Skip to main content

Student Loans

About Federal Student Loans

  • Loan eligibility requires attendance in 6 (six) or more credit hours per semester.
  • It takes approximately 3 weeks to completely loan application process.
  • One-semester loans must be disbursed in two installments.
  • First-time loan funds are held by ED for 30 days after the semester start date, which could delay your refund. Learn more about refunds.

  • Loan Request Change forms are available on the Applications & Forms page.

  • Important: if you leave school or drop below half-time enrollment. You must complete Student Loan Exit Counseling. Learn more on the Federal Student Aid website then check with the Financial Aid office at Calhoun if you have any questions.

How to Apply for Federal Student Loans

Loans & Programs

Federal Stafford Direct Loan

The Stafford Direct Loan (SDL) program is a loan program where a student may borrow funds to cover his/her educational expenses. Students may borrow either a subsidized or unsubsidized loan. A subsidized loan is awarded based on financial need. You will not be charged any interest before you begin repayment or during authorized periods of deferment. The federal government “subsidizes” the interest during these periods. Federal Stafford Loans will have fixed interest rate of 6.8 percent beginning July 2006. An unsubsidized loan is not awarded based on need. You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate, it will be capitalized, that is, the interest will be added to the principal amount of your loan and additional interest will be based upon his higher amount. This will increase the amount you have to repay. If you choose to pay the interest as it accumulates, you will repay less in the end. Recipients may charge tuition, fees, books and supplies to their loan account. If the award is more than the account balance, a disbursement will be generated and issued to the student in the form of a check. If the award is less than the account balance, the student will be billed for the remaining amount of the account.

  • First time borrowers cannot receive the first installment of a loan until they have been in attendance at Calhoun for 30 days.

  • Federal regulations require multiple disbursements for one semester loans. The second disbursement cannot be delivered until mid-point of the semester.

  • Students who enrolled in classes with start dates after the first day of classes (hybrid, distance education, and/or weekend) may not be eligible to receive their remaining balance check until after these classes begin.

* NOTE:

To receive a loan disbursement, you must be enrolled and attending classes in compliance with the satisfactory academic progress policies at the time of disbursement. Students receiving federal student loans grades are evaluated at the end of each semester. This disbursement schedule is subject to change. Updates will be posted in the semester class schedule.

Federal Direct PLUS Loan Program

The Federal Direct PLUS Loan Program provides loans to parents of eligible dependent students who need additional financial assistance in meeting postsecondary educational expenses. Eligibility is not based on income. This program is intended to supplement the Federal Stafford Direct Loan Program. A parent may receive an amount not to exceed the student’s estimated cost of attendance minus any financial aid the student has been or will be awarded during the period of enrollment. There are no aggregate limits. Interest Rates for Federal Direct PLUS Loans are 7.9 percent for which the first disbursement is made on or after July 1, 2006. Disbursement information is the same as the Stafford Loan above.

Have Questions? Contact Us!

Resources