Loans

Loans are borrowed money that you will have to repay with interest. Subsidized and Unsubsidized Federal Stafford Loans are the most common source of student loan funds.

Loan Limits
As part of ACC’s default preventive measures, the following loan limits have been established:

Level 1 (Freshmen) student – loan debt cannot exceed $15,000 (cumulative subsidized and unsubsidized loans)
Level 2 (Sophomore) student – loan debt cannot exceed $24,000 (cumulative subsidized and unsubsidized loans

Students exceeding these limits must submit a Student Loan Appeal Form to be considered for additional loan borrowing. If you are unsure of your loan burden, you may check it at www.nslds.ed.gov.

If you have been awarded a loan you must complete your complete your MPN and entrance counseling at www.StudentLoans.gov in order to receive your funds.

Direct Loans

Austin Community College is a Direct Lending School. This means processing and tracking of your loan application is easier than ever before. Once you have been awarded a Stafford Loan you can complete your Master Promissory Note (MPN) and entrance counseling at www.StudentLoans.gov. Your loan process will not be complete and you will not receive any funds(and tuition will not be paid) until the Direct Loans process has been completed online. For help completing the Master Promissory Note or Entrance Counseling process call Direct Loan Applicant Services at 1-800-557-7394 for assistance.
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Subsidized Stafford Loan

A low-interest, need-based, federally subsidized loan for students registered at least half-time. The federal government assumes responsibility for interest payments while you are in school. These loans have annual federal limits and may not exceed the cost of attendance minus expected family contribution and any other financial aid or resources. Stafford Loan limits are $3,500 for Level 1students and $4,500 for Level 2 students.

Unsubsidized Stafford Loan

Offers the same terms, conditions, and interest rates as the Federal Stafford Loan program, except that you assume responsibility for payment of the accrued interest while in school and during the grace period. This loan program is available to students who do not qualify, or qualify only in part, for a Subsidized Stafford Loan

Dependent Students
Level	Subsidized and/or Unsubsidized Amount	Additional Unsubsidized Amount**	Additional Unsubsidized w/ PLUS denial	Total annual limits
Level 1	3,500	2,000	4,000	9,500
Level 2	4,500	2,000	4,000	10,500

** Requires Student Loan Request form

Independent Students
Level	Subsidized and/or Unsubsidized Amounts	Additional Unsubsidized Amounts	Total annual limits
Level 1	3,500	4,000 + 2,000**	9,500
Level 2	4,500	4,000 + 2,000**	10,500

** Requires Student Loan Request form

Federal PLUS Loan (Parent Loan for Undergraduate Students)

Established for parents of undergraduate dependent students. As the other federal financial aid programs carry more favorable terms, students must complete the FAFSA to apply for and be considered for all other student grants and loans first. Parent borrowers must undergo a credit check by the lender and have no adverse credit history before a Federal PLUS loan can be processed. Parents can get started atwww.StudentLoans.gov.

Alternative Loans

Alternative Loans/ Private Education Loans

Loans are available through private lenders. Most loans through private lenders have higher interest rates than the educational loans offered by the federal government. Students applying for a private loan will need to complete the application and promissory note with your lender. A student will also need to complete the application process at ACC and meet the following conditions before a loan can be processed.

Submit an ACC Financial Aid Application
Submit a Free Application for Federal Student Aid (FAFSA) www.fafsa.gov and list ACC school code 012015
Be meeting the Financial Aid Satisfactory Academic Progress requirements
Be enrolled at least half time (six hours) for the loan period
Apply for a Federal Stafford loan before an Alternative/Private Loan can be processed
ACC’s aggregate loan limits of $15,000 for freshmen and $24,000 for a sophomore apply to students applying for alternative loans. (Includes loans received at other schools)