Types of Financial Assistance
Loans
Loans are available
to students and parents. Repayment is in accordance with the terms
of the loan. Please note first-time loan borrowers in the first
quarter of their program of study will not receive their first loan
check until the 31st day of the quarter.
Federal Direct Student Loan Program
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Available to all students enrolled in at least 6
credits.
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There are two types of federal Direct Student Loans,
Subsidized and Unsubsidized (low interest). Some students may only
be eligible for the Unsubsidized Loan.
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Must be regularly admitted (non-matriculated students
not eligible).
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Making required satisfactory academic progress.
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Eligibility for loan funds is determined by need, cost
of attendance, estimated family contribution and the number of
credits completed in your program of study.
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Interest rate is variable (not to exceed 8.25% for
students) and is determined by Congress each year.
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Repayment begins 6 months after dropping below half-time
(5 or less credits). All students who receive a loan must complete
Exit Counseling upon withdrawal or graduation from Shoreline.
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Eligibility is determined through the federal
application process. Students must submit the FAFSA and complete
all required steps, including submitting the Loan Request Form,
and the electronic Master Promissory Note.
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First time loan borrowers must also complete Entrance
Counseling. First-time loan borrowers in the first quarter of
their program of study will not receive their first loan check
until the 31st day of the quarter.
Nursing Student Loan
(for
students admitted to the Nursing program)
A completed
financial aid file is required to apply for the Nursing Student
Loan. Loans up to $2,500 a year may be made to those who demonstrate
financial need. These loans must be repaid during a 10-year period
after completing the degree program. Interest rate is 5% and is
deferred as long as the student is enrolled at least half-time (6
credits) while pursuing a degree in the Nursing field.
Parent Plus Loan
Federal loan
available to parents of dependent students; Not based on
“need” eligibility for financial aid; 4% loan fees; variable
interest rate, 9% maximum.
Additional
information on loans are available in the Financial Aid Office.
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