How do I apply for a student loan?
You must complete the financial aid application process to be considered for a student loan.  The Financial Aid Office staff will process your award, which often includes your loan eligibility amounts.  You will be able to view your award and accept or decline aid on HawkNet.  If loans are not included in your aid package, contact the Financial Aid Office.  You still may have eligibility.  Once you know what your eligibility is:

• Accept or decline the loan(s) on HawkNet or by returning a paper award letter.  Indicate the amount(s) you wish to borrow for the year.
• Select a lender, using the same lender if you have previously borrowed a student loan.   
• Complete a Master Promissory Note with the lender that you have chosen.
• Remember: If you choose NOT to electronically sign your Master Promissory Note (MPN) with a PIN, you must either:
• Print the MPN, sign it, and mail it to the lender, or
• You must come to the Northeast Community College Financial Aid Office to obtain a paper MPN.
• Northeast will be notified by your lender that a promissory note has been completed, and we will certify the loan for your requested amount as long as it does not exceed your maximum eligibility.
• You must complete loan counseling prior to receiving your first loan disbursement at Northeast.

What is the difference between a Subsidized and Unsubsidized Stafford Loan?
With the Subsidized Stafford Loan, the Federal Government pays the interest while the student is enrolled at least half time.  With the Unsubsidized Stafford Loan, the student is responsible for the interest on this loan.  You may choose whether or not you would like to make the quarterly interest payments while in school; or you may have the interest capitalized, which means the interest will be added to the principal of the loan and you will pay it when you begin repayment of your student loan.

How do I choose a lender?
You must select a lender who participates in the Stafford Loan program.  If you have no preferred lender, you may select from the comprehensive list of active lenders.  Northeast Community College has processed Stafford loans with these lenders and they are still accepting student loan applications.  Northeast Community College does not endorse any particular lender and you may choose any FFEL lender that is actively accepting Stafford loan application for attendance at NECC.

When do I have to pay back my loan?
You will have a six-month grace period before the first payment of your student loan is due.  The grace period begins the day after you cease to be enrolled at least half-time in an eligible school.  The repayment period begins the day after your six-month grace period ends.  Your first payment will be due within 45 days after your grace period ends.  Your lender will notify you of the date your first payment is due.  Contact your lender if your address or phone number changes.  Please note that if you do not receive information from your lender, you are still responsible for beginning repayment.  Contact your lender if you have any questions.

What is entrance loan counseling?
Entrance counseling informs you of your rights and responsibilities as a borrower.  You MUST complete loan counseling before you can receive your first loan disbursement.
Entrance counseling is completed online at http://www.mappingyourfuture.org

What will be my estimated monthly Stafford Loan payment?
Click on this link to help you estimate your monthly loan payment.
http://www.nslp.org/calculator/

More Information

Financial Aid Office
finaid@northeast.edu
(402) 844-7285