Loans
Loans are considered to be a form of financial aid. It is money you borrow and must pay back with interest.
Harford Community College offers Direct and Parent PLUS loans for students' educational expenses. Students may also seek alternative loans from banks or financial institutions.
Types of College Loans
Direct Loans are called so because they come directly from the US Department of Education. Students must be enrolled half-time (minimum of 6 credits) to be eligible for Direct Loans.
Loans must be used for educational purposes.
HOW TO APPLY
How to obtain a student loan at Harford:
First, you must complete a FAFSA® at StudentAid.gov to determine your financial need.
You must accept the loan on your OwlNet account using the instructions below once we have received your FAFSA®.
- Log into OwlNet> All About Me tab
- Select Financial Aid Awards
- Select Award Offer tab
- In Loan Section select Accept, Decline or Modify and Submit. Once submitted, you are
unable to adjust online. If you need to make a change to your loan once submitted
OR you want to borrow a one semester loan you will need to complete the Direct Loan Adjustment Form.
* Accept: You will borrow full amount offered.
* Decline: You decline the loan offered.
* Modify: You can reduce amount offered.
*If you are offered and accept subsidized loans you must accept the full subsidized amount before you can accept unsubsidized loans. Please note- you may only be eligible for unsubsidized loans. - Once you accept the loan, complete all requirements listed on HOME tab. Requirements could include E-consent, Entrance Counseling and/or Master Promissory Note. Click Direct Loan Instruction for step-by-step on how to complete these tasks.
- Borrowers will receive a Disbursement Memo once the request is reviewed.
- Check your OwlMail regularly for correspondence from the Financial Aid Office.
The Parent PLUS Loan is a non-need based educational loan for parents of undergraduate dependent students. Parents may borrow up to the student's yearly cost of attendance minus all other aid the student has received.
HOW TO APPLY
- Complete the FAFSA®.
- Parent and student must complete a Federal Student Aid Parent PLUS loan application.
- Download and complete the Parent PLUS Loan Request Form.
- A loan counselor will review your loan request form once it has been submitted to the Harford Community College Financial Aid Office.
- Borrowers will receive a Disbursement Memo once the request is reviewed.
- Check your OwlMail regularly for correspondence from the Financial Aid Office.
Harford Community College does not have a preferred lender arrangement. If interested in this type of loan, contact the financial institution of your choice for more information.
NOTE: The total requested amount of the loan may not exceed your total cost of attendance minus any other aid awarded. Students are strongly encouraged to apply for all Federal Aid including Direct Loans before applying for Alternative loans.
It is strongly recommended that students complete a FAFSA® to see their Federal Direct Loan options before making a decision about additional borrowing.
Private student loans are not part of the federal student loan program and may require a credit check. You may borrow private loans from any lender you choose. Some private loans are open only to students taking credit classes, but others consider continuing education (noncredit) students as well.
Learn more about the differences between federal and private student loans.
Important Loan Information
Annual Loan Limits / Federal Direct Loan Borrowing Limits
| Credits Earned | Dependent Students | Independent Students | ||
| Students with 0-30 earned credit hours: | Subsidized: $3,500 Unsubsidized: $2,000 TOTAL: $5,500 |
Subsidized: $3,500 Unsubsidized: $6,000 TOTAL: 9,500 |
||
| Students with 31 earned credit hours or more: | Subsidized: $4,500 Unsubsidized: $2,000 TOTAL: $6,500 |
Subsidized: $4,500 Unsubsidized: $6,000 TOTAL: $10,500 |
Lifetime Loan Limits / Federal Lifetime Loan Limits
| Independent/Dependent | Subsidized Maximum | Total Aggregate Maximum (Sub and Unsub) |
||
| Dependent Undergraduates | $23,000 | $31,000 | ||
| Independent Undergraduates | $23,000 | $57,500 |
Before repayment begins, develop a plan that puts you on track to pay back your loan,
on time and in full.
The StudentAid.gov website provides information on Direct Loan repayment:
- Loan repayment options
- When to begin making payments
- How to make a payment
- How to pay off your loan faster
- If you have trouble making payments
Loan Simulator: helps you calculate student loan payments and choose a loan repayment option that best meets your needs and goals. You can also use it to decide whether to consolidate your student loans.
NEW! The new SAVE Repayment Plan for Federal Direct Loans offers lower monthly loan payments! Saving on a Valuable Education (SAVE) Plan replaces the existing Revised Pay As You Earn Plan. The SAVE Repayment plan calculates your monthly payment based on your income and family size.
Questions? Contact your loan servicer or Solutions at ECMC, a non-profit organization that helps students, like you, manage your federal student loans and provide student loan default prevention.
The services below are provided by Solutions at ECMC & are free of charge.
- Student loan repayment advice
- Reduced repayment plan options
- Forbearance
- Deferment
- One-on-One student loan counseling
Harford Community College partners with ECMC Solutions to provide student loan counseling
and support to borrowers as they navigate federal student loan repayment. Contact
ECMC Solutions by phone at 1.877.331.3262, or visit their website to make an appointment, connect through email, or web chat with a student loan counselor. The team at ECMC
also offers a free webinar series to support borrowers as they navigate repayment.