Student loans are a form of federal financial aid, and you must complete a FAFSA to be eligible for federal loans. Pierce College participates in the Direct Loan Program, a low-interest, federal loan program.
Steps for Applying for Federal Direct Loans
- Submit a FAFSA Application
- Wait for your Award Letter
a. Your award letter will be sent to your student email address and viewable on your student aid portal.
- First time borrowers must complete the Master Promissory Note and Loan Entrance Counseling at the Federal Student Aid website.
- Submit your Direct Loan Acceptance Form to the Financial Aid Office.
- Allow 1 to 2 weeks for processing.
Types of Loans
There are two forms of Federal Direct Loans: Subsidized and Unsubsidized. Direct Subsidized Loans do not accrue interest while the student is enrolled at least half-time. Direct Unsubsidized Loans begin to accrue interest at the time of disbursement. Students have the option make interest-only payments while they are still in school for Direct Unsubsidized Stafford Loans.
There is a limit on the maximum period of time (measured in academic years) that a student can receive Direct Subsidized Loans. In general, students may not receive Direct Subsidized Loans for more than 150% of the published length of their program. For more information regarding this 150% limitation on Direct Subsidized Loans, see the Federal Student Aid website.
|Student Level||Maximum Stafford (Subsidized and Unsubsidized)||Maximum Subsidized|
|Third or Fourth Year**||$7,500||$5,500|
|Third or Fourth Year**||$12,500||$5,500|
|**For students in their third or fourth year pursing Bachelor’s Degree at Pierce College.|
For questions regarding your student level and loan eligibility, please contact the Financial Aid Office.
|Maximum Stafford (Subsidized and Unsubsidized)||Maximum Subsidized|
|Dependent Undergraduate Student||$31,000||$23,000|
|Independent Undergraduate Student or Dependent Student Whose Parent is denied for the Parent PLUS Loan||$57,500||$23,000|