Student Loans
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If you apply for financial aid, you may be offered loans as part of your school’s financial aid award. A loan is money you borrow and must pay back with interest.
If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.
Code of Conduct for Education Loans
- Federal Loans
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William D. Ford Direct Stafford Loan Program:
Freshman maximum - $5,500.00
Sophomore maximum - $6,500.00Interest Rate effective July 1, 2025
- 6.39% for the subsidized loan* Federal government pays interest while student is in school
- 6.39% for the unsubsidized loan Student is responsible for interest while in school
- 8.94% for the PLUS (Parent Loans for Undergraduate Students)
You can view your financial aid awards, read messages, accept or decline loans and determine what documents are required. Start by logging in at MyNCC.
To be considered for a federal loan, a student must
- have a valid FAFSA on file with the College,
- be enrolled in at least 6 financial aid eligible credits at the time of disbursment,
- be meeting satisfactory academic progress standards and
- be matriculated in an approved degree or certificate program.
Important: If you choose to accept a student loan, you must then complete an Entrance counseling session and Master Promissory Note at studentaid.gov.
The US Department of Education will assign your federal loan to a Loan Servicer. Your loan servicer is the organization that handles billing you for your loan repayment and can assist you with any questions you may have about your loan. Visit studentaid.gov to find out who your loan servicer is.
Studentaid.gov is the central database for all federal student aid. It receives data from schools, guaranty agencies, the Direct Loan program and other Department of ED programs. Studentaid.gov provides borrowers with access to information on all student loans and/or federal grant amounts, including information on loan status, outstanding loan balances, and disbursements.
Once a student/borrower ceases to be enrolled in an approved program of study at least half-time (6 credits)they must complete a loan Exit Counseling session in order to inform the lender and/or loan servicer of any changes to the loan borrower's contact information, as well as to be informed of the repayment options and responsibilities. Complete the online exit counseling session for Federal Direct Loan.
The understanding of personal finance and student loan debt are financial literacy topics of particular importance to college students. SUNY Smart Track will assist you from the time you apply and even after you graduate!
Parent PLUS Loans:
PLUS loans are unsubsidized loans for the parents of dependent students enrolled at least half-time at a school that participates in the Direct Loan Program.
Applicants for this loan must be student's biological or adoptive parent. If the biological or adoptive parent has remarried at the time of completing the FAFSA, the stepparent may apply for this loan on behalf of the student.
Parent PLUS Loan borrowers cannot have an adverse credit history (a credit check will be done). In addition, parents and their dependent child must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid programs.
Applications for this loan should be completed on studentaid.gov/PLUS. Once approved, the borrower (parent) must complete a PLUS loan promissory note also on studentaid.gov
Federal Nursing Student Loan (NSL):
Restricted for students in the Nursing program only
- Maximum - $3,300.00 per year
- Interest rate - 5%
- 9 month repayment grace period after student stops attending at least half-time; during which interest does not accrue
Criteria: Student must -
- Be a citizen or national of the United States or a lawful permanent resident of the US.
- Be Enrolled at least half-time in NCC's Nursing program
- Submit a FAFSA each academic year
- Have financial need (COA - SAI)
- Be meeting all components of federal satisfactory academic progress
- Not be in default on any loans
Application: Print and complete the application and email to financialaid@ncc.edu
NSL regulations require verification of student information such as income tax returns an other documentation that the school deems necessary.
Remember, when a student/borrower has graduated, is enrolled in less than 6 credits or left school, an Exit Interview must be completed for the Nursing loan. This is separate and in addition to the Direct Stafford loan exit and is done in person in the Student Financial Affairs office. For more information on the Nursing Loan, contact our loan officer.
It's important to be a responsible borrower and manage your student loans.
- Alternative or Private Loans
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Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its programs. Private loans are offered by private lenders and there are no federal forms to complete.
Some families turn to private education loans when the federal loans don't provide enough money or when they need more flexible repayment options. However, since federal education loans are less expensive than and offer better terms than private student loans, you should exhaust your eligibility for federal student loans before resorting to private student loans.
Many students take out private education loans in order to finance their education. With that, it’s best to get as much information as possible before you begin the process.
In order to process your Alternative Educational loan you must complete the Private Education Loan Applicant Self-Certification form. When submitting this form, a counselor will discuss all the aid options you may have.
- Loan Default Prevention
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The federal loan payment pause has ended. Here are 6 important tips to prepare yourself to begin or resume payment of your federal loan:
6 Ways to Prepare for Student Loan Repayment to Begin Again
Once you have accepted a loan, you are assigned a loan servicer. Your loan servicer is the organization that handles billing you for your loan and can provide you with information about repayment. To find out who your servicer is visit studentaid.gov or call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243; TTY 1-800-730-8913).
It is important that you contact your servicer and set up a repayment schedule. If you do not, you could end up in default. Default means you failed to make payments on your student loan according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan.
Here are some of the serious consequences of index:
- State and federal income tax refunds can be withheld and applied toward the amount you owe.
- National credit bureaus can be notified of your index, which will harm your credit rating, making it hard to buy a car or a house.
- You will be ineligible for additional federal student aid if you decide to return to school.
- Loan payments can be deducted from your paycheck.
- You will have to pay late fees and collection costs on top of what you already owe
- You can be sued.
You have a choice of several repayment plans that are designed to meet the different needs of individual borrowers. The amount you pay and the length of time to repay your loans will vary depending on the repayment plan you choose. If you're having trouble making payments on your loans, contact your loan servicer as soon as possible. Your servicer will work with you to determine the best option for you.
