Loans

Loans

Loans at HCC are offered through the William D. Ford Federal Direct Loan Program, which issues loans directly from the federal government. HCC encourages you to review all information about loans before deciding to borrow and to borrow only what you need. Available loans include:

  • Federal Direct Stafford Loans
  • Federal Direct PLUS Loans
  • HCC does not offer Federal Perkins or Private Loans.

 

How to Apply for Loans

The first step in applying for any financial aid at HCC, including grantsloansscholarships and work study, is to complete the FAFSA (Free Application for Federal Student Aid). 

 

Loan Requirements

In order to receive loans funds for the semester, the student loan requirements (noted below) must be completed approximately 30 days prior to the end of the semester 

  1. Accept or decline the loans offered to you based on your eligibility.
  2. Complete Federal Direct Stafford Loan Entrance Counseling, which explains your rights and responsibilities as a loan borrower.
  3. Complete your Direct Loan Master Promissory Note (MPN).
  4. Be enrolled and attending 6 or more credit hours.

 

Purchase Books with Loans

When you have loan funds leftover after tuition and fees, your loans are available to assist with purchasing books beginning on the second day of classes.

In order for your aid to be available in the bookstore, you must complete all loan requirements (enrollment and attendance in 6 or more credits, completed loan promissory note and completed entrance loan counseling).

Once your eligible financial aid is authorized, you will receive an email letting you know you can purchase books at HCC Bookstore. Click here for more information about purchasing books.

 

Disbursement and Refunds for Loans

Disbursement means that all eligible financial aid funds will be posted to your account as a payment for classes. Once a disbursement of your financial aid is posted as payment for your classes, any aid leftover will be refunded to you within 48 – 72 hours (2-3 business days).

Students will receive their loan disbursement 30 calendar days after attendance is verified for 6 or more credits. 

Registering for classes with different start dates will affect how long it takes to verify attendance for 6-credit-hour requirement. For example, if you are taking 6 credit hours with one regular term class and one second start class, your loans will not disburse until attendance is verified for the second start class.

Loan requirements must be completed before loans can disburse and refund. 

  • Accept the loan by clicking here
  • Be enrolled and attending 6 or more credit hours.
  • Complete the online Entrance Loan Counseling by clicking here
  • Complete the Master Promissory Note (MPN) by clicking here


4 Things That Affect Disbursement Schedule

  1. SCHEDULE CHANGEIf your schedule changes and you enroll in later start classes, your scheduled disbursement week will change. Contact your campus financial aid office for those details.
  2. WITHDRAWALS: Withdrawing from classes will have an impact on the scheduled disbursement. If you withdraw from class(es), all aid will be held for review and eligibility may need to be recalculated. Contact your campus financial aid office for those details.
  3. LOAN REQUIREMENTS: To receive a disbursement for loans, you must meet the requirements listed above.
  4. ONE-SEMESTER LOANS: If your loan is for one semester only, you will receive two payments within that semester. Contact your campus financial aid office for those details.

 

Exit Counseling When You Graduate or Withdraw

If you are graduating, withdrawing, or dropping below half-time (six credit hours), please complete Federal Direct Stafford Loan Exit Counseling.

HCC will receive the results the next business day. Your academic records will be on hold until this is completed.

 

Interest Rates, Repayment Options and Tips to Avoid Student Loan Scams

For current federal loan interest rates, please click here.

To learn more about repayment options and tips to avoid repayment scams, please click here.