Student loans are financial aid that must be repaid. All types of loans are disbursed by semester.
The Federal Direct Stafford Loans are low-interest loans that allow students to borrow up to $3,500 for their first year and $4,500 for their second year. These loans are either subsidized or unsubsidized.
*If the loan is subsidized, the interest does not accrue until six months after you graduate or drop below half time. If the loan is unsubsidized, interest is charged from the time the loan is disbursed.
Independent students may be eligible for an additional $6,000 a year in unsubsidized Direct Stafford loan. Your award letter will indicate the type of loans for which you qualify.
HOW MUCH HAVE I BORROWED?
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STUDENT LOAN PAYMENT CALCULATOR
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Federal Direct Stafford Entrance Loan Counseling
Any student that receives a federal Stafford loan, subsidized or unsubsidized, is required to complete entrance loan counseling. This can be completed online here.
Federal Direct Stafford Loan Master Promissory Note
Any student that receives a Federal Direct Stafford loan, subsidized or unsubsidized, is required to complete a loan application. If you do not have a Master Promissory Note on file with KCC, Click Here.
Federal Direct Stafford Exit Loan Counseling
Any student that received federal Stafford loans, subsidized or unsubsidized, is required to complete exit loan counseling. This can be completed online when the student has completed their last semester or is taking under 6 credit hours.
FEDERAL PLUS LOANS
The Federal Parent Loan for Undergraduate Student (PLUS) is a loan which provides an opportunity for parents of dependent students to borrow funds for their student’s educational costs. The Financial Aid Office certifies the eligibility, but the money is borrowed from a bank, credit union, or other participating lender. Loan amounts may not exceed educational costs minus other financial aid. This can be completed online.
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ALTERNATIVE LOANS
If scholarships, grants and federal loans do not cover your eduational expenses, you may determine that an alternative loan is the best option to meet your needs. Only borrow what you need to pay for your education!
Some lenders offer their own private loan programs. These programs are credit based and will require a credit check and possibly a cosigner. Interest rates may be variable or fixed, vary by lender and are determined at the time of application. Fees also vary by lender.
Please note that you have the right to select any lender participating in a private education loan program. KCC does not recommend, endorse or promote a specific lender. The following lenders (in no particular order) have worked with KCC students most recently:
Bank of North Dakota
1-800-472-2166
Website: Click Here
Wells Fargo
1-800-345-5526
Website: Click Here
