Unsubsidized Stafford Loans
The Unsubsidized Stafford loan is a loan in which the Federal Government does not pay the interest charges. You are charged interest from the day the loan is disbursed until it is fully repaid, including all in-school, grace, and deferment periods. You do have the option of paying the interest while in school, or it can be deferred until after graduation. If the interest accumulates it will be capitalized and added to the principle amount of the loan, thereby increasing the total amount of the loan. If the interest is capitalized, you will owe more than you borrowed.
Before deciding to borrow additional loan funds, do some financial planning.
Ask yourself these questions:
- Is it really a good idea to borrow at this time?
- Is borrowing an unsubsidized loan absolutely necessary?
- Do I really need this loan, have I explored other options?
- Have I examined my budget and cut expenses wherever possible?
- Have I determined what my loan payments will be and will I be able to afford them?
- Am I being realistic? I should only borrow what I need, even if I am eligible for more.
The additional unsubsidized loan request will require you to list your current aggregate loan amounts which can be accessed on the National Student Loan Data System (NSLDS) web site: nslds.ed.gov. You will also need to use an online loan calculator to determine your estimated monthly loan payment which can be accessed at: www.finaid.org/calculators, click on the "loan calculator" link.
The additional unsubsidized loan request can only be submitted if you have already been awarded at SCC and are now wanting to request additional funds. Students must complete the appropriate form and submit it to the financial aid office before the deadline for the requested semester. If a student’s last day of class is before the deadline, the loan request must be submitted two weeks prior to the student's last day of class.
The last day to request a loan for the 2023-2024 aid year is as follows: *Fall December 1, 2023, Spring - May 5, 2024, Summer - June 6, 2024.
The 2023-2024 request for additional loan funds can be submitted to the financial aid office electronically. You must use your Maricopa ID (MEID) and password to log in.
*Deadline dates are based on the end of the official semester end date. If your last day of class is before the posted deadline dates, you must submit the loan request a minimum of two weeks before your last day of classes.