Home » Admissions » Financial Aid » Loans

Loans


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. 
                                                         
                                    Click here 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. 

Repayment:  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.
 
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.

Federal Perkins Loan

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 (fixed):  5%

Fees:  None

Repayment:  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.
 
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.

PLUS Loan

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.

Alternative Loan

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