Types of Financial Aid: Loans
Loans are available to students and parents. Eligibility is determined through the FAFSA. Separate loan forms must be completed for loan processing. Repayment is in accordance with the terms of the loan.
Federal Direct Student Loan Program
- Available to students enrolled in at least 6 credits (half time).
- There are two types of Federal Direct Student Loans, Subsidized (need-based determined by need, cost of attendance, and estimated family contribution; interest paid by taxpayer funds while the borrower is enrolled at least half-time) and Unsubsidized (the borrower is responsible for interest, which begins to accrue as soon as the loan is disbursed). Some students may be eligible only for the Unsubsidized Loan.
- Students must be enrolled in a financial aid-eligible degree or certificate program (non-matriculated students not eligible).
- Interest rate is 5.045 % * for Subsidized loans (no interest during school) and Unsubsidized loans (interest accrues during enrollment); loan fees are approximately 1.066% * of the amount borrowed.
- If the student is a first time borrower after July 1, 2013, there is a limit on the maximum period of time that you can receive Direct Subsidized Loans (measured in academic years). Once a student has reached their maximum period and enrolls in an undergraduate program (of equal or lesser value) and has not graduated, they will have their interest subsidy end for all outstanding subsidized loans. After this occurs students will be eligible for unsubsidized loans only.
- Repayment begins 6 months after dropping below half-time (below 6 credits). All students who receive a loan must complete Exit Counseling upon withdrawal or graduation from Shoreline.
- Eligibility is determined through the federal aid application process. Students must submit the FAFSA and complete all other required steps. In addition, students must submit the Loan Request Form, complete Entrance Counseling and the Master Promissory Note at http://studentloans.gov.
- Students must be making required satisfactory academic progress.
*Interest rates & loan fees are subject to change
Parent PLUS Loan
This federal loan available to parents of dependent students; not based on student "need"; 4.264%* loan fees; 7.595%* interest rate. Students must first submit the FAFSA and complete all other required steps.
- Parents must complete the Master Promissory Note for Parent PLUS loans. This is completed on the web at studentloans.gov; sign in with parent information and choose "Complete Master Promissory note" and then click on “Parent PLUS.”
- The student and parent borrower complete the Parent PLUS Loan Request Form and submit it to the Financial Aid Office. This form is available at the Financial Aid counter in the FOSS (5000) Building and on the Financial Aid forms page. The U.S. Department of Education will conduct a credit check on the parent borrower.
- Must be enrolled in at least halftime (6 credits).
- Must be enrolled in a fnancial aid eligible degree or certificate program
- Must be making Satisfactory Academic Progress
* Interest rate& loan fee is subject to change
Nursing Student Loan
Funded by Department of Health, this loan is available to students admitted to the Shoreline's Nursing program.
- Eligibility is determined through the federal aid application process. Students must submit a FAFSA and complete all other required steps.
- Students must complete and submit the Nursing Loan Application, which is available in the Financial Aid Office.
- If eligible, student will need to complete Entrance Counseling and Master Promissory Note with the Financial Aid Loan Coordinator.
- Nursing Student Loan can be for up to $2,500 per year, based on financial need as determined by federal guidelines.
- Repayment begins 9 months after graduation and payments are made during a 10-year period after completing the degree program.
- Interest rate is 5%* and is deferred as long as the student is enrolled at least half-time (6 credits) while pursuing a degree in the Nursing field.
*Interest rate is subject to change
As higher education costs continue to rise, many college students find that they need to look beyond traditional financial aid. Before considering a private loan, make sure you've applied for any and all Financial Aid & scholarships.
- If you are not eligible for any other type of aid, educate yourself about borrowing private loans by visiting FinAid! for explanations on the costs of borrowing and how to compare lenders.
- If you are receiving other financial aid, check with the financial aid office to determine the maximum amount you can borrow without affecting your other aid awards.