Stafford Loan

1. ECC does not allow a student to borrow money unless they have 18 credit hours completed successfully (2.0 GPA or higher).
2. ECC does not allow a student to borrow if they already have outstanding student loans totaling $10,500 or more.
3. Students must follow the Satisfactory Academic guidelines including not exceeding the 150% of credit hours for program of study and have not received a Bachelor's degree.
4. ECC allows students who have completed 18-30 credit hours to borrow up to $5,000.
5. Students wishing to borrow must attend an Entrance counseling session prior to completing the loan application. To schedule a counseling session please contact the Financial Aid Office at 214.860.2099
6. ECC allows students who have completed 30 or more credit hours to borrow the remaining amount, not to exceed the $10,500 total.
7. Students should be prepared to initially pay their tuition, fees, and books. Loan funds will be disbursed AFTER the beginning of the semester.
8. Students must complete an Exit Counseling session prior to graduation, termination of enrollment, or dropping below 6 credit hours.
9. This is a LOAN and MUST be repaid

Stafford Loans to students are either subsidized or unsubsidized. A subsidized loan is awarded on the basis of financial need. The borrower is not charged any interest before beginning repayment or during authorized periods of deferment. The federal government "subsidizes" the interest during these periods.

An unsubsidized loan is not awarded on the basis of need. The borrower is charged interest from the time the loan is disbursed until it is paid in full. If the borrower allows interest to accumulate, it will be capitalized-that is, the interest will be added to the principal amount of the loan and additional interest will be based upon the higher amount. The borrower can receive a subsidized loan and an unsubsidized loan for the same enrollment period.

Students planning to become teachers may be interested in Stafford Loan cancellation for teachers. Borrowers may be able to cancel up to $5,000 of their Stafford Loans if they are teaching in a low-income school. To qualify, the borrower must work as a full-time teacher for five consecutive years in an elementary or secondary school that has been designated as a "low-income" school. The U.S. Department of Education each year designates low-income elementary and secondary schools, and a list of these schools, by year, is posted on the department's Web site. A full list of qualifying conditions and other information concerning repayment of loans may be found at www.ed.gov or from the college financial aid office.