SPC only participates in theWilliam D. Ford Direct Loan Program.

Refer to the Online Catalog for detailed loan information.


Application Process for Federal Loans

  • Complete the FAFSA, and provide any other requested documents in order to complete your Financial Aid file
  • Complete the William D. Ford Loan Request Form for Students (or for Parents for a PLUS loan) link below
  • Follow the instructions on the Loan Request Form to complete the Master Promissory Note and Loan Entrance Counseling (or PLUS loan application for parents)

SPC will certify the loan for the requested amount or the maximum eligibility, whichever is less.


Types of Loans for Students

Subsidized Loans:

  • Eligibility based on financial need as determined by the FAFSA
  • Must be enrolled in at least 6 credit hours
  • No interest charged while in school at least half-time

Unsubsidized Loans:

  • Not based on financial need
  • Must be enrolled in at least 6 credit hours
  • Interest charged from the time the loan is disbursed

Important Note: If you are a first-time college student, your loan will be on a 30-day hold. This means the loan cannot be applied to your student account in the Business Office until 30 days into the semester. If this applies to you and you need help paying tuition, contact the Financial Aid Office about an Emergency Loan. 


Types of Loans for Parents

PLUS Loan (Parent Loan for Undergraduate Students) 

  • Not based on financial need
  • Student must be enrolled in at least 6 credit hours
  • Interest charged from the time the loan is disbursed
  • Credit check required for the parent borrower  


Loan Forms and Links

Spring 2017-2018:

          Loan Request Form for Students

          PLUS Loan Request Form for Parents

Summer 2018:

          Summer Loan Request Form for Students

          Summer Parent PLUS Loan Request Form for Parents

Any Year:

          Entrance Counseling

          Master Promissory Note

When you leave SPC ordrop below 6 hours:

          Exit Counseling


Loan Terms and Conditions, and Repayment:

When it comes time for students to repay their Federal Direct Student Loans, they will need to speak to their individual loan servicers about repayment options. There are several repayment plans: standard, extended, graduated, income contingent, income based, and pay-as-you-earn. How much a student pays and how long it takes to repay loans will vary depending on a student’s chosen repayment plan. Consolidation loans also have varying repayment plans.

The following is a link to the U.S. Department of Education's Direct Loan "Repayment Estimator" webpage. This webpage can estimate repayment amounts under each of these different plans.

The following sample repayment chart can be used to estimate loan repayment under the standard repayment plan. It is for estimating purposes only.


                Student Loan Repayment Chart

6.8% Fixed Interest Rate

Amount Borrowed

Monthly Payment


Total Interest

Total Repaid













































































This Standard Repayment Plan chart can be used to estimate student loan payments. Figures have been rounded to the nearest whole dollar and represent minimum payments at 6.8% over a maximum of 10 years, and do not include interest that may accumulate during periods of deferment or forbearance. Lower balances may take less than 10 years to repay at the minimum payment of $50. This chart is for estimating purposes only. 

Complete information on understanding repayment, repayment options and the importance of repayment can be found at