Loans are one of the three major types of student aid. Unlike grants and scholarships that do not have to be repaid, loans are a form of aid that must be repaid. Repayment typically starts 6 months after graduation, or when the student's attendance drops below half-time. When reviewing loan options, we suggest you always take advantage of federal loans first.
Federal Student Loans
- Amount based on financial need
- Must meet all eligibility requirements
- Federal government pays the interest while student is in school at least half time
- Interest accrues while student is attending college
- Amount not based on financial need
- Like the subsidized loan, must meet eligibility requirements
The Federal Direct Parent Loan for Undergraduate Students (PLUS) is a loan in the parent's name to assist their dependent student with educational expenses. Credit approval is required. These loans are guaranteed and regulated by the Federal Department of Education.
Alternative Loans/Other Loan Sources
Alternative loans are private loans (available through various lenders) to assist with the cost of education. These loans are not federally guaranteed student loans and are generally based on income and credit history. Most students will be required to have a cosigner. Individuals may only apply for up to the cost of attendance minus any financial aid received.
FLCC does not recommend or prefer any one private alternative loan product. Please carefully review and compare the borrower benefits, loan fees, interest rates, and repayment terms. This information should be available on the web sites of the lenders.
Cohort Default Rate
In September 2018, the US Department of Education released official cohort default rates for federal student loan borrowers who went into repayment in 2015.
- Finger Lake Community College's default rate is 14.1%.
- The national cohort default rate is 10.8%.
FLCC is committed to working with our borrowers to educate them on the choices of borrowing. Our default rate has been steadily declining over the last several years.
Currently, for the 18-19 academic year, 47% of our students borrow federal loans.