Federal Student Education Loans

Federal Student Education Loans

Heartland Community university participates within the Federal Direct Loan Program. Under the program, the Heartland school funding workplace determines loan eligibility together with loans are formulated by the U.S. Department of Education.

Federal Direct loans are academic loans that really must be paid back with interest. We encourage you to definitely think about all the other alternatives for funding your education first and make use of a student-based loan as a “last resort. ” Be cautious before you borrow under this loan program as you can find severe consequences not to student that is repaying.

You can find three forms of loans available:

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

Direct Figuratively Speaking

A primary loan that is subsidized a need-based loan, and that means you must show economic need based on information submitted from the FAFSA.

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


A Unsubsidized that is direct loan perhaps maybe perhaps not according to economic need. For as long you can borrow from the loan program as you meet other general eligibility requirements.

Interest starts accruing regarding the loan whenever funds are disbursed. You may be in charge of paying the attention while you’re in college.

We recommend you spend interest for an unsubsidized loan while in school, you need to choice to capitalize your interest. With this particular choice, you spend no interest whilst in college. Nonetheless, interest accrues and it is put into the quantity you borrow, this means your loan quantity continues to increase.


Submit an application for educational funding utilizing the FAFSA.

Have verified and completed, if required, pupil aid record on file.

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

Sign up for at the least six credit hours.

Make certain you aren’t in default on any loan that is educational usually do not show an unwillingness to repay an academic loan or owe any reimbursement on a grant or education loan.

Speak to a Heartland Community College loan officer for pre-loan guidance and finish a scholar Loan demand Form if required.

Schedule a consultation to generally meet with a school funding officer for those who have significant prior borrowing as an element of the college’s financial obligation administration plan. You are needed to complete a borrower that is smart to be able to borrow extra funds beneath the education loan program.

Borrower Information Sheet

A questionnaire that will require two recommendations and just how to gain access to your credit history. This type is needed annually whenever borrowing at HCC. Complete the 2019-2020 debtor information sheet (PDF) and turn into the aid office that is financial. Attach Financial Aid History web web web page from NSLDS when publishing the Borrower Ideas Sheet.

Entrance Loan Counseling

You must complete an entrance loan counseling session each academic year with the U.S. Department of Education before you can receive your Direct Student loan funds.

The guidance session notifies you regarding the liberties and duties as a debtor, describes the significance of loan payment and makes certain you recognize the results of defaulting on a learning education loan.

Complete online loan guidance through the U.S. Department of Education’s internet site. Check in with your federal pin quantity. Choose “Complete Entrance Counseling. “

Master Promissory Note (MPN)

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

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

Financial understanding guidance (necessary for past borrowers just)

Financial Awareness Counseling will provide past borrowers the basic principles of monetary administration, reveal pupils their present federal education loan financial obligation (and their present education loan financial obligation when they enter details about their personal figuratively speaking), and supply students an estimate of just what their education loan financial obligation will be during the time they leave college.

Complete on the web Financial Awareness Counseling through the U.S. Department of Education’s internet site. Check in with your federal pin quantity. Choose “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 payment responsibility

Offer information about typical month-to-month payment amounts centered on different quantities of borrowing

Explain deferment and forbearance choices

Stress the severe effects of defaulting on a student loan that is federal

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

Borrowing Limitation

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

Under unique circumstances, separate pupils might be entitled to borrow extra funds as much as $4,000 underneath the Unsubsidized program. Significance of these extra funds are believed on a basis that is case-by-case.


When it comes to 2019-2020 scholastic 12 months, the attention price on Direct Subsidized and Direct Unsubsidized loans is 4.53%.

Plus Loans

A BONUS loan is a loan that moms and dads can get. It will help protect academic costs for his or her reliant, undergraduate pupil.


Following the pupil submits a FAFSA, the moms and dad may make an application for a PLUS Loan.

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

Borrowing Limitations

Moms and dads can borrow as much as the price of training at Heartland, less any aid that is financial pupil gets.


The present rate of interest is 7.08% and interest accrues right since the loan is disbursed. Payment of this loan begins within 60 times of the mortgage being completely disbursed.

E Mail Us

School Funding Workplace

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

Mobile: 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 during your myheartland Appointments https://www.speedyloan.net/installment-loans-va/ tab or by calling 309-268-8020

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