FinancesCost of Attendance
Employee Code of Conduct
Students must be enrolled at least half time (8 quarter hours) in order to receive student loan funds. All loans are subject to an origination fee up to 2%. You will receive a loan disclosure statement showing the net amount of your loan disbursement.
Once a student and/or parent applies for a loan, that loan will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools who are determined to be authorized users of the NSLDS system.
All first-time freshman student loan borrowers must attend a Financial Aid Literacy Class where they will get information on wants vs. needs; budgeting; student loan management and repayment; keeping loan debt to a minimum; and expected future earnings. Once this class has been completed, students will be instructed to complete Loan Entrance Counseling and a Direct Loan Master Promissory note online at www.studentloans.gov. Also, all first-time borrowers at Huntington Junior College are subject to a mandatory thirty-day delay on the first disbursement of student loan funds. This also pertains to any returning student who has had at least one quarter of non-enrollment or withdrew from school during the previous quarter of attendance.
Subsidized loans are need-based aid and interest does not accrue while you are in school. Unsubsidized loans are not need-based, and the interest will accrue on a quarterly basis. You will receive a quarterly interest statement from the Loan Servicer. You may pay the interest if you choose, but are not required to do so. If you do not pay the interest each quarter, that interest will be added to the principal amount of student loan funds borrowed. Current interest rates can be found at www.direct.ed.gov/calc.html.
A Master Promissory Note is a binding document between you and the lender in which you promise to repay the loan funds you are borrowing.
How Much Should You Borrow? Borrow only the amount of student loan funds that you need. Remember that each dollar you borrow is a loan against your future earnings. Dependent Students may borrow an aggregate maximum of $23,000 in subsidized loans and an aggregate maximum of $8,000 in unsubsidized loans or a combined total of $31,000 as undergraduates. Independent Students (and Dependent Students whose parents are denied PLUS eligibility) may borrow an aggregate maximum of $23,000 in subsidized loans and a maximum of $34,500 in unsubsidized loans or a combined total of $57,500 as undergraduates.
Sample Loan Repayment Schedule To see how much you will need to earn to repay your student loans go to the Financial Aid Loan Calculator at www.finaid.org.
Loan Repayment Options Federal Direct loans go into repayment after you graduate or after you cease to be enrolled in school at least half time. There is a six-month grace period after you graduate or cease half- time enrollment before repayment actually starts.
Address Change It is important that both Huntington Junior College and your loan servicers have up-to-date contact information for you. www.studentloans.gov 800-848-0979 www.aessuccess.org 800-233-0557