A loan is a type of financial aid that must be repaid. Students must complete an application and sign a promissory note (a legal obligation to repay) before the loan is disbursed. In addition, you may be required to participate in loan counseling prior to receiving your loan funds (Entrance Counseling), and again when you graduate or withdraw from Silver Lake College (Exit Counseling). Apply for loan here.
Students interested in loans must first file a Free Application for Federal Student Aid (FAFSA) to have eligibility determined. Your Silver Lake College Financial Aid Award letter will list your loan eligibility.
To apply for the loan eligibility listed on your Financial Aid Award Letter, borrowers must complete an on-line Loan Request and Master Promissory Note (MPN).
A processing fee will be deducted from each loan disbursement. The net loan amount will be directly credited to your Student Account.
For Federal Direct Loan information on current interest rates, required fees, and sample repayment charts, click here or go to Federal Direct Student Loan Servicing. For information on loan forgiveness for teachers or for public service, click here.
Federal Direct Stafford Loans
Silver Lake College students enrolled at least half time in an eligible program may receive Federal Stafford Loans. Payment on the principal balance of the loan is deferred as long as the student is enrolled at least half time.
Subsidized Stafford Loans are available to students with demonstrated financial need. Payment on principal and interest are deferred as long as the student is enrolled at least half time.
Financial Awareness Counseling
Financial Awareness Counseling provides students the basics of financial management, shows students their current federal student loan debt (and their current student loan debit if they enter information about their private student loans), and provides students an estimate of what their student loan debt is likely to be at the time they leave school.
Financial Awareness Counseling includes topics such as:
- Understand Your Loans - This section will allow logged-in users to see their existing federal student loan debt based on the National Student Loan Data System (NSLDS) data. Users can enter additional loans that are not reflected in the NSLDS. Outside the log-in, users can enter their student loans.
- Manage Your Budget - This section includes an in-school budgeting tool that compares living expenses vs. a user's current income. The user can export his or her data to an Excel spreadsheet.
- Plan to Repay - This section includes a budgeting tool which compares living expenses vs. estimated income after leaving school and calculates monthly payment amounts for each of the basic repayment plans. This section also includes a tool that allows the user to see the effect of paying extra towards their loans to reduce their overall debt and the amount of interest paid over time.
- Avoid Default - This section provides tips on how to postpone repayment or lower monthly payments, if needed.
- Make Finances a Priority - This section discusses the development of a financial plan and making financial decisions.
- A Summary Page - This page gives a summary of the data used and/or entered and can be printed.
Undergraduate Annual Subsidized Stafford Loan Limits
First Year Students (0 - 29 completed credits)$3,500
Second Year Students (30 - 59 completed credits) $4,500
Third and Fourth Year Students (60 - 90+ completed credits)$5,500
Unsubsidized Stafford Loans are awarded to students not eligible for the subsidized loan, and to independent students in addition to subsidized eligibility. Unsubsidized Stafford Loan limits are calculated in combination with any Subsidized Stafford Loan amounts. Interest accrues to the student while in school but may be deferred and capitalized prior to entering repayment.Independent status students and Dependent students whose parent is denied a parent PLUS Loan are eligible to borrow higher Unsubsidized Stafford Loan amounts.
Dependent Undergraduate Annual Combined Subsidized and Unsubsidized Stafford Loan Limits
First Year Students (0 - 29 completed credits)$5,500
Second Year Students (30 - 59 completed credits)$6,500
Third and Fourth Year Students (60 - 90+ completed credits)$7,500
Independent Undergraduate Annual Combined Subsidized and Unsubsidized Stafford Loan Limits
First Year Students (0 - 29 completed credits)$9,500
Second Year Students (30 - 59 completed credits)$10,500
Third and Fourth Year Students (60 - 90+ completed credits)$12,500
Dependent undergraduates and teacher licensure students may borrow up to $31,000 (no more than $23,000 of which can be subsidized).
Independent undergraduates and teacher licensure students may borrow up to $57,500 (no more than $23,000 of which can be subsidized).
Federal Direct PLUS Loans for parents of students
The parents of dependent undergraduate students may choose to access funds through the Federal Direct PLUS Program(Parent Loan for Undergraduate Students). Repayment of principal and interest begins 60 days after the loan is fully disbursed.
The maximum PLUS Loan amount in a given academic year is the difference between the total cost of attendance and any other financial aid awarded to the students. A credit check will be done prior to loan approval.
Non-Federal (Alternative) Loan Programs
In addition to the federal loan programs, various private lenders offer education loans that may supplement other financial aid or assist students who are not eligible for federal loans. These include loans to students with and without co-signers. You may find more information by going directly to lender websites to learn more about their private loan programs.