Loan Application Process
NOTE: During the months of August, September and January, allow a processing period of 2 - 3 weeks for your loan request to be assessed. If you are registering for classes and have no other aid awarded, you must make payment arrangements through the Business Office to prevent your classes from being dropped for non-payment. An installment contract is available on your Campus Connect account.
1. Complete a 2010-2011 Free Application for Federal Student aid (FAFSA), and list
South Plains College as a school to receive your information. www.fafsa.ed.gov
2 Submit all requested forms and documents to complete your financial aid
file. SPC will not award your loan until your financial aid file is complete.
1. Complete & submit the Loan Request form to the financial aid office.
Do not submit multiple loan request forms for the same semester(s).
2. All borrowers must complete Loan Entrance counseling and sign a Master
Promissory Note (MPN) online at
https://studentloans.gov/myDirectLoan/index.action. Be sure to list South
Plains College as a selected school to receive the results.
confirmation of entrance counseling, a signed MPN and this completed loan
request form. You may decline the loan award on Campus Connect or send a
written request to SPC to reduce the loan award. The award will be accepted
unless you decline it.
4. All borrowers will receive a disclosure/disbursement statement from the
Department of Education that provides details of your loan disbursement
Annual Loan Limits – the maximum possible SPC can award you IF you are eligible according to the Department of Education formula for determining loan eligibility (Fall 2010 + Spring 2011 + Summer 2011):
|Dependent||Independent (and dependents_|
|whose parents are denied PLUS)|
|*add subsidized amount if student's unmet need does not meet subsidized eligibility criteria|
- Freshmen – less than 30 non-remedial hours earned in current program of study or current program of study is less than one academic year in length.
- Sophomore Level – 30 or more non-remedial hours earned in current program of study.
- Loans for only one semester will be prorated if anticipated graduation date is less than one year away.
- Loans are disbursed twice each semester. The first half will be disbursed at the beginning of the semester and the second after mid semester. If the first disbursement plus other aid awarded will not cover all tuition and fee charges, students must make payment arrangements to ensure enrollment is not dropped. An installment contract is available on your Campus Connect account.
- Students who have not previously received a student loan and who have no earned non-remedial hours in their current program of study will receive their 1st loan disbursement after 30 days from the first class day of their first semester. If other aid awarded will not cover all tuition and fee charges, students must make payment arrangements to ensure enrollment is not dropped. If your loan is awarded and a 30 day delay, you may contact the financial aid office for a possible Emergency Loan. An installment contract is available on your Campus Connect account.
- Students must be enrolled and attending at least six (6) eligible hours to receive funds.
- Students must be making Satisfactory Academic Progress.
- Students must meet all Federal general eligibility requirements.
- No loans, subsidized or unsubsidized, will be made for less than $100.