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Loans

The Direct Loan program offers federal loans to eligible students to be used for education expenses. These loans offer low interest rates, forgiveness options and other great benefits. Three loans that SCIT's students have access to are the Subsidized Direct loan, the Unsubsidized Direct loan and the Parent Loan for Undergraduate Students (PLUS) loan.

Subsidized Direct Loans

The federal government will pay interest on this loan while you are enrolled in college at least half-time. Eligibility is based on financial need and repayment begins six months after leaving school or dropping below half-time enrollment.

  • Fees up to 2% will be deducted from the loan amount prior to each disbursement.
  • If you are a first-time borrower you must complete an entrance counseling before you can receive your loan funds.
  • All borrowers must complete an exit interview before leaving school.

Who May Apply

  • All full-time and half-time undergraduate students in a degree program
  • U.S. citizens or eligible non-citizens

How to Apply

  • File the Free Application for Federal Student Aid (FAFSA)
  • Complete a loan request form with SCIT's Financial Aid Office

Unsubsidized Direct Loans

Unsubsidized loans are available to all eligible students and are not based on financial need. You will accrue interest for the life of the loan, which begins accruing once the loan funds have been disbursed. You can defer paying this interest while in school, grace and periods of deferment and forbearance. If you make in-school interest payments you will have a lower monthly payment once in repayment.

  • Fees up to 2% will be deducted from the loan amount prior to each disbursement.
  • If you are a first-time borrower you must complete an entrance counseling before you can receive your loan funds.
  • All borrowers must complete an exit interview before leaving school.

Who May Apply

  • All full-time and half-time undergraduate students in a degree program
  • U.S. citizens or eligible non-citizens

How to Apply

  • File the Free Application for Federal Student Aid (FAFSA)
  • Complete a loan request form with SCIT's Financial Aid Office

The Federal Parent Loan for Undergraduate Students (PLUS)

Through the Parent Loan for Undergraduate Students (PLUS) program, parents of undergraduate students may borrow up to the annual cost of attendance minus any financial aid. The Federal PLUS loan program is designed to assist parents of dependent undergraduate students who are unable to meet their expected parental contribution or have additional financial need that is not met with other financial aid resources. Your parents may borrow up to the cost of your education for the academic year less any estimated financial aid you receive each academic year. This loan is limited to parents who have a positive credit check.Award Amounts cannot exceed the student's cost of education minus other aid received. Repayment begins 60 days after the loan is fully disbursed in the same academic year

  • Interest rates are fixed at 6.31 percent for the period 7/1/16 through 7/1/17.
  • An origination fee up to 5% will be deducted from the loan amount prior to each disbursement.

Who May Apply

  • All full-time and half-time undergraduate students in a degree program
  • U.S. citizens or eligible non-citizens

How to Apply

  • File the Free Application for Federal Student Aid (FAFSA)

Private Loans

Private loans are available from a variety of banks and lenders. The terms and rates for alternative loans are usually not as good as the Federal Stafford Loans, but are a better option than using your credit card to pay your educational costs. Please review our Student Lending Code of Conduct in regards to school policies in regards to avoiding any conflict of interest with the responsibilities of school officials with respect to parent, student, and private/alternative loans.

Applying for and Receiving an Alternative Loan

You can apply for an alternative loan by contacting the lender directly.

  • Usually the lender will require our office to certify that you are a student and what your costs are for the year.
  • The bank will send the loan funds directly to the school.
  • Should you want to check on the status of your loan, you need to check with the lender directly.