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.
The federal government will pay interest on this loan while you are enrolled in college at least half-time, during the grace period and during periods of delinquency. Eligibility is based on financial need and repayment begins six months after leaving school or dropping below half-time enrollment.
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 improve your credit score and have a lower monthly payment once in repayment.
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
