Return to accessibility navigation at the top of the page.

Loans

Pima Community College has joined with the Department of Education and SALT in an effort to help students prevent excessive indebtedness and reduce loan default rates.  By reducing student loan debt and default rates we can improve students’ lives and empower them for a strong financial future.  To this end, we are offering you more tools, tips and information about your loan options.  The following provides details about your loan options as well as directions for borrowing wisely to fund your educational and professional goals.

Student Loan Options

 

Subsidized Stafford

Unsubsidized Stafford

Alternative/Private

Parent PLUS

Need Based

Yes

No

No

No

Credit Based

No

No

Yes

Yes

Interest Rate

3.86% fixed

3.86% fixed

Variable

6.41% fixed

Repayment

6 months after dropping below 6 credit hours or graduated

6 months after dropping below 6 credit hours or graduated

Determined by lender

60 days after loan is fully disbursed

Lifetime Limits

$23,000

$57,500

(including Sub eligibility)

NA

NA

Minimum Enrollment

6 credits hours

6 credits hours

Determined by lender

6 credits hours

FA SAP Eligibility

Must meet FA

SAP eligibility

Must meet FA

SAP eligibility

NA

Must meet FA

SAP eligibility

Subsidized Stafford Loans have a fixed interest rate of 3.86% and the government pays the interest while you are in school (enrolled for 6 credits or more). Your eligibility is based on your financial need as determined by the Free Application for Federal Student Aid (FAFSA).  Repayment begins 6 months after you graduate or stop attending 6 or more credit hours.

  • NOTE: Changes taking effect on July 1st, 2013 require that subsidized loan eligibility be limited to 150% of the published length of a program. This means that your eligibility for – and benefits from – Subsidized loans end when you exceed 150% of the attempted credit hours for your degree program.

Unsubsidized Stafford Loans have a fixed interest rate of 3.86% and you, the borrower, will have to pay all interest that accrues on the loan.  The interest begins accruing at the time of the first disbursement.  Your eligibility is not based on financial need but may be impacted by other factors determined by your FAFSA.  Repayment begins 6 months after you graduate or stop attending 6 or more credit hours.  For additional information go to the Federal Stafford Loan Request Form.

Alternative (Private Educational) Loans are credit-based loans offered to students to cover the costs of attending college.  These loans often have variable interest rates that exceed the fixed interest rate of Federal Direct Stafford Loans.  Alternative loans do not always provide deferment periods and often have a shorter repayment term.  For additional information go to the Alternative Loan Request Form.

Direct Parent PLUS Loans are credit-based loans that are offered to the parent of the student in order to cover the remaining costs of attending college.  These loans have a fixed interest rate of 6.41% and repayment starts within 60 days of the final loan disbursement.  For additional information go to the Undergraduate PLUS Application.

Helpful Resources

  • Know your loan repayment amounts: Estimate your future monthly loan repayment cost using the Federal Student Aid Repayment Calculator.
  • Set up your free SALT account: Go to www.saltmoney.org and start using all the free tools to gain control over your finances.  You can even import all of your student loans to view in one place: Import Loans to SALT.
  • Do your budget: SALT offers links to several great budgeting tools.  Or you can go straight to the American Student Assistance Budgeting Tool and run a quick budget for yourself.
  • Know your earning potential: Learn about your earning potential in your current field of study by going to the “Student Resources” tab of your MyPima account and check out the "AZ Career Information System" link within the “Career Planning” box.
  • Transferring, graduating, or withdrawing from school?  You will need to complete student loan Exit Counseling if you borrowed student loans while attending Pima.

Requesting a Student Loan

Step 1:

Address all the red flags on your MyPima Financial Aid tab to complete your file for certification.

Step 2:

Tell us that you want loans by answering yes to the “Considering borrowing a student loan?” question in your MyPima Financial Aid red flags.

Step 3:

Successfully complete the SALT course – Budgeting: Find More Money – with an 80% or higher.  The school will be notified within 3-5 business days of your passing grade, which will clear the red flag on your MyPima account.  Directions for how to create your FREE account with SALT can be found here: Create SALT Account.

Step 4:

Accept the portion(s) of loan(s) you wish to borrow.  You will be offered loans after your file is certified, and you have cleared the red flags for steps 2 and 3 above.  Go to the Financial Aid tab of your MyPima account and select the “Financial Aid Awards” link, select the correct aid year, and you will find your award offer under the “Accept Award Offer” tab.

Step 5:

Complete your Loan Entrance Counseling and Master Promissory Note (MPN) at www.studentloans.gov or by following the red flag hyperlinks on your MyPima account.  The school will be notified within 7-10 business days of your loan acceptance AND successful completion of these requirements, which will clear the red flags on your MyPima account.

Requesting Additional Loan Funds

I’ve already accepted/received a student loan this aid year.  How do I request additional loan funds?

  • Go to the Financial Aid Forms webpage and complete the Federal Stafford Loan Request Form for the appropriate semester and aid year, and submit it as directed on the form. 
  • Note that, based on loan eligibility; increases to loan awards will be placed in an accepted status automatically for the student.
  • Pay close attention to the semester deadline for loan request submissions published on the form.

Disbursement Dates

I’ve done all of the steps above.  When will I see the loan funds?

  • You will be awarded one semester at a time so your loan(s) will have 2 disbursement dates.  Most students will have a disbursement at the start of their courses for the semester and another midway through their semester.  All disbursement dates are based on YOUR course schedule specifically.
  • Your disbursement dates will be visible on your MyPima Financial Aid Awards link approximately 7-10 business days after you accept your loan(s).
  • First-time student loan borrowers will have a 30-day delay from the start of the semester on the first disbursement of their loans.