LOANS ARE BORROWED MONEY THAT MUST BE REPAID WITH INTEREST. An enrollment status of six (6) or more credits is required for student loans. The Office of Financial Aid Services strongly encourages you to BORROW ONLY WHAT YOU ABSOLUTELY NEED because:
- Excessive borrowing = higher monthly payments.
- If you plan to transfer to four-year school which has higher costs, you may reach your loan cap before you have completed your bachelor degree (i.e. you may run out of loan money).
- If you borrow too much you may not be able to pay back the loans. Unlike other personal debt, student loans are not forgiven through bankruptcy and there are severe consequences for not paying them back.
TO APPLY for a Direct Stafford Loan complete the FAFSA. At a later time you will be notified by the HACC Office of Financial Aid Services of additional steps to receive the loan. Those steps include
- Accepting the loan(s) on the MyHACC portal. Once you accept the loans you are directed to the Entrance Counseling website...
- Entrance Counseling. This is a federal requirements and will explain further the terms and conditions of borrowing. This is a one-time requirement
- Signing the Master Promissory Note (MPN) This is the legal loan note where the student borrower agrees to pay back the loan.
BEFORE PAYING YOUR LOAN FUNDS, our office must verify your enrollment status. Therefore, when you drop below six (6) credits or terminate your enrollment, you may lose your eligibility for your student loan funds.
LOANS DISBURSE DIFFERNTLY THAN GRANTS... Loan disbursements are split in two for each term with the second disbursement occuruing after the mid-point of the term. Plan your finances accordingly.
REPAYMENT for some loans, begins after you graduate, withdraw, or drop below six (6) credits. This period of time, when no loan payments are required, is called a GRACE PERIOD. The Federal Government “subsidizes/pays” the interest during the GRACE PERIOD. Loans are required to be repaid regardless if you graduate, find a job or are unhappy with your degree. Once you stop attending, graduate or drop to under six credits you must complete EXIT COUNSELING. HACC's Office of Financial Aid Services will notify you about exit counseling.
NEED TO DEFER YOUR LOAN?
You can print your own ENROLLMENT VERIFICATION via HACCWeb. Go online to www.hacc.edu > HACCWeb > Enter Secure Area > enter your HACCid and PIN > Student Services and Financial Aid menu > Student Records or Student Registration > Enrollment Verification link. This will take you to the National Student Clearinghouse website. Just follow their instructions to obtain the enrollment certificate.