Borrowing for Higher Education

Student loans can have a much lower interest rate and sometimes the interest is deferred while students are in school. Keep in mind that any money you borrow needs to be repaid.

Want to learn more about ways to pay for college? Check out this "Money Matters" video for tips on budgeting, saving, and understanding the consequences of getting into debt.

Receiving Federal Loan Funds

To receive a loan you must file FAFSA, accept your loan offer on your financial aid award, then complete a Master Promissory Note (MPN) at www.studentloans.gov and attend Entrance Loan Counseling. You must also be enrolled in and attending half-time (6 credit hours). Entrance Loan counseling is a workshop that informs you on your loan options and repayment. If you have accepted your loan in your portal, please check your student e-mail for communication from Dianne Chan (dianne.chan@ppcc.edu) regarding instructions for loan counseling on the Learning Management System.

Loan Types

Some loans are better than others. Subsidized loans do not accrue interest while you are in school and are better than an Unsubsidized, which does accrue interest even when you are taking classes.

Deadline for Loan Acceptance/Adjustments Per Semester:

Fall 2018 = December 4, 2018
Spring 2019 = April 23, 2019
Summer 2019 = July 23, 2019

Subsidized

A Federal Subsidized Loan is great because interest does not accrue when you are in school. This loan does not accrue interest while you are enrolled in school at least half time.

Unsubsidized

A Federal Direct Unsubsidized Loan is not based on your financial need. You are charged interest on this loan from the time the loan is disbursed until it is paid in full.

Federal Parent (PLUS) Loan

Parents of dependent undergraduate students can borrow a PLUS loan to pay for educational expenses at PPCC as long as their student is enrolled at least half-time (6 credits) in a degree program and meets the College's Satisfactory Academic Progress Standards. Parents are financially responsible for paying this loan back and will be charged interest on this loan from the time the loan is disbursed until it is paid in full. To apply, parents must sign a Master Promissory Note (MPN) at www.studentloans.gov and submit the Parent Loan Request (PLUS) form.

Entrance Loan Counseling

Be sure you have completed the FAFSA. Upon completing the FAFSA you will receive a financial aid award containing which grants and loans for which you qualify. To receive a loan you will have to sign a Master Promissory Note at www.studentloans.gov and complete PPCC's online D2L Entrance Loan Counseling which you will automatically be signed up for when you accept your student loan on your award. Please check your PPCC Student Email for directions on how to begin the counseling session. Through an Entrance Loan Counseling Session, you will learn the types of loans, repayment options, and how to maintain your financial aid eligibility.

Sign the Master Promissory Note

After you have been awarded a loan, sign your Master Promissory Note (MPN) by logging into www.studentloans.gov with your FAFSA ID and complete the MPN for your Subsidized or Unsubsidized Loan.

Sign the MPN