Types of Loans
Federal Direct Loans
Direct Subsidized and Direct Unsubsidized Loans are federal student loans made available by the U.S. Department of Education to aid eligible students with the cost of higher education. Students must be degree-seeking, enrolled at least half time and maintain satisfactory academic progress. Students must complete the Free Application for Federal Student Aid (FAFSA.) These loans will go into repayment six months after graduation or leaving school.
Federal Subsidized Loans are awarded to undergraduate students who demonstrate financial need. Students are not charged interest on the loan while enrolled at least half-time or during grace and deferment periods. The federal government “subsidizes” the interest during the above times.
Unsubsidized Direct Loans are available to students regardless of need. Students are financially responsible for replaying interest that begins accruing when a loan is taken. Students can make interest payment while in school.
You can access additional information about federal student loans here.
Federal requirements to receive federal student loans can be accessed here.
Federal Parent Plus Loan
Parents of dependent undergraduate student’s are able to borrow to help cover the cost of attendance. The student does not have to exhibit financial need, but they are required to complete the FAFSA.
Additional information can be found here.
Private Loans
Private loans are available from a large variety of lenders outside of ACBA. These loans are based on credit and should be carefully considered. We encourage you to read about the difference between federal student loans and private student loans. There may be benefits to pursing federal loans over private loans, if possible.
Students are asked to complete the application for funds to be available for fall semester by July 31st. And December 1st for spring semester. For most private loans funds are disbursed via Electronic Funds Transfer. The funds are applied to the student’s account with any excess-after tuition and fees are paid-being released to the student.
Students are encouraged to only borrow the amount needed. If you would like to make changes to the loan amount please contact the financial aid representative by calling ext.301 843-577-5245, or by emailing finaid@acba.edu.