Loans are available to students and parents. Eligibility is determined through the
FAFSA. Separate loan forms and processes must be completed. Repayment is in accordance
with the terms of the loan.
Federal Direct Student Loan Program
- Available to students enrolled in at least 6 credits.
- There are two types of Federal Direct Student Loans, Subsidized (need-based determined
by need, cost of attendance, and estimated family contribution; interest paid by taxpayer
funds while the borrower is enrolled at least half-time) and Unsubsidized (the borrower
is responsible for interest, which begins to accrue as soon as the loan is disbursed).
Some students may be eligible only for the Unsubsidized Loan.
- Students must be enrolled in a financial aid-eligible degree or certificate program
(non-matriculated students not eligible).
- Interest rate is 4.66 % * for Subsidized (no interest during school) and Unsubsidized
(interest accrues during enrollment) loans; loan fees are approximately 1.073% * of
the amount borrowed.
- Repayment begins 6 months after dropping below half-time (below 6 credits). All students
who receive a loan must complete Exit Counseling upon withdrawal or graduation from Shoreline.
- Eligibility is determined through the federal aid application process. Students must submit the FAFSA, the Shoreline Data Sheet (available on the Financial Aid forms page) and complete all other required steps, including submitting the Loan Request Form,
and the electronic Master Promissory Note, and the Entrance Counseling.
- Students must be making required satisfactory academic progress.
First year students who are taking out a government loan for the first time, are subject
to a 30-day hold on the disbursement of Direct Student and PLUS Loan funds. The waiting
period begins on the first day of the quarter.
If requesting a loan for one quarter only, the Federal Direct Student Loan and/or
PLUS Loan will be disbursed in two equal installments during that quarter. One half
is disbursed at the beginning and the 2nd half is disbursed once attendance is verified
at the quarter mid-point.
Parent PLUS Loan
This federal loan available to parents of dependent students; not based on student
"need"; 4.292%* loan fees; 7.9%* interest rate. Students must first complete all steps
in the financial aid application process is:
- Parents must complete the Master Promissory Note for Parent PLUS loans. This is completed
on the web at studentloans.gov; sign in with parent information and choose "Complete Master Promissory note" and
then click on “Parent PLUS.”
- The student and parent borrower complete the Parent PLUS Loan Form and submit it to
the Financial Aid Office. This form is available at the Financial Aid counter in the
FOSS (5000) Building and on the Financial Aid forms page. The U.S. Department of Education will conduct a credit check on the parent borrower.
Nursing Student Loan
Funded by Department of Health, this loan is available to students admitted to the
Shoreline's Nursing program. A completed financial aid file is required to apply for
the Nursing Student Loan for up to $2,500 per year as determined by federal guidelines.
These loans must be repaid during a 10-year period after completing the degree program.
Interest rate is 5%* and is deferred as long as the student is enrolled at least half-time
(6 credits) while pursuing a degree in the Nursing field.
As higher education costs continue to rise, many college students find that they need
to look beyond traditional financial aid. Before considering a private loan, make
sure you've applied for any and all Financial Aid & scholarships. See washboard.org.
- If you are not eligible for any other type of aid, educate yourself about borrowing
private loans by visiting FinAid! for explanations on the costs of borrowing and how to compare lenders.
- If you are receiving other financial aid, check with the financial aid office to determine
the maximum amount you can borrow without affecting your other aid awards.