Loan Information

Applying for Loans at Hill College

Applying for Loans at Hill College

Student Borrowers

  • Must complete a FAFSA. FAFSA.ed.gov
  • Must complete a Master Promissory Note and Entrance Counseling.  StudentLoans.gov
  • Must be enrolled in at least 6 credit hours in an eligible program.
  • Must maintain a cumulative 2.0 GPA and a 67% completion rate. Satisfactory Academic Progress
  • Must not be in Default on any previous student loan.
  • Must not have exceeded annual or aggregate limits.

PARENT BORROWERS

  • Hill College must be have received a valid FAFSA on your student.
  • Must submit a PLUS loan application and complete a Master Promissory Note.  Log in with the Parent's FSA ID and password at this website, StudentLoans.gov
  • Your child must be a dependent student as defined for financial aid purposes (under age 24, unmarried, and have no legal dependents).
  • Your child must be enrolled at least half-time (6 credit hours) in a program that is eligible for financial aid.
  • You must not be in Default on any previous Parent loan.
  • Must not exceed the Cost of Attendance with all the aid the student has received including but not limited to grants, loans, or scholarships.

Types of Loans, Eligible Amounts and Fees

The William D. Ford Direct Loan program offers students two types of loans, if eligible. 

  • Subsidized: Interest is paid by the federal government while the student is enrolled in at least 6 credit hours.  Students are eligible if they have need.
  • Unsubsidized: The student is responsible for all interest and can pay it while in school or allow it to be added to the principal amount borrowed.
    
        

Freshman Dependent Students (0-29 hours)

    
  • Subsidized = $3500 annual max
  • Unsubsidized = $2000 annual max
    
    
        

Sophomore Dependent Students (30+ hours)

    
  • Subsidized = $4500 annual max
  • Unsubsidized = $2000 annual max
    
    
        

Freshman Independent Students (0-29 hours)

        
  • Subsidized = $3500 annual max
  • Unsubsidized = $6000 annual max
    
    
        

Sophomore Independent Students (30+ hours)

    
  • Subsidized = $4500 annual max
  • Unsubsidized = $6000 annual max
    

Interest Rates

Direct Subsidized Loans for Undergraduate Students

  • First disbursements on/after 7/1/2013 and before 6/30/2014. Fixed interest rate 3.86%
  • First disbursements on/after 7/1/2014 and before 6/30/2015. Fixed interest rate 4.66%
  • First disbursements on/after 7/1/2015 and before 6/30/2016.  Fixed interest rate 4.29%

Direct Unsubsidized Loans for Undergraduate Students

  • First disbursements on/after 7/1/2013 and before 6/30/2014. Fixed interest rate 3.86%
  • First disbursements on/after 7/1/2014 and before 6/30/2015. Fixed interest rate 4.66%
  • First disbursements on/after 7/1/2015 and before 6/30/2016. Fixed interest rate 4.29%

Direct Parent PLUS loans

  • All Parent Plus loans prior to  6/30/2013 have a fixed interest rate of 7.9%
  • Parent Plus loans first disbursed on/after 7/1/2013 and before 6/30/2014. Fixed interest rate 6.41%
  • Parent Plus loans first disbursed on/after 7/1/2014 and before 6/30/2015. Fixed interest rate 7.21%
  • Parent Plus loans first disbursed on/after 7/1/2015 and before 6/30/2016.  Fixed interest rate 6.84%
  • By Federal law, loan funds must be separated into two separate disbursements.

Accept/Decline/Change Loan Amounts

Accept Loans

Student will receive an award letter in their student email account, notifying them of their student loan offer.  It is up to the student to accept/decline or change their loan amount. When you accept, decline or adjust your loan it adjust the amounts for the year not just the semester.

To accept the loans as offered students need to log into MyRebel and follow the instructions contained in the Award Letter Guide.  To accept just check the box next to the letter A.  You must accept the subsidized loan before accepting the unsubsidized loan.  It is a better benefit to the student to receive all subsidized funds before receiving any unsubsidized funds.

Decline Loans

To decline the loans that were offered students need to log into MyRebel and follow the instructions contained in the Award Letter Guide.  To decline just check the box next to the letter D. You will notice all of the dollar amounts are reduced to $0.

Adjust Loans

Students have the ability to change the amount of student loan funds borrowed and should borrow responsibly.  IF you have not already submitted an accetance or denial, a student can use the arrow keys next to the dollar amount to lower the amount.  If you go too low, you can increase the loan back up to the original offered amount.  Any changes a student wishes to make on a loan that was previously accepted or declined must submit a Direct Loan Change Request form to the Enrollment Management office. The top portion of the form must be complete along with the student's required signature at the bottom of the form before any changes can be considred.

Receiving Loan Funds

ALL STUDENTS

  • Must be enrolled in at least 6 credit hours in an elgible program to receive financial aid funds (pell and loans)
    • if enrolled in less than 6 credit hours, loan funds will be returned
    • if NOT enrolled in any courses for the current term, loan funds will be returned.
  • Must have began attendance in all courses for the current term.

RETURNING STUDENTS

  • Loan funds are released to students 14 days from the first day of class for a regular semester (fall/spring/summer).
    • Cannot be subject to the 30 day delay as a first time borrower.
  • Funds are released weekly after the first disbursement of the semester is completed for any students finishing their loan requirements late.

1st TIME BORROWERS

  • Must complete 30 days from the first day of class before the student can receive their first loan disbursement. 
  • 1st Time borrower is defined as a student that has never attended college AND has never borrowed student loans prior to this current term.
    • If you have received college credit previously but never borrowed loan funds you are not a 1st time borrower.

Leaving Hill College

We hate to see our students leave!  Graduating, transferring or seeking employment with your degree or certificate in hand is an exciting time!  Congratulations!

Graduates or Transferring Students

  • Repayment begins 6 months after graduation or leave Hill College unless you enroll in at least 6 credit hours before the 6 months are exhausted.
  • If you are transfering to a university, be sure to contact your servicer to notify them of your plans.
  • Not sure who to contact? Log into the National Student Loan Data System (NSLDS) with your FSA ID and obtain the servicer's contact information.
  • Your minimum payment is based upon the total amount of money borrowed.
  • Federal regulations require students to complete Exit Counseling upon leaving Hill College no matter if graduating or transferring . Log in with your FSA ID to StudentLoans.gov.

No longer enrolled in at least 6 credit hours

  • Repayment begins 6 months after leaving Hill College.
  • Repayment begins 6 months starting the day after a student ceases to be enrolled in at least 6 credit hours.
  • If you are enrolling in a different school before the 6 months are exhausted, you could qualify for a deferment or forbearance, contact your servicer.
  • Not sure who to contact? Log into the National Student Loan Data System (NSLDS) with your FSA ID and obtain the servicer's contact information.
  • Your minimum payment is based upon the total amount of money borrowed.
  • Federal regulations require students to complete Exit Counseling upon leaving Hill College no matter if graduating or transferring . Log in with your FSA ID to StudentLoans.gov.

Contact Information

Contact Information