Loans
Responsibilities When Borrowing Stafford Loans
- Complete an Entrance Interview before receiving loan funds and an Exit
Interview before leaving school.
- Repay your loan according to the terms and conditions of your loan
agreement even if you don’t complete your program, aren’t able to find
employment, or are dissatisfied with the education you receive.
- Make payments on time or make other satisfactory arrangements with your
lender/holder if unable to make payments.
- Notify your lender/holder immediately if you:
- Change your name, address, and/or phone number.
- Drop below half-time enrollment, withdraw, graduate, or transfer to
another school.
- Are having financial difficulty and/or need to apply for a deferment
or forbearance.
- Federal Student/PLUS Stafford Loans will be processed for students up
until mid-term. After mid-term a student loan will be considered only a
case-by-case basis. The student must show need for funds for educational
purposes. Students should allow for 1-2 weeks processing time. Peak times
may cause processing time to be more than 2 weeks. All loans considered must
be submitted in enough time to be processed and certified prior to the last
day of class.
Understanding Your Loan Choices
The FFELP is the largest single source of federal aid for students pursuing a
higher education. This program has two main sources of funding: Federal Stafford
loans for students and Federal PLUS loans for parents.
There are two types of Federal Stafford loans:
- Subsidized
If students receive a Subsidized Stafford loan to attend South Georgia
College, the federal government pays the interest on their loan while they
attend school at least half-time or when they qualify for an authorized
deferment.
- Unsubsidized
Students who receive an Unsubsidized Stafford loan to attend South Georgia
College are responsible for paying the interest while they are in school. If
students want to pay this interest while they attend school, they should
complete item #12 on the MPN. If they do not want to make the interest
payments, the interest can be added or capitalized to their principal
balance at repayment.
Click on a link below to find out more information about Stafford Loans:
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