Student Loans

Click below for more options about repaying your student loans.   
Repayment Plans

A Federal Direct Subsidized loan is a low interest need-based loan made to students enrolled at least half-time who have completed the FAFSA for the appropriate academic year.  

 

- The student must be meeting Satisfactory Academic Progress requirements in order to be eligible for the loan.  

- The federal government pays the loan interest while the student is in school, and

- Loan repayment begins six months after the student graduates or drops below half-time enrollment.  

Due to Federal legislation enacted in August '21, eligibility for the subsidized loan is no longer limited for new borrowers who receive a subsidized loan first disbursement on or after July 1, 2021.  The law previously limited the period of time for which a borrower may receive subsidized loans to 150 percent of the published length of the student's program of study.  

A Federal Direct Unsubsidized loan is a low interest non need-based loan made to students enrolled at least half-time who completed the FAFSA for the appropriate academic year.  

 

- The student must be meeting Satisfactory Academic Progress requirements in order to be eligible for the loan.  

- Direct Unsubsidized loans accrue interest while you are enrolled.  You can choose to pay the interest each month while in school or allow the interest to accumulate.

 

- Loan repayment begins six months after the student graduates or drops below half-time enrollment.  

The Federal Direct PLUS loan is available to parents of dependent undergraduate students who have completed the FAFSA for the appropriate academic year.

 

- Interest is charged during all periods.  

The U.S. Department of Education will evaluate the borrower's credit history to determine eligibility and if approved will be valid for 180 days.  Basic eligibility requirements include:

- You must be a U.S. citizen or eligible noncitizen,

 

- You cannot be in default on any federal loans and

 

- The student must be enrolled at least half-time and be meeting satisfactory academic progress.  

The loans are available to parents (natural, adoptive or step parent whose information is on the FAFSA) of dependent students. 

Private education loans should only be considered after students and parents have explored federal loan options which often have lower interest rates. Students who have not applied for federal aid, including federal loan programs, may do so by completing the FAFSA online.  

 

- Interest rates and terms vary by lender

 

- Students may borrow up to the cost of attendance minus any other financial aid, and

 

- Students do not have to be making satisfactory academic progress in order to be eligible for the loan.  

Apply here: FastChoice

Academic Level	Loan Limits Dependent Students	Loan Limits Independent Students
Freshman Annual Limit	$5,500 No more than $3,500 in  Subsidized Loans	$9,500 No more than $3,500 in  Subsidized Loans
Sophomore Annual Limit	$6,500 No more than $4,500 in  Subsidized Loans	$10,500 No more than $4,500 in  Subsidized Loans
The following loans are only for students in the Bachelor Degree Programs at Collin College.
Junior & Senior  Annual Loan Limit	$7,500 No more than $5,500 in Subsidized Loans	$12,500 No more than $5,500 in Subsidized Loans
Aggregate Loan Limits Undergraduate	$31,000 No more than $23,000 in Subsidized Loans	$57,500 No more than $23,000 in Subsidized Loans

 

The Subsidized loan interest rate for the 2023-2024 year is 5.50% for loans disbursed on or after 07/01/2023.

 

The Unsubsidized loan interest rate for the 2023-2024 year is 5.50% for loans disbursed on or after 07/01/2023. 

 

The PLUS loan interest rate for the 2023-2024 year is 8.05% for loans disbursed on or after 07/01/2023. 

1. Complete the FAFSA (Free Application for Federal Student Aid) at http://www.fafsa.gov.

 

2. Turn in all documents requested by the Financial Aid Office.  After we receive your FAFSA results from the federal processor, any required documents will be listed on your CougarWeb account under the Financial Aid tab.

 

3. A Master Promissory Note (MPN) must be completed by all students receiving federal student loans one time while attending Collin College and can be found by logging into your Federal Student Aid account here. 

 

4. Complete on-line Entrance Counseling by logging into your Federal Student Aid account here.

Apply for a CAL loan by clicking on this link: CAL  

0.0% for 2020, 3.4% for 2019, and 13.3% for 2018