Loans

Many students need to use student loans in Florida to achieve their dreams of becoming college graduates.

There are generally two types of loans: federal loans and alternative (or private) loans. Federal loans are the largest source of education loans and usually have more favorable terms than alternative loans.

It is best to get all the federal loans you can before looking into alternative loans. Our financial office staff is available to help you understand all of your loan options.

Loan Options

FEDERAL DIRECT STAFFORD LOAN

  • Each year the following loan amounts may be available to eligible students: Freshmen $5500, Sophomores $6500, Juniors and Seniors $7500.
  • If a student or their family demonstrates financial need, a portion of the above funds may be subsidized (interest paid) by the federal government during periods of enrollment. Loan repayments will begin 6 months following graduation at a fixed interest rate. Current interest rates and origination fees are available at studentaid.gov.
  • There are two types of Direct Stafford Loans:
    • Subsidized Direct Stafford Loans are need-based. Qualifying for a subsidized loan is based on need as determined by the FAFSA. If you qualify, the government will pay the interest on your loan while you are enrolled in college at least half-time.
    • Unsubsidized Direct Stafford Loans are not need-based. Interest will accrue while the student is in school and you are responsible for paying all of the interest.
  • First time students who want to borrow a Direct Stafford Loan must first complete the FAFSA, the Direct Loan Entrance Counseling and MPN (Master Promissory Note (MPN). Loans cannot be added to student accounts until these requirements have been completed.

Please note that repayment on both Subsidized and Unsubsidized Direct Stafford Loans is not required until 6 months after a student graduates, drops below half-time, or withdraws from school. There are limits set forth by the federal government as to the amount that can be borrowed each year.

FEDERAL PARENT PLUS LOAN

Credit worthy parents may borrow up to the full cost of education minus any other aid for the student. Current interest rates and origination fees are available at studentaid.gov. Parents may apply at the same website. If parents are denied a Parent PLUS loan due to adverse credit, the student may be eligible for additional federal unsubsidized student loan funding. Please note that when logging onto the website, the parent should use the parent’s information and not the student’s.

ALTERNATIVE LOANS

Alternative loans provide additional funding after you have maximized your federal loan eligibility and are best used as a last resort. Often, students are required to have a co-signer for these loans. Learn more about alternative loans and compare options from private banks at FastChoice.

Required Exit Counseling

Students who have taken out a Direct Stafford Subsidized or Unsubsidized Loan during their time at Florida College must complete Exit Counseling on studentaid.gov when they graduate, withdraw, or transfer to another school.