year	Fixed Interest Rates for Direct Subsidized Loans and Subsidized Federal Stafford Loans (Undergraduate Borrowers)
2007-08	6.8%
2008-09	6.0%
2009-10	5.6%
2010-11	4.5%
2011-12	3.4%
2012-13	6.8%
2013-14	3.86%
2014-15	4.66%
2015-16	4.29%
2016-17	3.76%
2017-18	4.45%
2018-19	5.05%
2019-2020	4.53%
2020-2021	2.75%
2021-2022	3.73%
2022-2023	4.99%
2023-2024	5.5%