Loans

Student loans are long-term, low-interest, borrowed funds that you must repay after you graduate or cease to be enrolled in your declared program at least half-time (six or more credit hours). Subsidized and unsubsidized federal loans are the most common type of student loan, with loans for parents and private loans also available.

If you receive a loan offer as part of your financial aid package and wish to accept it, you must follow the formal loan acceptance procedure. Before you borrow anything, be sure to carefully assess how much money you need to fund your education. You will need to have a completed Undergraduate Entrance Counseling and Master Promissory Note on file at studentaid.gov prior to receiving student loans.

Exit counseling related to student loans is also a mandatory federal requirement. Please see additional information below. Throughout the journey of considering and receiving a student loan, the EFSC Financial Aid team provides a variety of guidance and tools to help you manage your debt and prevent loan defaults that can impact a student’s financial future. View more on that in our default management section.

Regulatory changes that impact loans are scheduled to take effect July 1, 2026 so visit the custom frequently asked question section to familiarize yourself with the details.

If you have questions about loans or other forms of financial aid at EFSC, please contact the Financial Aid Office.

How to Apply for Loans

When you complete the FAFSA, EFSC will automatically consider you for subsidized and unsubsidized Federal Direct Stafford Loans. Because your financial situation can change, you must reapply for financial aid each academic year.

Apply for Stafford Loans and Other Financial Aid

Parents can apply for Direct PLUS Loans through the Federal Student Aid website. If you are seeking a private loan, you must apply directly through the individual lender.

Carefully consider decisions about whether to borrow and how much because you want to be sure you can repay the loan later. Visit EFSC's loan repayment page for tips and a handy loan repayment calculator that can help you plan ahead as you decide whether to borrow toward your education.

 Types of Loans

Federal Loans

Understanding Loans: Key Information for Students

Loans serve as a vital form of financial aid that you'll need to repay, so it's essential to approach them thoughtfully. At Eastern Florida State College (EFSC), we encourage students to borrow only what is necessary to cover their costs for the academic year.

To qualify for most financial aid options, it's important to enroll at least half-time at EFSC. For the Fall, Spring, and Summer terms, half-time status is defined as taking 6 credits. Keep in mind that audited courses, courses unrelated to your degree, and some repeated courses do not count towards financial aid eligibility. If you're not enrolled at least half-time, you may be classified as INELIGIBLE for most financial aid funding.

Your Federal Direct loan information will be submitted to the National Student Loan Data System (NSLDS). By logging in through StudentAid.gov, you can easily access and track your loan history through authorized guaranty agencies, lenders, and schools. Regularly reviewing your Federal Direct Loan History on NSLDS is a good practice to help you stay informed about your progress toward the aggregate limit.

To ensure you receive your funds promptly, please complete the necessary loan process steps at least two weeks before the disbursement date.

Exploring Federal Direct Loans

Federal Direct Loans are available to undergraduates who enroll at least half-time. Here’s a breakdown of the options:

Subsidized Federal Direct Loans: Designed for undergraduate students demonstrating financial need. The great benefit of these loans is that no interest accrues while you’re in school.

Unsubsidized Federal Direct Loans: These are for students who do not qualify for the subsidized loans or require additional funding. It’s important to note that interest will accrue while you are in school for these loans.

Loan Limits

Annual Direct Loan Limits for Dependents:

  • $5,500 for freshmen (No more than $3,500 of this may be in subsidized loans)
  • $6,500 for sophomores (No more than $4,500 of this may be in subsidized loans)
  • $7,500 for juniors and seniors (No more than $5,500 of this may be in subsidized loans)

Annual Direct Loan Limits for Independents:

  • $9,500 for freshmen (No more than $3,500 of this may be in subsidized loans)
  • $10,500 for sophomores (No more than $4,500 of this may be in subsidized loans)
  • $12,500 for juniors and seniors (No more than $5,500 of this may be in subsidized loans)

Aggregate (Lifetime) Loan Limits for Dependents:

  • $31,000 with a cap of $23,000 in subsidized loans

Aggregate (Lifetime) Loan Limits for Independents:

  • $57,500 with a cap of $23,000 in subsidized loans

Aggregate PLUS Loan Limits:

  • No capped amount

Essential Steps for Loan Management

Entrance Counseling: This is a required step for new students before any loan disbursement can occur.

Master Promissory Note: Completing this step is necessary before disbursement for new borrowers. Learn more about how to do the entrance counseling and promissory note steps on our receiving your aid page.

Exit Counseling: This counseling is required when you do one of the following:

  • Graduate
  • Withdraw
  • Drop below half-time attendance (even if you have an approved leave of absence and plan to re-enroll at Eastern Florida State College, or transfer to another school)

View the exit counseling information below this accordion for details on how to complete the requirement.

For more details on repayment options for Federal Direct Loans, please visit StudentAid.gov

Understanding Federal Direct PLUS Loans

The Federal Direct PLUS Loan is a low-interest option available to help parents of dependent students enrolled in undergraduate programs. To be eligible, it's crucial that the parent borrower does not have an adverse credit history. The maximum loan amount is determined by the cost of education minus any other financial aid received. Repayment of the principal and interest typically begins 60 days after the loan is fully disbursed, although borrowers may have the opportunity to defer repayment until the student graduates or is no longer enrolled at least half-time. To access a Direct PLUS Loan, students should start by filing a Free Application for Federal Student Aid (FAFSA).

By understanding these key points about loans, you can better navigate your financial aid options and make informed decisions for your education.

Private Loans

We recommend that you exhaust your federal financial aid options before considering a private loan, which vary in terms, conditions, and eligibility requirements. To apply for a private loan, you must go through a private lender or bank, which may require a credit-worthy cosigner. EFSC does not keep a list of preferred lenders.

Exit Counseling

Student loans, unlike grants and work-study, are borrowed money that must be repaid, with interest. You cannot have these loans canceled because you weren’t satisfied with the education you received, didn’t get a job after graduation, or because you’re having financial difficulty. Loans are legal obligations that you must repay.

Exit counseling is required when you do one of the following:
Required information

During exit counseling that takes place online, you will need to provide the following information which will be included as part of your loan records. Make sure you have this information available with you when you start your exit counseling session on the Federal Student Aid website. You need to complete the session in one session as it cannot save your information, so allow approximately 30 minutes

Why is exit counseling required?

Access Federal Exit Counseling Website