Catalog - Sussex County Community College

Sussex County Community College Catalog 2010–2012TUITION, FEES AND FINANCIAL AID • 3TUITION, FEES AND FINANCIAL AID 3Academic LevelAnnual LimitSubsidizedDependent StudentsAnnual LimitAdditional UnsubsidizedTotal Annual Limit1st year (1–32 credits earned) $3,500 $2,000 $5,5002nd year (33+ credits earned) $4,500 $2,000 $6,500Note: Additional Unsubsidized Loan funds of up to $4,000 per year, (not included in chart) may be available for studentswhose parents are denied a Parent Loan for Undergraduate Students (PLUS)Academic LevelAnnual LimitSubsidizedIndependent StudentsAnnual LimitAdditional UnsubsidizedTotal Annual Limit1st year (1–32 credits earned) $3,500 $6,000 $9,5002nd year (33+ credits earned) $4,500 $6,000 $10,500Points to Remember:■ An Exit Interview is required before permanently leavingthe campus (graduation or transfer to another college),dropping to less than half-time during a semester ortaking a semester off. nslds.ed.gov■ You may take up to ten years to repay the loan. Paymentschedules are set up with your lender prior to repaymentof the loan. Loans are made in the student's name only.It will be your responsibility to repay your Loan. It isrecommended that all other avenues of assistance beexplored before considering a Direct Loan.Typical Monthly PaymentsBelow is a projection of the approximate amount of monthlyinstallments over different periods of time required toamortize various levels of indebtedness.TotalBorrowedSample Repayment Amountsat 5.6% at 6.0% at 6.8%MonthlyPaymt# ofMonthsMonthlyPaymt# ofMonthsMonthlyPaymt# ofMonths$2,500 $50.00 57 $50.00 58 $50.00 59$5,000 $54.51 120 $55.51 120 $57.54 120$7,500 $81.76 120 $83.26 120 $86.31 120$10,000 $109.02 120 $111.02 120 $115.08 120Student Loans Exit Counseling RequirementAll students who have borrowed funds through the FederalStafford Student Loan Program are required to complete ExitCounseling before permanently leaving the College. ExitCounseling may be accomplished online at studentloans.gov.Please contact your lender if you are experiencing difficultiesin repaying your loan. Many options may be available to youincluding deferring payments. Please note that a defermentof both principal and interest is available to students in PeaceCorps service, Domestic Volunteer Service Act service orCommunity Service at a tax exempt organization.Parent Loan for Undergraduate Study (PLUS)This is a loan to enable parents with good credit to borrowfor their children who are enrolled in college on at least ahalftime basis. Loans are at variable interest rates and couldbe for amounts up to the cost of education, minus anyfinancial assistance for which the student is eligible.State Financial Aid ProgramsRegulations are subject to change. Contact the FinancialAid Office for details.NJ Tuition Aid GrantState grants are available to full-time students based onneed. Grants range from $910 to $2,218 annually.NJ Part-time Tuition Aid GrantThis state program is for students who take between 6 and11 credits. Awards range from $416 to $1,478 annuallydepending on course load. As with all state aid, a FreeApplication for Federal Student Aid must be filed beforestate deadlines.14