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Federal Direct Loan Program (DL)

To be eligible to apply for any of the Title IV student loans you must-

  • Apply for financial aid using the FAFSA
  • Have a completed student aid file on record
  • Meet Satisfactory Academic Progress Standards
  • Complete the online Entrance Counseling (, online Master Promissory Note (, and other special requirements, if applicable
  • Be enrolled in an eligible program (at least half-time status)
  • Have OFFICIAL grade transcripts from all previous colleges submitted to IECC for evaluation (If the student is wanting to have credits transferred in.)
  • Meet school processing deadlines

Prior Federal Loans and Financial Aid History – If you currently have a Stafford Loan and would like to check the interest rate, servicer information and other financial aid history, go to the National Student Loan Data System

Federal Stafford Loan Program (subsidized and unsubsidized)

  • Repayment begins six months after the student graduates, leaves school or drops below half-time enrollment
  • Loans cannot be certified until after the add/drop period of the semester
  • Loan disbursements are made in two checks (one per semester) released no earlier than thirty days after the beginning of the semester
  • Students may borrow $3500 at the Freshman level and $4500 at the Sophomore level
  • Students must repay this debt regardless of completion of education goal or securing a career in field of study upon graduation

Loan Interest Rates
The Direct Subsidized and Unsubsidized Loan interest rate is 4.45% for all borrowers.  These rates apply to loans disbursed after July 1, 2017 and before July 1, 2018.

34 CFR Section 668.202(e)(1) of the Federal Direct Loan (DL) Program provides that a school may refuse to certify a DL Stafford or Plus loan application or may reduce the borrower’s determination of need for the loan if the reason for that action is documented and provided to the student in writing (provided the determination is made on a case-by-case basis).  All previous borrowing of student loans and total debt will be reviewed prior to certification of future loans.

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