» Financial Aid
Loans can be a valuable resource in helping meet the costs of schooling when used wisely. However, overborrowing can be one of the biggest mistakes a college student can make. Please create a budget for yourself, borrow responsibly, and contact our office for helping in determining how much loan funding you actually need to meet your educational costs at ICC.
Overborrowing can impact your debt to income ratio, credit score, and may impact your ability to get a mortgage, car loan, credit card, or personal loan in the future.
There is no reason to ever DEFAULT on your student loan. Loan servicers WANT to work with you to avoid this financial pitfall. Multiple income based repayment, deferment, and forbearance options are available to reduce your monthly loan payments.
Listed below are the loan programs available to ICC students. Not all students will qualify for the types of loans listed below. Students should check their award letter or visit with Financial Aid Office staff to determine eligibility.
Federal Direct Loan (subsidized and unsubsidized)
This guaranteed student loan requires the student to be enrolled at least half-time (6 or more credits per semester) in coursework that applies to the student's declared program of study. For example, a student seeking a Psychology/Human Services degree can only receive loan funding for coursework that applies to this degree. Applicable courses are listed on the program planner
for the year the student started the program. The amount of eligibility is listed on the student's Official Award Letter from the school.
Current students who are first time, first year borrowers must wait 30 days from the start of the semester to receive Direct Loan funding. Additionally, loans taken out for one semester at a time are subject to multiple disbursements. This means that for a single semester (term) loan, a student would receive half of the loan at the beginning of the semester and the other half at the midpoint of the semester.
Interest Rate (fixed): Subsidized - 4.66% for loans first disbursed on or after July 1, 2014.
for important information regarding subsidized loan limitations. Unsubsidized
- 4.66% for loans first disbursed on or after July 1, 2014.
Fees: 1.073% for loans first disbursed on or after October 1, 2014.
Begins six months after student graduates or drops below half-time enrollment. Student is automatically enrolled in the standard 10-year repayment plan. Minimum monthly payment is $50. Borrowers are responsible for the interest on unsubsidized loans while they are in school. Interest payments can be made while in school or can be capitalized and paid throughout repayment. Loan forgiveness
and repayment plan options
, including income based repayment
options, may be available to you.
How to apply:
Every student must complete the loan application process through eServices
. After logging in to eServices, click on Financial Aid, and then click Loans. First time Direct Loan borrowers will need to complete Loan Entrance Counseling and a Master Promissory Note via studentloans.gov
This need based loan comes from limited funds and is awarded to students showing extremely high financial need. It is awarded on a funds available basis with preference to students applying by our priority deadline of May 1st.Interest Rate
: Begins nine months after student graduates or drops below half-time enrollment. Student has up to 10 years to pay. Minimum monthly payment is $40. Loan forgiveness
options may be available to you
How to apply: This loan is only available to students who have been awarded a Perkins Loan on their Official Award Letter. If you have been awarded a Perkins Loan, a Promissory Note and instructions will be mailed to your permanent address.
A PLUS loan is taken out in the parent's name and is used for the student's educational expenses. The parent must have an acceptable credit history and will need to complete a Master Promissory Note (MPN). A parent can borrow up to their student's cost of attendance less other financial aid with this loan.
Interest Rate (fixed): 7.21% for loans first disbursed on or after July 1, 2014.
Fees: 4.292% for loans first disbursed on or after October 1, 2014.
Repayment: Begins 30-60 days after loan is fully disbursed. Parent has up to 10 years to repay. Loan deferment options may be available.
How to apply: The parent should log into www.studentloans.gov. Once the parent is logged in, click Request PLUS Loan.
If your parent's credit is denied, you may be eligible for an additional unsubsidized Federal Direct loan. Check with the Student Services Office for more information.
This type of loan should be considered ONLY after the other loan options listed on this page have been exhausted. Be sure to contact the lender for all eligibility requirements. Alternative loans require school certification. Alternative Loan can be used for student who are not meeting the school's Satisfactory Academic Progress Policy. Students can borrow up to their cost of attendance less other aid.
Interest Rate (variable): based on credit history/choice of lender
Fees: variable depending on credit history and lender chosen
Repayment: Variable depending on choice of lender. Deferment options while in school may be possible depending on lender chosen.
How to apply: Itasca Community College maintains a historical list of all private lenders who continue to participate in the Alternative Student Loan program and who have provided funds to ICC students since the fall semester of 2010. These alternative loans are governed by certain federal regulations but are funded through a private lending institution.
Historical Lender List