Page 71 - Southwestern Community College Handbook 2019-2020

F I N F A I N N A C NI A C L I A A L I D A I D
Federal Work-Study provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses. Most of the jobs are on campus and clerical in nature, but the program also encourages jobs in community service and literacy support.
Student Loans are borrowed money that must be repaid with interest. Both need- based and non need-based loans are available. SCC currently offers Federal Direct Loans to students and Federal Direct PLUS loans to parents. Students must be enrolled at least half-time (6 credit hours) to receive a student loan. The amount a student may borrow will be determined by a number of factors, including whether he is a first-year or second- year student, whether he is a dependent or independent student, and the amount of other educational assistance.
DO YOU REALLY WANT A STUDENT LOAN?
SCC is a lower-priced school, and most of our students are able to complete their programs of study here without taking a student loan. For some students, a student loan is the only option, and may be an investment in their future that makes sense. However, we know that many students, locally and nationwide, are struggling to make their student loan payments, so we will be asking you to consider a number of choices you can make to avoid taking on this debt burden. Please carefully and seriously consider:
• Have you separated your needs from your wants, and developed a bare-bones
budget?
• Are you really looking at only the amount you need for school and not trying to play
catch up for lack of budgeting in the past?
• How many hours a week can you work to provide income to pay your expenses so
that you can avoid borrowing?
• Is it in your best interest to attend classes part time to reduce your costs each
semester and also provide income from working?
• If you need to borrow in year one, what is the total you will owe when you graduate
from SCC? Remember that most of our students attend here for three years.
• If you plan to attend another college after SCC, what is the total you will add to this
debt at your next school?
• What is a realistic starting salary in this area for the careers for which your studies will
prepare you, and will you be able to afford to make your loan payments?
HOW AND WHEN TO APPLY FOR FINANCIAL AID
You can apply starting October 1 for the school year beginning the following fall.
The SCC priority deadline for applying for fall aid is May 1. The first step in applying for financial aid is to complete the Free Application for Federal Student Aid (FAFSA). This is an online federal application found at www.fafsa.ed.gov. By completing the FAFSA, you will be applying for federal & state grants (for NC residents), eligibility for parent and student loans, and the federal work-study program. The FAFSA is also required for many scholarship applications. SCC’s Federal School Code is 008466.
The SCC Financial Aid Office offers help to file the FAFSA as needed.
AFTER YOUR FAFSA IS SUBMITTED
Once the U.S. Department of Education has reviewed your FAFSA they will send an email to the address you listed on the FAFSA stating that you have successfully submitted your application. Follow the prompts and review your Student Aid Report on their site, and read all comments at the end of the report. Your Student Aid Report will also give you your Expected Family Contribution or EFC.
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