What are the two types of loans that I can receive at PPCC?

What are the two types of loans that I can receive at PPCC?

Direct Subsidized Loans (undergraduate students) – 3.73% fixed. Direct Unsubsidized Loans (undergraduate students) – 5.28% fixed. Direct PLUS Loans (parents) – 6.28%

What does a subsidized loan mean?

Subsidized Loans are loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods.

Do student loans accumulate interest while in school?

Making even small payments on your student loans while you are in school can save you a lot of money over time. On most student loans, interest starts to accrue from the time the loans are disbursed. Even if you are not required to repay your loans while you are in school, interest will still accrue.

What is the peaking federal student loan?

The maximum Direct PLUS Loan amount that one may borrow is the cost of attendance, minus other financial aid received. Graduate or professional students can borrow a maximum of $20,500 a year in federal Direct Unsubsidized Loans, which have a rate of 5.28%.

What is full time at PPCC?

PPCC awards all financial aid at full-time status, which is 12 or more credit hours per semester (including the summer semester). If a student takes less than 12 credits, their award disbursement may be prorated.

How do I apply for PPCC?

Contact us at 719-502-2000, [email protected], or stop by Centennial or Rampart Range campuses….Follow these steps to become a student at PPCC.

  1. Apply for Admission to Pikes Peak Community College.
  2. Complete the Mandatory New Student Orientation.
  3. Meet with an Academic Advisor.

Is it better to get a subsidized or unsubsidized loan?

Anyone can borrow unsubsidized federal loans, but those who qualify for the subsidized version save more money in interest. When choosing a federal student loan to pay for college, the type of loan you take out — either subsidized or unsubsidized — will affect how much you owe after graduation.

Is it better to pay off subsidized or unsubsidized?

If you have a mix of both unsubsidized loans and subsidized loans, you’ll want to focus on paying off the unsubsidized loans with the highest interest rates first, and then the subsidized loans with high-interest rates next. Once these are paid off, move on to unsubsidized loans with lower interest rates.

What are the 4 types of student loans?

There are four types of federal student loans available:

  • Direct subsidized loans.
  • Direct unsubsidized loans.
  • Direct PLUS loans.
  • Direct consolidation loans.

What increases your total student loan balance?

Your interest will continue to accrue (grow) while your loans are deferred, and at the end of the deferment, any Unpaid Interest will capitalize (be added to your loan’s Current Principal). This can increase your Total Loan Cost.

Does FedLoan do loan forgiveness?

In addition to collecting monthly student loan payments, processing deferment and forbearance requests, FedLoan administers three student loan forgiveness programs: Public Service Loan Forgiveness. Income-Driven Repayment Plan Forgiveness.

At what point is a federal student loan considered to be in default?

270 days
Ford Federal Direct Loan Program or the Federal Family Education Loan Program, you’re considered to be in default if you don’t make your scheduled student loan payments for at least 270 days.

What happens if a PPP loan is in default?

As PPP lenders become aware of one or more circumstances that constitute an event of default or in which lenders must determine whether the circumstance affects the borrower’s ability to repay the PPP loan and thereby constitutes an event of default, lenders are placed in a most difficult position without the benefit of any guidance from the SBA.

What happens when a Perkins Loan is placed in default?

When placed in default, Perkins Loans may remain with the school or are assigned to the Department for collection. Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Academic Competitiveness Grants, National SMART Grants, and TEACH Grants.

When is a student loan considered in default?

The point when a loan is considered to be in default varies depending on the type of loan you received. For a loan made under the William D. Ford Federal Direct Loan Program or the Federal Family Education Loan Program, you’re considered to be in default if you don’t make your scheduled student loan payments for at least 270 days.

When does a PPP loan become a grant?

As created by the CARES Act, if a borrower uses its PPP loan proceeds to fund payroll and other eligible operating expenses during a designated time period (“Covered Period”), that portion of the loan proceeds up to the entire loan amount will be forgiven, resulting in a PPP loan becoming essentially a grant.

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