Loans

• To apply for a Federal Direct Loan, all applicants must first file a Free Application for Federal Student Aid (FAFSA).
• When offering financial aid, FLCC automatically includes a student’s maximum eligibility for Federal Direct Student loans on their financial aid offer letter. Although the maximum loan may be awarded, that does not mean that you need to borrow the full amount offered. Students will need to accept the loan online on the MyFLCC Financial Aid Award page.
• Students will also need to complete a Direct Loan Master Promissory Note.
• If you are transferring from another school and previously borrowed a Direct Loan at that institution, you may not need to complete a new Direct Loan MPN.
• All students will need to complete an online Direct Loan Entrance Counseling Seminar before borrowing a loan at FLCC. The Entrance Counseling session is an online tutorial that reviews your rights and responsibilities as a Federal Direct Loan borrower.

The U.S. Department of Education (USDE) will disburse your student loan funds through the FLCC Student Accounts Office. Loan funds are typically disbursed about 30 days after the start of each semester. When USDE disburses funds to your FLCC student account, your loan money will first be applied to the tuition, fees, and other eligible charges assessed to your student account. Any remaining funds that exceed the charges on your student account may be refunded to you by the Student Accounts Office. Learn more about refunds of excess financial aid.

Detailed information on repayment of your student loans is available on the Department of Education’s website. Repayment typically begins six months after you graduate, leave school, or drop below half-time enrollment. You can choose from various repayment plans, such as standard, income-driven, or extended plans, based on your financial situation and preferences. Once a Direct Loan enters repayment, it will be assigned to a loan servicer who is responsible for managing the loan on behalf of the Department of Education. If you have questions about your loan once it is in repayment, please contact your loan servicer.

If during repayment you have a dispute with your loan servicer that cannot be resolved, you may want to reach out to the U.S. Department of Education Student Loan Ombudsman's Office. They can be reached by calling (877) 557-2575 or faxing (606) 396-4821. The Ombudsman Group is a neutral, informal, and confidential resource to help resolve disputes about your federal student loans.

Use the Department of Education’s Loan Repayment Simulator to estimate your future loan payments.

• Before a parent can apply for a Federal Direct PLUS Loan, the student must first complete the Free Application for Federal Student Aid (FAFSA).
• The parent borrower (the student's biological or adoptive parent) should visit the StudentAid.gov website and log in using their own FSA ID. If the parent does not have an FSA ID, they can create one on the same website.
• On StudentAid.gov, select "Apply for a PLUS Loan" under the "Apply for Aid" tab. Then choose "Parent PLUS" from the list of loan options.
• The parent will need to provide personal and financial information, including their Social Security Number, date of birth, contact information, employment details, and income information.
• After completing the application, the parent must sign a Master Promissory Note (MPN) for the Parent PLUS Loan. The MPN is a legal document that outlines the terms and conditions of the loan.
• Unlike Direct Subsidized and Unsubsidized Loans, Parent PLUS Loans require a credit check. The Department of Education will check the parent's credit history to determine eligibility. Adverse credit history may affect approval.
• Once the credit check is complete, the parent will receive a loan decision indicating whether the loan has been approved or denied. If approved, the parent will receive instructions on the next steps, such as completing entrance counseling (if required).

The U.S. Department of Education (USDE) will disburse PLUS loan funds through the FLCC Student Accounts Office. PLUS loan funds are typically disbursed about 30 days after the start of each semester. When USDE disburses funds to the student's FLCC student account, the loan money will first be applied to the tuition, fees, and other eligible charges assessed to their student account. Any remaining funds that exceed the charges on your student account may be refunded to either the parent or the student by the Student Accounts Office. Learn more about refunds of excess financial aid.

Detailed information on repayment of your student loans is available on the Department of Education’s website. Repayment of a Parent PLUS Loan typically begins within 60 days after the loan is fully disbursed. However, parents have the option to request a deferment while the student is enrolled at least half-time and for an additional six months after the student graduates or drops below half-time enrollment. Parents can choose from various repayment plans, such as standard, extended, or income-driven plans, to manage their monthly loan payments based on their financial situation. Once a Direct Loan enters repayment, it will be assigned to a loan servicer who is responsible for managing the loan on behalf of the Department of Education. If you have questions about your loan once it is in repayment, please contact your loan servicer.