Financial Aid Loans
Types of Loans
For students who do not qualify for grants or scholarships or need additional funds to meet their educational expenses, there are several loan programs available where students and families can borrow money to help fund their educational needs.
Steps to receiving your Direct Stafford Loan
Loan Entrance Counseling link
Master Promissory Note link
Federal Direct Loan Request Form 2011-12
William D. Ford Federal Direct Stafford Loan
The most utilized loan program is the William D. Ford Federal Direct Stafford Loan. Under this program, monies are borrowed by the student to pay for their educational expenses. For more information on the William D. Ford Federal Direct Stafford Loan Program, such as how much can be borrowed, interest rates, and repayment options, visit the Federal Direct Stafford Loan section of our web site. For information on “How To Apply” for a Federal Direct Stafford Loan, visit the Applying section of our website.
Parents' Loan for Undergraduate Students (PLUS)
Parents of dependent students may also borrow monies in their name to help meet the student's educational expenses. The Federal Parents' Loan for Undergraduate Students (PLUS) is available to parent borrowers who do not have an adverse credit history. Parents can borrow a PLUS loan through Federal Direct Loan Program. For more information on the Parent Loan for Undergraduate Students (PLUS) Program, such as how much can be borrowed, interest rates, repayment options, and how to apply, visit the Parent Loan section of our web site.
Federal Perkins Loan
The Perkins Loan is a fixed 5% deferred-interest loan based on financial need as determined by federal and institutional guidelines. Portland Community College is your lending institution for this loan. No interest accrues on this loan while you are enrolled at least half-time. Repayment begins nine months after you leave PCC. You must complete an entrance counseling session each year you are awarded Perkins funds. Also required is completion of a Perkins Statement of Rights/Responsibilities, Perkins Reference Form and a Perkins Master Promissory Note. When you sign the Perkins MPN, you authorize PCC to certify new loans for the duration of your education at PCC (up to 10 years) without any further MPN signatures. NOTE: YOU MUST COMPLETE YOUR ENTRANCE COUNSELING, PERKINS STATEMENT OF RIGHTS/RESPONSIBILITIES, PERKINS REFERENCE FORM AND PERKINS MASTER PROMISSORY NOTE BY THE END OF THE 4TH WEEK OF THE TERM TO AVOID CANCELLATION OF YOUR LOAN AWARD.
When you graduate, withdraw or drop below half-time, you are required to complete an exit interview.
- Perkins
Entrance Counseling (complete only if awarded this loan)
On-line - Perkins
Exit Counseling
On-line
In Person (Please contact the student loan office at 971-722-4439)
Nursing Loan
The Nursing Loan is funded through the Department of Health and Human Services. It is a fixed 5% deferred-interest loan based on financial need as determined by federal and institutional guidelines. Portland Community College is your lending institution for this loan. No interest accrues on this loan while you are enrolled at least half-time in the Nursing Program and is only available to those students enrolled in the Nursing Program. Repayment begins nine months after you leave PCC or are no longer enrolled in a Nursing program. You must complete entrance counseling each year you are awarded Nursing Loan funds. Also required is completion of the Nursing Statement of Rights/Responsibilities, Nursing Reference Form and a Nursing Master Promissory Note. The Nursing MPN must be signed each term in the student loan office before funds may be disbursed. When you graduate, withdraw or drop below half-time, you are required to complete an exit interview.
**Due to recent changes in Federal Regulations regarding the Nursing Student Loan, all Nursing Student Loan documents will be made available the first week of fall term. Please contact the Student Loan Office at 971-722-4439 for questions.**
- Nursing
Entrance Counseling (complete only if awarded this loan)
On-line - Nursing
Exit Counseling
On-line
In Person (Please contact the student loan office at 971-722-4439)
PCC Student Loan Program Chart 2011-2012 |
|||||
Federal Perkins Student Loan |
Federal Direct Subsidized Stafford/Ford Loan |
Federal Direct Unsubsidized Stafford/Ford Loan |
Federal Direct PLUS |
Nursing Student Loan (PCC) |
|
Lender |
PCC |
Federal government |
Federal government |
Federal government |
PCC |
Interest Rate |
5% |
3.4% * |
6.8% * |
7.9% |
5% |
Interest-free in school? |
Yes |
Yes |
No |
No |
Yes |
Loan fees |
None |
1.0% ** |
1.0% ** |
4% ** |
none |
Annual maximums |
PCC MAX $3000.00 a year |
$3,500/ 1st Year |
$6,000/ ***1st year and 2nd year |
Cost of attendance minus aid |
$3000. |
Grace period |
9 months |
6 months |
6 months |
NA |
9 months |
Repayment period |
to 10 years |
to 10 years |
to 10 years |
to 10 years |
to 10 years |
Minimum payments |
$40/month |
$50/month |
$50/month |
$50/month |
$40/month |
Other information |
ECSI is PCC Loan servicer |
Additional repayment options beyond the 10 years may be available. |
Additional repayment options beyond the 10 years may be available. |
For parents of undergraduate students. Not based on financial need. Repayment begins 60 days after last disbursement. Parents can defer payment of principal while the student is in school. Additional repayment options beyond the 10 years may be available. |
For undergraduate nursing students. ECSI is PCC Loan servicer |