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Federal Student Education Loans


Federal Student Education Loans | TurbOptionTrading

Heartland Community university participates into the Federal Direct Loan Program. The Heartland Financial Aid Office determines loan eligibility and the loans are made by the U.S. Department of Education under this program.

Federal Direct loans are academic loans that really must be paid back with interest. We encourage one to think about all the choices for funding your education first and make use of an educatonal loan as a “last resort. ” Be cautious before you borrow under this loan system as you will find severe consequences never to student that is repaying.

You can find three forms of loans available:

  • Direct Subsidized
  • Direct Unsubsidized
  • Parent Loans for Undergraduate pupils (PLUS) for moms and dads

Direct Student Education Loans

An immediate Subsidized loan is a need-based loan, therefore you must show economic need based on information submitted from the FAFSA.

Interest starts accruing in the loan at that time the mortgage funds are disbursed, however the government will pay (subsidizes) the attention when you are enrolled in college on at the least a half-time foundation. You may not make any re re payments regarding the loan while you’re in college.


A Unsubsidized that is direct loan perhaps maybe perhaps not considering monetary need. So long you can borrow from the loan program as you meet other general eligibility requirements.

Interest starts accruing in the loan whenever funds are disbursed. You may be accountable for spending the attention while you’re at school.

We recommend you spend interest for an unsubsidized loan while in college, however you need to solution to capitalize your interest. With this particular choice, you spend no interest whilst in college. But, interest accrues and it is put into the quantity you borrow, meaning your loan quantity will continue to improve.


Submit an application for educational funding using the FAFSA.

Have finished and confirmed, if required, pupil aid record on file.

Get admitted to Heartland Community university in a qualification looking for system or authorized certificate system.

Sign up for at the very least six credit hours.

Be sure you aren’t in standard on any loan that is educational try not to show an unwillingness to settle an academic loan or owe any reimbursement on a grant or education loan.

Talk with a Heartland Community university loan officer for pre-loan counseling and finish a learning student Loan demand Form if needed.

Schedule a consultation to fulfill with a financial aid officer when you yourself have significant prior borrowing as an element of the school’s financial obligation management plan. You are necessary to finish a borrower that is smart to be able to borrow extra funds underneath the education loan system.

Borrower Information Sheet

A questionnaire that needs two recommendations and exactly how to get into your credit history. This kind is necessary annually whenever borrowing at HCC. Complete the 2019-2020 debtor information sheet (PDF) and turn into the educational funding workplace. Attach Financial Aid History page from NSLDS whenever publishing the Borrower Ideas Sheet.

Entrance Loan Counseling

If your wanting to can get your Direct education loan funds, you need to finish an entry loan guidance session each educational 12 months with all the U.S. Department of Education.

The guidance session informs you regarding the liberties and duties as a debtor, describes the significance of loan payment and makes certain you recognize the results of defaulting on a learning pupil loan.

Complete online loan guidance through the U.S. Department of Education’s internet site. Sign in making use of your pin that is federal quantity. Pick “Complete Entrance Counseling. “

Master Promissory Note (MPN)

Direct student education loans are paid back with interest. Consequently, you’re needed to signal a promissory note each time you borrow. The note will act as your vow to settle the mortgage and it is a legitimately binding document between both you and the U.S. Department of Education.

Complete the Master Promissory Note (MPN) through the U.S. Department of Education’s site. Check in with your pin that is federal quantity. Choose “Complete Master Promissory Note. “

Financial understanding guidance (necessary for past borrowers only)

Financial Awareness Counseling provides past borrowers the basic principles of economic administration, reveal pupils their present federal education loan financial obligation (and their present education loan financial obligation they leave school if they enter information about their private student loans), and provide students an estimate of what their no credit check installment loans online in washington student loan debt is likely to be at the time.

Complete on the web Financial Awareness Counseling through the U.S. Department of Education’s site. Check in making use of your pin that is federal quantity. Pick “Financial Awareness Counseling. “

Exit Loan Counseling

Before graduating or in the event that you fall below half-time attendance, you need to finish an exit loan guidance session. The session shall:

Review your payment responsibility

Offer information about typical repayment that is monthly predicated on different quantities of borrowing

Explain forbearance and deferment choices

Stress the serious effects of defaulting on a federal education loan

In-person exit loan guidance sessions may be scheduled through your semester that is last of. On line exit loan guidance can be available.

Borrowing Restriction

Beneath the Direct Subsidized and Unsubsidized programs, you might generally borrow as much as $5,500 as a freshman or more to $6,500 as a sophomore.

Under special circumstances, separate pupils can be eligible to borrow additional funds all the way to $4,000 underneath the Unsubsidized program. Significance of these extra funds are thought for a basis that is case-by-case.

Rate Of Interest

For the 2019-2020 scholastic 12 months, the attention price on Direct Subsidized and Direct Unsubsidized loans is 4.53%.

Plus Loans

A BONUS loan is that loan that moms and dads can get. It will help cover academic costs due to their reliant, undergraduate pupil.


The parent may apply for a PLUS Loan after the student submits a FAFSA.

  1. Finish the FAFSA. This determines eligibility for the Direct scholar Loan, which needs to be determined before moms and dads can be viewed for a PLUS Loan.
  2. Fill in a Fall 2019 – springtime 2020 – summer time 2020 Heartland PLUS loan application (PDF).

Borrowing Restrictions

Moms and dads can borrow as much as the expense of training at Heartland, less any educational funding their pupil gets.

Interest Rate

The current interest is 7.08% and interest accrues right while the loan is disbursed. Payment of this loan starts within 60 times of the mortgage being fully disbursed.

Call Us

Educational Funding Workplace

Community Commons Building (CCB), Area 1106 1500 W. Raab Rd. Normal, IL 61761

Mobile: 309-268-8020

Fax: 309-268-7962

Office Hours

8:00 AM – 5:00 PMTuesday 8:00 AM – 6:00 PMWednesday 10:00 AM – 5:00 PMThursday 8:00 AM – 5:00 PMFriday 8:00 AM – 4:30 PM monday

Walk In Hours

Monday-Thursday 10:00-1:00 and 2:00-5:00Friday 10:00-1:00 and 2:00-4:00


Available throughout your myheartland Appointments tab or by calling 309-268-8020


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