Student Loans

The U.S. Department of Education offers low-interest loans to eligible students to help cover the cost of college or career school.  Students may be eligible to receive subsidized and unsubsidized loans based on their financial need.

Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans. (Some people refer to these loans as Stafford Loans or Direct Stafford Loans.)

The link provided below is from the Department of Education regarding all of the questions one may have regarding loans and eligibility requirements.

https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized

Fletcher Technical Community College does not participate in the Federal Direct Plus Loan program.

 

Loan Application Process 

In order to complete the student loan application process, you must have completed a Free Application for Federal Student Aid (FAFSA).

Once your FAFSA has been successfully submitted and all required information submitted to the Financial Aid Office at FTCC, you must complete and submit the Loan Request Form.  At this time, your loan eligibility will be packaged by a Financial Aid Administrator to determine the amount.  Before the loan will ever be disbursed to the student account, all students must successfully complete Direct Loan Entrance Counseling and a Master Promissory Note (MPN) using the Federal Student Aid Username and Password used to sign your FAFSA.

 

Default Prevention Information

If you don’t make your loan payments, you risk going into default. Defaulting on your loan has serious consequences. Your school, the financial institution that made or owns your loan, your loan guarantor, and the federal government all can take action to recover the money you owe. Understand how missing a loan payment can be a problem, what default means and the consequences of default, and what you need to do if your loan is in default or if you think the default on your loan is an error.  https://studentaid.ed.gov/sa/repay-loans/default

 

Repaying Your Loans

Please visit the following links prior to obtaining your loan so you will be informed about repayment.  Loan repayment is very important as there are severe consequences if the loan should enter default.

 

Private Loans

Alternative Educational Loans, also known as Private Educational Loans, consist of any student loan that is not a federal student loan.  Alternative loans are available from banks and private loan companies and offer additional financial assistance to students who may not be eligible for federal aid.  Alternative loans should only be considered after applying for federal financial aid using the Free Application for Federal Student Aid (FAFSA).