Direct Loans

Many students rely on federal government loans to finance their educations. These loans have low interest rates and do not require credit checks or collateral. Student loans also provide a variety of deferment options and extended payment terms. There are limits to the amount students can borrow from the Direct Loan programs. There are separate limits for dependent undergraduate students and independent undergraduate students. All Direct Loans are either subsidized or unsubsidized.

**IMPORTANT INFORMATION REGARDING YOUR STUDENT LOANS**
Your eligibility for federal financial aid is subject to specific terms and conditions; this includes student loans. We are required to follow federal regulations even if funding has already been awarded and/or disbursed when new information regarding your eligibility becomes available. If you are awarded loans and subsequently fail to maintain eligibility, or we become aware of additional information which affects our initial determination of your award eligibility, adjustments to your award may be required. If adjustments are necessary, you may be required to repay some or all of your funding. Federal Direct Loan funds are split into two payments and are paid to a student’s account via Electronic Funds Transfer (EFT). Please contact the business office for disbursement dates.

2017-18 Direct Loans

Term dates to begin accepting/last day to submit:

SEMESTERBegin
Accepting
Submission
Deadlines
FallMay 22, 2017November 6, 2017
SpringOctober 2, 2017April 9, 2018
SummerMarch 5, 2018June 11, 2018

 

2016-17 Direct Loans

Term dates to begin accepting/last day to submit:

SEMESTERBegin
Accepting
Submission
Deadlines
SummerMarch 6, 2017June 12, 2017

Master Promissory Notes and Entrance Counseling must be completed before submitting Affirmative Confirmation form

 

Subsidized Loans

Subsidized Direct Loans – the government pays the interest while you’re in school.

To receive a subsidized Direct Loan, you must be able to demonstrate financial need. Repayment begins six months after the student graduates or drops below half-time enrollment. The standard repayment term is 10 years, although one can get access to alternate repayment terms (extended, graduated and income contingent repayment) by consolidating the loans.

 

Unsubsidized Loans

Unsubsidized Direct Loan – you pay all the interest, although you can have the payments deferred until after graduation.

Unsubsidized Direct Loans are not based on financial need. With the unsubsidized Direct loan, you can defer the payments until after graduation by capitalizing the interest. This adds the interest payments to the loan balance, increasing the size and cost of the loan. Repayment begins six months after the student graduates or drops below half-time enrollment. The standard repayment term is 10 years, although one can get access to alternate repayments terms (extended, graduated and income contingent repayment) by consolidating the loans.

 

Private Student Loans

Due to the low tuition cost at CCTC and the high default rate on private loans, we feel it is in the best interest of our students to NOT certify private student loans.

 

Direct Loan Affirmative Confirmation Form

Students who desire a Direct Loan (subsidized or unsubsidized) are required to complete the loan entrance counseling online and a master promissory note at http://www.studentloans.gov/

Effective July 1, 2013, the law limits the benefits of the Direct Loan subsidy to an aggregated period of no more than 150% of program length for new borrowers.  Once that limit has been exceeded, a student may borrow only unsubsidized loans, and will begin to incur interest charges on outstanding subsidized loans.  These new limits will have a profound effect on when and how much you borrow.
To view the details of the changes and how it will affect you as a borrower, please see the following PDF:  Time Limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers on or after July 1, 2013

 

Entrance Counseling

Please follow the directions listed below and all directions on the website. Take your time and read all information to ensure your understanding.

You must have your FSA ID and username from the US Department of Education.

If you do not have a FSA ID and username, please go to https://fsaid.ed.gov/npas/index.htm.

Need help creating an FSA username and ID? Click here for instructions.

  • Go to Federal Student Aid web site at http://www.studentloans.gov/
  • Click “Log In” located in the “Log in to StudentLoans.gov” box.
    The following information is needed to log in:

    • FSA ID Username and Password
    • Social Security Number
    • First two letters of your Last Name
    • Date of Birth
    • Select Complete Entrance Counseling.
    • Select I am an undergraduate student.
  • There are Four (4) Steps to completing the Entrance Counseling Session. The first step is the “Counseling Type” section, the second step is the “Guidelines”, the third step is your “School Information” and  your fourth step is the actual “Counseling Session/Quiz”.
  • After you have completed the Entrance Counseling Session, you till then need to submit your quiz. Upon submitting your quiz you will be directed to a page that states “Congratulations! You have successfully completed Entrance Counseling for Direct Loan Sub/Unsubsidized/Perkins Loan Type.” Please print a copy of this statement above and attach to your Affirmation Confirmation form if you are a new borrower. This screen has your identifying information; you can view and download your complete Counseling Verification Page, submit a Master Promissory Note or Print your Entrance Counseling Session. It is recommended that you print a copy for your records.

AFTER YOU HAVE SUCCESSFULLY COMPLETED THE ENTRANCE COUNSELING QUIZ, COMPLETION CONFIRMATION WILL BE FORWARDED TO THE FINANCIAL AID OFFICE WITHIN 24-48 HOURS.

 

Master Promissory Note

Please follow the directions listed below and all directions on the website. Take your time and read all information to ensure your understanding.

You must have your FSA ID and username from the US Department of Education.

If you do not have a FSA ID and username, please go to http://www.pin.ed.gov/.

  • Go to Federal Student Aid web site at http://www.studentloans.gov/
  • Click “Log In” located in the “Managing My Direct Loan” box.
    The following information is needed to sign in:

    • FSA Username and Password
  • Select Complete Master Promissory Note.
  • Select Subsidized/Unsubsidized from the list.
  • Carefully enter all of your information. Under “School and Loan Information” choose “South Carolina” and choose “Central Carolina Technical College”.
  • On the next page, enter your reference information.
  • Read sections C, D and E, then in section G, check the box acknowledging that you have reviewed the information in sections C, D and E. Click “Continue”.
  • Review all of the information you entered, edit any necessary corrections. At the bottom, type in your name and click “Sign”.
  • At the bottom of the screen you will receive a message that states “Your signature has been authenticated.” Click “Continue”.
  • Click on “View PDF” and print a copy of the MPN for your records.
  • Print a copy of the MPN confirmation page and attach it to your Affirmation Confirmation form if you are a new borrower.

The school should receive an electronic confirmation within a week after you have successfully completed an Electronic Master Promissory Note. Your loan will not be credited to your account until you have completed a loan request, signed your electronic master promissory note and completed the entrance counseling.

 

Exit Counseling

All Graduating students who borrowed from the Federal Direct Loan Program, students who have dropped below half-time or cease attending, must complete an exit counseling session to learn about the rights and responsibilities of repaying the loan. Exit Counseling can be completed at http://www.nslds.ed.gov/nslds_SA.