Federal Stafford Loan requests will be processed for your maximum eligibility based on the enrollment status you indicate on your JCC Federal Stafford Loan Request Form. Loan amounts will be recalculated for eligibility if you register for fewer credits than indicated on the request form. You must register for a minimum of 6 credit hours to receive any loan funds. You will automatically be considered for subsidized loan funds first.
Original loans will only be processed for the Fall and Winter semesters. Loan requests for Spring will be available in mid-March. You will only be eligible for Spring funding if you do not accept your maximum amount for Fall and Winter semesters. (See chart below.) You will have the option to reduce the amount of your Fall and Winter awards when you accept/decline your award through e-Services. You will receive an email when your award has been determined.
Maximum Annual Borrowing Limits for the Entire Academic Year
(Fall,
Winter & Spring)
| Subsidized | Total (Subsidized + Unsubsidized) |
|
|---|---|---|
| Dependent | ||
| Freshman (0-23 credits) | $3,500 | $5,500 |
| Sophomore (24+ credits) | $4,500 | $6,500 |
| Independent (as determined by FAFSA) | ||
| Freshman (0-23 credits) | $3,500 | $9,500 |
| Sophomore (24+ credits) | $4,500 | $10,500 |
If you change from a freshman status to a sophomore status during the academic year, your maximum eligibility is the total for the sophomore status.
You may not be eligible to borrow the maximum amount. Your actual loan amount may be less based on your loan period and other financial aid/educational resources you receive during the loan period. If you are applying for a loan for your last semester of attendance at JCC, your loan amount will be prorated (reduced).
Your lender will deduct fees from the approved amount of your loan before the funds are sent to JCC. (See chart below)
| Origination Fee | Default Fee* | Interest Rates | ||
|---|---|---|---|---|
| 1st Disbursement Date of Loan | Subsidized | Unsubsidized | ||
| 7/1/08 – 6/30/09 | 1.0% | 1.0% | 6.0% | 6.8% |
| 7/1/09 – 6/30/10 | 0.5% | 1.0% | 5.6% | 6.8% |
*As of 7/1/09, the Michigan Guaranty Agency will begin charging the 1% default fee. They did not charge this fee for loans disbursed from 7/1/08 to 6/30/09.
Complete the JCC Federal Stafford Loan Request Form for:
