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Paying For School

Loans

Loans

Loans are borrowed money. You must repay loans with interest. Learn more about loans.

What do student loans require?

You must be enrolled in at least six credits.

How much should I borrow?

Do not borrow more than you will need. Consider how much you borrow carefully:

  • Excessive borrowing results in higher monthly payments.

    • You may reach your loan cap if you plan to transfer to a four-year school. The four-year school may have higher costs. You may reach this cap before you complete your Bachelor's Degree.
    • You may not be able to pay back the loans. Bankruptcy does not forgive student loans, unlike other personal debt. There are severe consequences for not paying them back.

    How do I apply for a Stafford Loan?

    Complete the Free Application for Federal Student Aid (FAFSA). HACC's Office of Financial Aid Services will notify you with the next steps. You must:

    1. Accept the loan(s) on the MyHACC portal. Once you accept the loans, the portal will direct you to the entrance counseling website.
    2. Complete entrance counseling. The federal government requires this. It explains the terms and conditions of borrowing. This is a one-time requirement.
    3. Sign the Master Promissory Note (MPN). This is the legal loan note. This note states you agree to pay back the loan.

    When would I lose my loan?

    You may lose your loan eligibility if you:

    • Drop below six credits
    • Terminate your enrollment

    HACC verifies your enrollment status before paying your loan funds.

    How does HACC disburse loan funds?

    Plan your finances accordingly. We disburse loan funds differently than grants:

    • We split loan disbursements in two payments for each term.
    • The second disbursement occurs after the mid-point of the term.

    When do I need to repay the loan?

    For some loans, you will need to repay them:

  • After you graduate
  • If you withdraw
  • If you drop below six credits
  • There is a grace period. A grace period is the time when you do not need to repay the loans. The Federal Government subsidizes, or pays, the interest during the grace period.

    You need to repay your loan even if you:

    • Do not graduate
    • Do not find a job
    • Are unhappy with your degree

    You must complete exit counseling if you:

    • Stop attending
    • Graduate
    • Drop to under six credits

    HACC's Office of Financial Aid Services will notify you about exit counseling.

    I need a longer grace period. What should I do?

    Print your enrollment verification if you need to defer your loan. You must:

    1. Log into your HACCWeb account.
    2. Click on the "Student Services and Financial Aid" menu.
    3. Click on "Student Records" or "Student Registration."
    4. Click on "Enrollment Verification." This will take you to the National Student Clearinghouse website. Follow their instructions to obtain the enrollment certificate.