Financial Aid Direct Loan Information

**The deadline for Full Year or Fall Only Loan applications is October 20th**

 

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest, just like car loans and home mortgages. You cannot have these loans cancelled because you didn't like the education you received, didn't get a job in your field of study, or you're having financial difficulty.

Loans made through this program are referred to as Direct Loans, because eligible students and parents borrow directly from the U.S. Department of Education at participating schools.  

Federal Direct Loans are processed by request only. To be eligible for a federal student loan you must have a complete financial aid file for the current year, meet all eligibility requirements (ex. satisfactory academic standards), and each semester be enrolled at least six semester hours that apply to a degree or a certificate that can be earned at Kishwaukee College.

Direct Subsidized Loans - you must have financial need to receive a subsidized loan. The U.S. Department of Education will pay (subsidize) the interest that accrues on your Direct Subsidized Loan during certain periods.

Direct Unsubsidized Loans - financial need is not a requirement to obtain an unsubsidized loan. You are responsible for paying the interest that accrues on your Direct Unsubsidized Loan.

Direct PLUS Loans - are loans parents can obtain to help pay the cost of education for their dependent undergraduate children. This type of loan is credit based, based on the parents credit.

 

2014-2015 School Year

(Fall 2014 and Spring 2015 Semesters)

If you are the Student, please print the checklist and all forms listed below to apply for a Direct Loan.

IF you are the Parent, please print the checklist and all forms listed below to apply for a Direct PLUS Loan.

***PLEASE NOTE: All official transcripts from each college/university, that the student applying for the loan, has attended must be on file with the admissions office to receive any type of loan, direct or private.***

 

 

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