Unlike scholarships and grants, loans must be repaid. Educational loans are usually subsidized, and therefore have more favorable terms than consumer loans. However, because they must be repaid, you should borrow no more than necessary.
Federal Family Educational Loan Program (FFELP)
The Federal Student loan program is authorized by the Higher Education Act of 1965, as amended. Under FFELP students can obtain low-cost education loans to help pay for the cost of higher education. FFELP loans are provided by private lenders, such as banks, credit unions and savings and loan associations.
All Stafford Loans are either subsidized (the government pays the interest while you're in school) or unsubsidized (the student pays all the interest). To receive a Stafford Loan, students must complete a FAFSA, must be enrolled at least 1/2 time (6 credit hours), must demonstrate a calculated need, must meet EPCC's Financial Aid Satisfactory Academic Progress criteria and must attend a pre-loan counseling session each academic year.
Application Process
- Attend a pre-loan counseling session:
Before EPCC disburses your Federal Stafford Loan, regulations require that you complete an entrance counseling session. The counseling session provides information about how to manage your student loans, both during and after college. Pre-loan sessions last approximately 2 hours.
You will be required to:
Please select a session that is convenient for your schedule and please be prompt and arrive on time. If you arrive late you will be asked to attend another session. Please do not bring children to the sessions.
Click
here to view Loan Session Schedule
At the end of this session, you must complete and submit an EPCC Federal Stafford Student Loan Request form. You may continue with the loan process (steps 2 and 3 below) on the date and time provided to you at the session.
- Complete the online Federal Stafford Student Loan Entrance Counseling Session
After you have completed the in person pre-loan counseling session requirement you must complete On-line Student Loan Session Counseling. Complete instructions will be provided to you at the pre-loan counseling session.
- Application Processing:
Loans will be processed through Loans by Web.
To Review the Loan Process, click
here.
You will not qualify for a Stafford Loan at EPCC if you:
- Are not meeting EPCC's Satisfactory Academic Progress criteria:
- You can not be in Financial Aid Suspension.
- You can not exceed the 150% hour eligibility limit for your major. (Associates Degree: 90 hours, Certification of Completion: 45 hours.)
- You are in default status on a Federal Student Loan.
- You have not applied for Financial Aid for the current academic year.
- You have not met or exceeded the loan level amount for your classification (twice as freshman, twice as sophmore).
- You have met or exceeded the regulatory aggregate limit.
- You have already earned a Bachelor's Degree.
To review the El Paso Community College Default Management Plan, click here.