Loan applications are available in the financial aid office and online.  These applications are in addition to the FAFSA and the standard Sinclair financial aid office application.

• Complete the loan application, available in the Financial Aid & Scholarships office, Building 10, Room 10343 or print it from the web site:  www.sinclair.edu/stservices/fas/
• First time borrowers at Sinclair must complete a required online entrance counseling session.  The counseling session includes information on the rights and responsibilities of the student borrower, repayment options and terms and conditions of the student loan.  The online entrance counseling session can be found at the following web site: www.sinclair.edu/stservices/fas/loancounseling/index.cfm
• If the loan is approved, a notification letter will be e-mailed to the students, usually within 10 to 14 days after the application is received by Financial Aid & Scholarships.
• After notification of approval, the students must see the Financial Aid & Scholarships office to complete promissory notes.
• An exit counseling session is a federal requirement of graduating students and of students who stop attending at least six credit hours of classes.

Federal Direct Stafford Loan - available to students to help meet educational expenses

• Fixed interest rate of 6.8%, effective July 1, 2006.
• Maximum request of $2625 allowable per year.
• Any additional loan amount possibility will be determined in a loan counseling session with a financial aid officer, Building 10, Room 10343.
• Loan may be subsidized or unsubsidized, depending upon financial need.
  • Subsidized loan:  Federal government pays interest while students attend school.
  • Unsubsidized loan:  Students pay interest either by adding interest to the loan balance or paying it directly while attending school.
• Repayment of Stafford loans will begin six months after students are no longer enrolled for at least six credit hours, graduates, or completely withdraw from school.  A temporary deferment to postpone repayment can be arranged under certain qualifying conditions, including continuing education and economic hardship.  Students may contact a financial aid representative for more information; but to apply for deferment, they must contact the Direct Loan Servicing Center directly at 1-800-848-0979.

Federal Direct Parent PLUS Loan - available to parents of dependent students to help meet educational expenses:

• Fixed interest rate of 8.5%, effective July 1, 2006
• Repayment begins at end of loan period
• Parent is required to go through a credit check by the federal government for loan approval.  If the parent fails the credit check and the loan is denied students may have the option of applying for an additional Federal Direct Stafford Loan.  Speak with a financial aid officer to discuss the situation and the need for any additional loan amounts.