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Loans

Federal Title IV loan programs assist students with their educational expenses now and are repaid when the student is no longer attending or enrolled in at least six credit hours time. The College participates in two federal loan programs: the Federal Stafford Student Loan (subsidized and unsubsidized), and the Federal Plus Program for parents of dependent students. In addition to these federal programs, SLCC provides a short-term emergency loan fund. By institutional policy, loans are not awarded retroactively. Skills Center students are not awarded Federal Stafford Student Loans, Federal Plus Loans or short-term emergency loans.

  • Federal Direct Stafford Student Loan (subsidized/unsubsidized): Available to students with demonstrated financial need. Provided by the Federal Government. The value of the loan for students who have completed less than 30 hours cannot exceed $3500.00 per year. The value of the loan for students who have completed 30 hours or more cannot exceed $4500.00 per year. Repayment of the loan begins 6 months after the student leaves school or drops below half time enrollment. The minimum payment during repayment is $50.00 per month and may be higher depending on the total amount borrowed. The maximum time frame allowed for repayment is 10 years, not counting periods of deferment or forbearance. The interest rate has been fixed at 3.4% beginning July 1, 2011. Subsidized loans do not accrue interest while a student is attending at least half time (6 or more credit hours). Unsubsidized loans will accrue interest during the loan period, borrowers may pay the interest quarterly or have it capitalized. An additional unsubsidized amount is available students and may be requested by completing an additional unsubsidized loan application and meeting with a Financial Aid Advisor. First time borrowers must complete Loan Entrance Counseling.

    Federal Direct Loan Entrance and Exit Counseling

    Loan Exit Counseling

    - All students who have had Stafford Student Loans and cease to attend SLCC on at least a half time basis, (6 credit hours), must complete Loan Exit Counseling.

    Utah Higher Education Assistance Authority

    Learn more about the Utah Higher Education Assistance Authority, the guarantee agency.

    Find forms for a variety of deferment options available through Utah Higher Education Assistance Authority for their student loan borrowers.

    Sample Loan Repayment Schedule

    Below is a sample loan repayment grid showing the monthly payments and total amounts repaid. The minimum payment for Stafford loan is $50.00 per month.

    Standard Repayment Plan at 8.25% Interest
    Loan Amount Number of Payments Monthly Payment Interest Charges Total Repaid
    2,600.00 65 $50.00 $628.42 $3,228.42
    4,000.00 120 $50.00 $1,827.30 $5,827.30
    7,500.00 120 $91.99 $3,538.80 $11,038.80
    10,000.00 120 $122.65 $4,718.00 $14,718.00
    15,000.00 120 $183.98 $7,077.60 $22,077.60
    The interest rate for Stafford Loans is now fixed at 6.8 percent as of July 1, 2006

  • Federal Parental Loan for Undergraduate Students (PLUS): Available to the parents of dependent students. Provided by lending institutions. PLUS disbursement checks will be made co-payable to parent(s) and SLCC. Parental endorsement must be obtained before SLCC endorsement and subsequent disbursement can be made. The value may not exceed cost of education less other estimated financial assistance. Repayment begins 60 days after disbursement. The interest rate is variable and cannot exceed 9%.

Verification of enrollment

The National Student Clearinghouse Student Self Service site provides the following functions:
  • Print Enrollment Verification Certificate that you can send to all requestors requiring proof of degree and enrollment (Firms, Employers, Lenders, Health Insurers, and Housing Providers).
  • Check the deferment forms and electronic notifications that have been sent to your lenders.
  • Obtain a list of your student loan lenders and link to real-time loan information.
  • View your enrollment history and find out when SLCC is scheduled to send the Clearinghouse its next enrollment update.
  • View enrollment verifications to student service providers that have been made per your request or the service provider's request (with your consent).

For verifications needing non-directory information such as GPA and/or Social Security number, students can request verifications from SLCC by faxing a completed Verification Form to Enrollment Services at: 801-957-4961.