Financial Aid Forms

[KellPod]

Hi Everyone,

I have been accepted into SCCO and am currently filling out the paperwork for financial aid. There is a "direct loan activation form" and I was curious if anyone could give me some advice. I know I will be receiving scholarships from SCCO and hopefully a pell grant from FAFSA and have applied to a few other random scholarships online and have also applied for loans that have lower interest rates and don't accrue interest until after I graduate, but I want to be safe and request enough so I can pay for tuition (my parents will not be helping). Do I play it safe and request the amount of tuition and then use my scholarship money for living expenses? I am just worried about the interest from the unsubsidized loans I am requesting. Any advice would be greatly appreciated!!

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[BV130]

Hi! I'm not sure if it's the same for SCCO, but at ICO we have 90 days from the day we took out the loan for the quarter to return any amount of the loan back and get the interest on the returned amount cancelled. For instance, if I took out 15k for the quarter and didn't use 3k of it, I could return the 3k within 90 days and have the interest that accrued on it during those 90 days (or less) forgiven. As such, I tend to take out the max amount of loans I'm given each quarter in case I need it, and then I just return the amount I don't use at the end of each quarter.

On another note, can you tell me about the loans you applied for that have lower interest rates and don't accrue interest until after graduation? That sounds amazing!

 

[KellPod]

Hi! I'm not sure if it's the same for SCCO, but at ICO we have 90 days from the day we took out the loan for the quarter to return any amount of the loan back and get the interest on the returned amount cancelled. For instance, if I took out 15k for the quarter and didn't use 3k of it, I could return the 3k within 90 days and have the interest that accrued on it during those 90 days (or less) forgiven. As such, I tend to take out the max amount of loans I'm given each quarter in case I need it, and then I just return the amount I don't use at the end of each quarter.

On another note, can you tell me about the loans you applied for that have lower interest rates and don't accrue interest until after graduation? That sounds amazing!

Thank you so much for the info! I think I will be safe and take the full amount of tuition, and fingers crossed I can give some back!

The loan I applied for is called the Health Professions Student Loan (HPSL), you should check with your school to see if they participate in this loan, but it is a 5% interest rate and is subsidized by the government while you're in school and has a one year grace period from graduation. You have to put your parents information on your FAFSA and you need to apply for it online. Definitely check with your schools financial aid office to see if you can apply!

 

[BV130]

Thank you so much for the info! I think I will be safe and take the full amount of tuition, and fingers crossed I can give some back!

The loan I applied for is called the Health Professions Student Loan (HPSL), you should check with your school to see if they participate in this loan, but it is a 5% interest rate and is subsidized by the government while you're in school and has a one year grace period from graduation. You have to put your parents information on your FAFSA and you need to apply for it online. Definitely check with your schools financial aid office to see if you can apply!

No problem! Good luck at SCCO and thanks for the HPSL loan information!