Student Loans

At Palm Beach State College, we want our students to be highly educated and informed. If you are considering borrowing a student loan to help pay for your education, please ensure that you understand your rights and responsibilities. The "golden rule" is to borrow only what you need. You must repay loans, including principal and interest.

Jump to:  Federal Student Loans  |  Private Loans 

Federal Student Loans

There are three types of federal student loans. 

Direct Subsidized Loans

The Direct Subsidized Loans are made to eligible undergraduate students who demonstrate financial need to help cover higher education costs at a college or career school.

Direct Unsubsidized Loans

The Direct Unsubsidized Loans are made to eligible undergraduate, graduate and professional students. Eligibility is not based on financial need.

Direct PLUS Loans

The Direct PLUS Loans are made to parents of dependent undergraduate students to help pay for educational expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify. 

How to Accept/Decline Loans

Students who file a FAFSA form and apply for financial aid will see loans they are eligible for in their financial aid awards tab in Workday. Loans can be accepted or declined in Workday. Watch the Workday Student video on PBSC’s Financial Aid TV channel to learn more. 

Loan Disbursement Requirements

Before your federal loan funds can be disbursed, you will be required to complete the following:

• Complete entrance counseling, a tool to ensure you understand your obligation to repay the loan.
• Sign a Master Promissory Note, agreeing to the terms of the loan.
• Complete the Annual Student Loan Acknowledgment for Federal Student Loans

 

Private Education Loans

A private education loan (also known as an alternative student loan) is a non-federal loan that can be used to pay for school once you have exhausted other forms of free and federal financial aid.

Like a federal student loan, an alternative student loan can be used to pay for college costs, but it comes from a bank, credit union or other lender rather than the federal government.

Private education loans usually are more expensive (with higher interest rates and fees) than government student loans. They also can be more difficult to qualify for, compared with federal student loans, and they usually require a credit-worthy cosigner. During repayment, private education loans generally have less flexible repayment options and aren't eligible for federal loan forgiveness programs.

Private education loans are best used only as a “last resort” option after maxing out federal student loans.