Financial Aid
Federal Stafford Loan Program
The Federal Stafford Loan Program includes both Subsidized and Unsubsidized loans. Students must be enrolled at least half time to be eligible to borrow student loans. Subsidized Federal Stafford Loans are made to students who demonstrate financial need, and in contrast, Unsubsidized Federal Stafford Loans are not based on financial need. You are responsible for paying the interest from the date funds are disbursed on the Unsubsidized loans; whereas the federal government pays the interest on Subsidized loans while you are in shcool at least half time, throughout the grace period, and during periods of deferment.
As an Illinois Central College student, you may be eligible to borrow up to $3,500 per academic year. You may combine both Unsubsidized and Subsidized loans, up to the program maximum. The interest rate on the Federal Stafford Student Loan is adjusted annually every July 1, and capped at 8.25%. Monthly repayments begin six months after graduation or when you cease to be enrolled at least half time. Repayments are made on a monthly basis of at least $50 per month over periods not to exceed ten years after completion of post-secondary studies.
In accordance with Federal Regulations, complete information regarding all aspects of the loan program are initially provided to the borrower in the Financial Assistance Office at the time a request is made for a student loan. In addition, prior to disbursing loan funds, students are required to complete loan entrance counseling. Students are also required to attend loan exit counseling before graduating to receive information regarding their repayment obligation.
Mapping Your Future
Loan Entrance and Exit Counseling