Follow the steps below to apply for a student loan at Spoon River College.
PLEASE Note: Loan Request Forms for 2013-2014 will not be available until mid-June 2013.
- Complete a Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov.
- Submit all financial aid documentation requested by SRC.
- Register for and attend at least six credit hours.
- Complete the Online Entrance Counseling and promissory note for your loan electronically at www.studentloans.gov.
- Complete a LoanRequest1213.doc(Microsoft Word Format) or LoanRequest1213.pdf(PDF Document)and submit it to the Financial Aid Office.
- Financial aid staff will determine if a student is eligible for a student loan when the loan is certified and again when the loan funds are disbursed. Eligibility is determined by reviewing hours of enrollment, SAP (Standards of Academic Progress), eligible curriculum, cumulative loan amount borrowed (not to exceed federal maximum allowed), and attendance. Grade level, cost of attendance, EFC (Expected Family Contribution), and aid already applied determine whether the student will be eligible for a subsidized or an unsubsidized Direct Loan.
- Once loan eligibility has been determined and your loan certified, you will receive a letter explaining the amount for which you were approved and a disclosure statement from the Direct Loan Processing Center.
- Loan checks are mailed by the Business Office on the main campus directly to the student's address on file with the college.
- Failure to remain in attendance until the 11th week of the semester or to complete any course for the semester successfully (D grade or better) necessitates a recalculation of your aid eligibility and may result in you being eligible for less aid and having to repay amounts of aid that you previously received.
Failure to complete the applicable steps will cause delays in processing your request.
Please see the Federal maximum annual borrowing limits at the Federal Direct Loans website.
Direct Plus Loans
Direct PLUS Loans (Parent Loan for Undergraduate Dependent Students) are for parents of dependent undergraduate students who do not qualify for need based money to help meet educational costs not covered by other sources of aid. Parents may borrow up to the cost of attendance minus other sources of aid received by the student. The interest rate for loans after July 1, 2011 is fixed at 7.90%. Follow the steps below to apply for a Direct PLUS Loan at Spoon River College.
- Parents complete a promissory note at www.studentloans.gov.
- Parents also need to complete a 2012-2013 PLUS Loan Request Form (Microsoft Word Format) or PLUSLoanRequest1213.pdf(PDF Document)
- SRC will then certify enrollment, cost of attendance and the loan amount approved.
- Once the loans have been guaranteed by the Department of Education, funds can be disbursed to the school as early as the first day of class.
- Failure of a student to attend courses for which they are enrolled will necessitate the parent return funds to SRC for return to the Department of Education.
- Failure of the student to remain enrolled until the 11th week of the semester or to complete any course for the semester successfully (D grade or better) necessitates a recalculation of your aid eligibility and may result in you being eligible for less aid and having to repay amounts of aid that you previously received.
Alternative or Private Student Loans
Private student loans are nonfederal loans issued by a lender such as a bank or credit union. Private student loans often have variable interest rates, require a credit check and do not provide the same benefits to student borrowers as the federally guaranteed student loans.
Federal student loans offer borrowers many benefits not typically found in private loans. These include low fixed interest rates, income-based repayment plans, and loan forgiveness and deferment options, including deferment of loan payments when a student returns to school. For these reasons, students and parents should always exhaust federal student loan options before considering a private loan.