Federal and State Student Loans
William D. Ford Federal Direct Loan Program (FDLP)
Students who have exhausted all other resources may request a federal student loan. Direct Loans are limited to educational expenses and are either subsidized or unsubsidized. Additional student eligibility criteria apply. The student must accurately complete all required steps prior to the awarding of a loan. Students must submit the Free Application for Federal Student Aid online at www.fafsa.gov and verification if selected, as their first step. Students, and their families, must review the information at the United States Department of Education (USDOE) website www.studentloans.gov and in the Pensacola State College Guide to Federal Direct Loans on the Financial Aid page at www.pensacolastate.edu. Prior to submitting the loan request form to the Financial Aid/Veteran Services/Scholarships office for eligibility evaluation and processing, the student must complete Entrance Loan Counseling (ELC) and a Master Promissory note (MPN) which are both on the federal website listed previously. As a part of the college default prevention program, a student must complete both of these steps prior to requesting a Direct Loan. Enrollment of half-time in required courses for the student's primary program of study at the College is required.
Note: On a case by case basis, the school may refuse to certify a loan or certify a loan for an amount less than the student requests. All students including transfer students are required to have a cumulative completion rate of 67% and a grade point average based on the number of attempted credits in the Required Standards chart in this College Catalog in order to apply for a Direct Loan. As part of default prevention, loan limits apply and are based on the level of earned credits in the student's program of study at this College and total amount of funds previously borrowed. Transfer students with excessive student loan indebtedness may be reviewed on a case-by-case basis to determine Direct Loan potential eligibility. Demonstrated willingness to repay prior loans is also taken into consideration. Loans are funds that must be repaid.
Parent PLUS Direct Loans
This is a loan program which enables credit worthy parents to borrow money for their dependent student's educational costs directly associated with their student’s education at Pensacola State College. The dependent must be degree-seeking and enrolled at minimum half-time in courses required for their program of study. PLUS loans are limited in amount to the cost of attendance minus any other financial aid received by the student. The USDOE requires the student to complete the FAFSA and any required verification processes before the school may process a PLUS loan. Parents who are denied a Direct Loan after their credit has been checked by the USDOE, may appeal directly to the USDOE and/or may request to have credit worthy endorsers added to the loan.
Direct Loan Deferment of Tuition and Fees
Students planning to use Federal Direct Loans for payment of tuition and fees should register for classes and after receiving notification via their PirateMail account that their Direct Loan request has been processed, process an online Deferment of Fees via their Spyglass logon on the college website. A deferment must be processed for each term of enrollment. Without a Direct Loan deferment, no fees are automatically paid. Direct Loans cannot be used to cover books and supplies.