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Financial Aid Loan Programs

If grants, scholarships, and student employment are not sufficient to cover your necessary education-related expenses, you may want to consider a student loan. Because loans are financial aid that must be repaid, you should think carefully about how much you need to borrow for your educational expenses.

Below are links for the various loan options provided through Southwestern Michigan College:

Federal Direct Loan

The Direct Loan program provides low interest loans that are funded by the U.S. Department of Education.

Federal Perkins Loan

This loan program is administered by Southwestern Michigan College and provides long-term, low-interest loans to students. The repayment period and interest begin nine months after the completion of studies.

Federal Direct PLUS Loan

This is a non-need based source of loan funds available to parents of dependent students who are enrolled for 6 or more credits per semester. In this program, the parent is the borrower, a credit check is performed on the applicant, and repayment of interest and principal must begin within 60 days of disbursement of the loan.

Private Alternative Education Loan

Private Alternative educational loans are student loans offered through agencies other than the federal government. These loans are based on the creditworthiness of the borrower and/or co-signer, if applicable.