Federal Student Education Loans

Federal Student Education Loans

Heartland Community university participates within the Federal Direct Loan Program. Under this system, the Heartland school funding workplace determines loan eligibility therefore the loans are created because of the U.S. Department of Education.

Federal Direct loans are academic loans that must definitely be paid back with interest. We encourage you to definitely start thinking about all the choices for funding your education first and make use of a education loan as a „last resort. “ Be cautious before you borrow under this loan system as you can find serious effects not to student that is repaying.

You will find three kinds of loans available:

  • Direct Subsidized
  • Direct Unsubsidized
  • Parent Loans for Undergraduate pupils (PLUS) for moms and dads

Direct Figuratively Speaking

An immediate loan that is subsidized a need-based loan, therefore you must show financial need in accordance with data submitted regarding the FAFSA.

Interest begins accruing regarding the loan at that time the mortgage funds are disbursed, however the government will pay (subsidizes) the attention while you’re signed up for college on at the very least a half-time basis. You don’t make any re payments in the loan when you are at school.


A Direct Unsubsidized loan is maybe not centered on economic need. So long as you meet other general eligibility demands, you are able to borrow through the loan system.

Interest starts accruing from the loan whenever funds are disbursed. You may be in charge of having to pay the attention when you are in college.

We recommend you spend interest on a loan that is unsubsidized in college, you need to choice to capitalize your interest. Using this choice, you spend no interest whilst in college. Nonetheless, interest accrues and it is put into the quantity you borrow, which means that your loan quantity continues to boost.


Submit an application for educational funding utilizing the FAFSA.

Have finished and confirmed, if required, pupil aid record on file.

Get admitted to Heartland Community university in a diploma looking for program or authorized certificate system.

Sign up for at the least six credit hours.

Ensure you aren’t in standard on any loan that is educational try not to show an unwillingness to settle an academic loan or owe any reimbursement on a grant or education loan.

Speak to a Heartland Community university loan officer for pre-loan guidance and finish a learning student Loan demand Form if required.

Schedule a consultation to generally meet with a educational funding officer when you have significant prior borrowing as an element of the faculty’s financial obligation administration plan. You are needed to finish a good borrower packet to be able to borrow extra funds underneath the education loan system.

Borrower Information Sheet

An application that needs two references and just how to get into your financial history. This type is required annually when borrowing at HCC. Complete the 2019-2020 debtor information sheet (PDF) and turn into the educational funding workplace. Attach Financial Aid History web page from NSLDS whenever publishing the Borrower Ideas Sheet.

Entrance Loan Counseling

Before you decide to can get your Direct education loan funds, you have to finish an entrance loan counseling session each educational 12 months with all the U.S. Department of Education.

The guidance session informs you regarding your legal rights and duties as a borrower, explains the necessity of loan payment and makes certain you recognize the effects of defaulting on education loan.

Complete online loan guidance through the U.S. Department of Education’s internet site. Check in making use of your pin that is federal quantity. Pick „Complete Entrance Counseling. https://speedyloan.net/installment-loans-wv

Master Promissory Note (MPN)

Direct figuratively speaking are paid back with interest. Consequently, you’re needed to signal a note that is promissory time you borrow. The note will act as your promise to settle the mortgage and it is a lawfully binding document between both you as well as the U.S. Department of Education.

Complete the Master Promissory Note (MPN) through the U.S. Department of Education’s site. Check in utilizing your pin that is federal quantity. Pick „Complete Master Promissory Note. „

Financial understanding guidance (needed for past borrowers just)

Financial Awareness Counseling will offer past borrowers the fundamentals of economic administration, reveal pupils their present federal education loan financial obligation (and their present education loan financial obligation when they enter details about their personal student education loans), and offer students an estimate of just what their education loan financial obligation may very well be during the time they leave college.

Complete on the web Financial Awareness Counseling through the U.S. Department of Education’s web site. Register utilizing your federal pin quantity. Pick „Financial Awareness Counseling. „

Exit Loan Counseling

Before graduating or in the event that you fall below half-time attendance, you need to finish an exit loan guidance session. The session shall:

Review your repayment responsibility

Offer information about typical repayment that is monthly according to different quantities of borrowing

Explain deferment and forbearance choices

Stress the severe effects of defaulting on a federal education loan

In-person exit loan guidance sessions may be planned through your final semester of attendance. On the web exit loan guidance can be available.

Borrowing Limitation

Underneath the Direct Subsidized and Unsubsidized programs, you may generally borrow as much as $5,500 as a freshman or over to $6,500 as a sophomore.

Under special circumstances, separate students might be qualified to borrow extra funds all the way to $4,000 underneath the Unsubsidized system. Significance of these additional funds are thought for a case-by-case foundation.


For the 2019-2020 educational 12 months, the attention price on Direct Subsidized and Direct Unsubsidized loans is 4.53%.

Plus Loans

AN ADVANTAGE loan is a loan that moms and dads can get. It can help protect academic expenses because of their reliant, undergraduate pupil.


The parent may apply for a PLUS Loan after the student submits a FAFSA.

  1. Finish the FAFSA. This determines eligibility for a Direct scholar Loan, which should be determined before moms and dads can be viewed for the PLUS Loan.
  2. Complete a Fall 2019 – springtime 2020 – summer time 2020 Heartland PLUS loan application (PDF).

Borrowing Restrictions

Moms and dads can borrow up to the expense of training at Heartland, less any school funding their student gets.

Rate Of Interest

The present rate of interest is 7.08% and interest accrues just while the loan is disbursed. Payment associated with the loan starts within 60 times of the mortgage being completely disbursed.

Call Us

School Funding Office

Community Commons Building (CCB), Place 1106 1500 W. Raab Rd. Normal, IL 61761

Phone: 309-268-8020

Fax: 309-268-7962

Office Hours

8:00 AM – 5:00 PMTuesday 8:00 AM – 6:00 PMWednesday 10:00 AM – 5:00 PMThursday 8:00 AM – 5:00 PMFriday 8:00 AM – 4:30 PM monday

Walk In Hours

Monday-Thursday 10:00-1:00 and 2:00-5:00Friday 10:00-1:00 and 2:00-4:00


Available using your myheartland Appointments tab or by calling 309-268-8020

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