Most Sinclair students who file the FAFSA will be awarded a Federal Direct Loan. In addition, the parents of dependent students may be eligible to borrow a Federal Direct Parent PLUS Loan. A private loan is another option for students who exhaust all their federal aid options.
The dollar amount of these loans may be based on federal limits, year in school, dependency status, cost of attendance, and other financial aid received.
The funds for a Federal Direct Loan are provided by the U.S. Department of Education and are credited to your student Bursar account. Subsidized loans are need-based; unsubsidized loans are not. The federal government pays the interest on the subsidized Stafford Loan while you're enrolled in school at least half-time (6 credit hours).
Parents of dependent students may borrow funds through the William D. Ford Federal Direct PLUS Loan program. The borrower must be a natural parent, adoptive parent, or stepparent of the dependent student. The lender is the U.S. Department of Education. Parents may borrow any amount up to the cost of education minus any other financial aid their child receives.
Sinclair will certify a private loan from any lender. Terms, fees, and borrowing limits of private loans differ. Private loans are not federally guaranteed and do not require that you file the FAFSA. The yearly amount cannot exceed the annual cost of attendance minus other financial aid and resources. Borrowing a private loan is a decision that should be made with careful consideration.