Financial Aid Loans

With Subsidized Direct Loans the government pays the interest while you are in school (if you are enrolled for 6 credits or more). Your eligibility is based on your financial need as determined by the Free Application for Federal Student Aid (FAFSA). 

Repayment begins after you graduate or stop attending six or more credit hours, some students are eligible for a grace period of six months of deferred payments.  If you are a first time borrower as of July 1st, 2013, your payments will be due as soon as your attendance drops below half-time.

With Unsubsidized Direct Loans, the borrower, will have to pay all interest that accrues on the loan.  The interest begins accruing at the time of the first disbursement.  Your eligibility is not based on financial need but may be impacted by other factors determined by your FAFSA. 

Repayment begins after you graduate or stop attending six or more credit hours, some students are eligible for an additional grace period of six months of deferred payment.  If you are not sure if you are eligible it is best to follow up with your servicer.

Private Student Loans for Higher Education

Private Student Loans are not a Title IV (Federal Student Aid) program.  Private Loans are credit-based loans offered to students by banks and other lending institutions to cover the costs of attending college.  These loans are typically requested by students who may not meet general federal student aid eligibility criteria such as, standards of academic progress or that do not intend to complete a certificate or degree program. They often have variable interest rates that exceed the fixed interest rate of Federal Direct Loans. Students who do not have a co-signer will likely need to be employed and are subject to credit approval. Private loans do not always provide deferment periods and often have a shorter repayment term.

Pima Community College does not participate in a preferred loan program with any lending institution.  Students are free to choose the lender that works best with their circumstances.  We cannot guide borrowers to any specific lender or delay a loan certification based on the lender a student has chosen. The college also does not guarantee a private student loan will be processed as some of the lender requirements will not align with our internal policies and procedures. 

elmselect

An option that you can use to review and compare private lenders is elmselect. Elmselect is not a lender or a bank, it is an online tool that allows students to compare private loans for your school and your degree.  Find the loan rates and terms that meet your needs. Providing the most lender options with this free service and no registration.   

Note: Pima Community College does not endorse any of the lenders included at the links above and cannot recommend specific lenders.  Students may also choose to use a loan provider that does not appear in the list of lenders included at either of the links above.

In most cases, Federal Direct Loans offer better interest rates and repayment terms. Please be sure to inform yourself of all your borrowing options before making a decision.  You must complete the Pima Community College Private Student Loan Request Form and receive credit approval from the lender as soon as possible to ensure that your loan is certified and disbursed in a timely fashion.   

Read about the Truth in Lending Act:

• Truth in Lending Act (Federal Trade Commission)  

Direct Parent PLUS Loans are credit-based loans that are offered to the parent and/or legal stepparent of the student in order to cover the remaining costs of attending college. These loans have a fixed interest rate and repayment starts within 60 days of the final loan disbursement. Read and apply for the Plus Loan and then complete our Undergraduate PLUS Application.