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Student Education Loans
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Student Education Loans
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Addendums & Resources
Constitution Day
Is A Student Loan Right For You?
Student education loans
are a form of financial assistance provided to students pursuing an education. All of the steps required for student grants are also required to determine your eligibility for student loans. Because of this, if you become ineligible for all federal student aid, this will include student loans.
Your eligibility for grants affects your loan amount. Therefore, grant eligibility is typically determined before loans are awarded. Loan processing typically takes longer than awarding of student grants. If you apply for student loans early, you have the option of canceling all or a portion of your loan amount before the money is disbursed to you. If you wait for your grant eligibility to be determined, you may put yourself in a situation where you would need to make payment on your classes while your student loans are being processed.
Explore Student Loan
Information
Federal Direct Student Loans
federal direct loan program
The William D. Ford
Federal Direct Loan (Direct Loan) Program
allows students to borrow money to help pay their educational costs while they are in school. As long as the student is attending at least six credit hours and does not cease to attend for a period greater than six months, the student does not have to begin repaying the principle balance or the interest. Although, they may make payments if they so choose. In order to be eligible for this program students must:
be registered and attending at least six credit hours in the term(s) for which they wish to borrow;
complete all steps necessary to determine eligibility for student grants, including-but not limited to-completing the FAFSA and, if selected for verification, the verification process;
complete the Edison State Direct Loan Application Process;
meet the requirements of the Edison State Satisfactory Academic Progress Policy; and
not be in default on any student loans or have received an overpayment of any educational grants or loans.
Subsidized Student Loans
The interest on subsidized loans is paid by the federal government as long as the student is attending at least six credit hours and attends for a period greater than six months. Once repayment begins, interest will begin to accrue that the student will have to pay back. Eligibility for these loans is based, in part, on financial need.
Unsubsidized Student Loans
Unsubsidized student loans accrue interest beginning on the day the loan is disbursed. However, the student does not have to begin repaying this interest and/or the principle balance until he or she drops below six credit hours or ceases to attend for a period greater than six months. Additionally, eligibility for these loans is not based on financial need. Even those students whose EFC is too high for them to receive grants may be eligible for unsubsidized loans.
IMPORTANT
To take out a Direct Loan, you must complete a
Master Promissory Note
(MPN), as well as
Entrance Counseling
(if it is your first student loan) and
Exit Counseling
upon departing. You can complete these steps via the link below.
Federal Direct Loans
Federal Direct PLUS Loan for Parents
The
Federal Direct PLUS Loan for Parents
is a form of aid supported by the Department of Education to help parents pay educational expenses for dependent, undergraduate students. Funds for this loan come directly from the federal government. They usually have low interest rates and offer attractive repayment terms, benefits and options.
IMPORTANT
To take out a Federal Direct PLUS Loan for Parents, you must complete a
Master Promissory Note (MPN)
as well as
Entrance Counseling, Financial Awareness Counseling
and
Exit Counseling
upon departing. You can complete these steps via the link below.
Direct PLUS Loan
Alternative Education Loans
Alternative Education Loans
are available from private lenders. The terms and conditions of these loans are set by the individual lender. Deferment of payments until after graduation is not offered by all lenders and interest rates may not be fixed.
IMPORTANT
You may qualify for federal or state aid in place of or in addition to an alternative loan. We recommend you speak with a Financial Aid counselor to discuss your options as receiving an alternative loan may affect your eligibility for free or low-cost federal, state or institutional aid.
Nurse Education Assistance Loan Program (NEALP)
Nurse Education Assistance Loan Program (NEALP)
provides financial assistance to Ohio students enrolled for at least half-time study (or accepted for enrollment) in an approved Ohio nurse education program. Click below for more information.
NEALP Information
NOTE
Student loans processed after the cut off for the regularly scheduled disbursements will be disbursed on a bi-weekly basis. Student loan borrowers should refer to their disclosure statement for the anticipated disbursement dates.
Institutional Code Of Conduct For
Education Loans
As a participant in the federal Title IV education loan program, Edison State Community College is required to have a Code of Conduct that, among other things, prohibits conflicts of interest, bans revenue-sharing and gifts and specifies acceptable services.
Did you know
One out of 10 Americans has defaulted on a student loan at one time or another.
Over a million student loans enter default each year.
7.8% of all student loan debt is in default.
$124.4 billion in student debt is in defaulted student loans.
11% of new graduates default in the first 12 months of repayment.
Review The
Cohort Default Rate
Cohort Default Rate
(CDR) is the percentage of a school’s borrowers who enter repayment on certain Federal Family Education Loans (FFEL) or William D. Ford Federal Direct Loan (DL) Program loans during a particular federal fiscal year (FY), October 1 to September 30 and default or meet other specified conditions prior to the end of the second following fiscal year.
Repayment
begins six months after a student withdraws, is no longer enrolled for at least 6 credit hours or graduates.
Default
occurs when a student is in the repayment period but fails to make their payments for 270 days or more.
The Department of Education releases the
official
3-year Cohort Default Rate once per year. The data from the most recent years for Edison State Community College is listed below.
ACADEMIC YEAR COHORT
DEFAULT RATE
2022-2023 (FY23)
00.00%
2021-2022 (FY22)
00.00%
2020-2021 (FY21)
00.00%
2019–2020 (FY20)
00.00%
2018–2019 (FY19)
02.40%
2017–2018 (FY18)
08.70%
2016–2017 (FY17)
14.40%
2015–2016 (FY16)
16.20%
2014–2015 (FY15)
18.60%
2013–2014 (FY14)
18.20%
2012–2013 (FY13)
20.00%
Edison State Community College currently outsources its default prevention activity to Student Connections, 6405 Castleway Court, Suite 100, Indianapolis, Indiana 46250. Student Connections contacts ESCC students before their loans enter repayment and thereafter as the need occurs. They also offer counseling and online resources to increase loan borrower awareness and repayment options. Students who need assistance can reach out to Student Connections at
866.311.9450
or visit
www.repaymyloans.org
Explore Additional
Resources
Federal Student Aid Website
Contact a Federal Student Loan Servicer
Loan Repayment Simulator
Loan Default Information
National Student Loan Data System (NSLDS)
Federal Student Aid ID (FSAID)