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We are proud to host several campus events to promote financial literacy for SPC students.

You may qualify for student loans. They are a serious financial obligation and must be repaid. Be sure to look for other forms of financial aid that don't have to be paid back, like grants, scholarships or student employment. Consider applying for grant assistance from your home state.

SPC encourages you to review all information about loans before deciding to borrow and to borrow only what you need. 

Available loans include (federal loan terms and conditions are generally more favorable than private loans):

 Interest is the cost to borrow money. It is calculated as a percentage of the outstanding unpaid principal balance (accrual). Future interest is charged on the increased principal balance (capitalization). This will increase your monthly payment amount and the total amount you repay over the life of the loan. See current federal loan interest rates.

How to apply

The first step in applying for any financial aid at SPC, including grants, loans, scholarships and student employment, is to complete the FAFSA (Free Application for Federal Student Aid).

FAFSA button 

Information for first-time Stafford borrowers

If you are a first-time borrower at SPC, you will be required to:

  1. Accept, reduce or decline the loans offered to you based on your eligibility. If you attend less than full-time during any term, your Cost of Attendance and financial aid award amounts will be adjusted. This could result in reduction or removal of loans or other financial aid. If your enrollment drops below half-time before loans are disbursed to your student account, you may not receive payment. After the funds are disbursed to your student account, the award will not change.
  2. Complete Federal Direct Stafford Loan Entrance Counseling, which explains your rights and responsibilities as a loan borrower and is required for all first time borrowers at SPC.
  3. Complete your Direct Loan Master Promissory Note (MPN) using your FSA ID. Note: You will only need to complete an MPN once while you attend SPC. The MPN is the legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculate and what deferment and cancellation provision are available to you.

These steps must be completed before you can receive your first loan disbursement. 

First-time, first-year Stafford borrowers will not receive their first loan disbursement until 30 calendar days after the first day of classes, according to federal regulations.

Your loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.

Find out more information about Federal Direct Stafford Loans.

Information for exiting Stafford borrowers

If you are graduating, withdrawing, or dropping below half-time, complete Federal Direct Stafford Loan Exit Counseling. SPC will receive the results the next business day. Your academic records will be on hold until this is completed. 

Loans overview

Master Promissory Note

Military service benefits