What You Should Know About Using a Private Student Loan at Sandhills

  • SCC certifies private student loans for fall, spring, and/or summer semesters, one academic year at a time.
  • Before Sandhills Community College will begin the certification process on a private loan, students are required to:
    • Have a completed Free Application for Federal Student Aid, or FAFSA, on file with the SCC Financial Aid Office for the current school year
    • Be enrolled in classes in a degree seeking program during the loan period
    • Have a 2.0 cumulative GPA if previously enrolled at SCC
    • Have official transcripts (high school and college) on file with SCC Admissions
  • SCC Financial Aid will activate a student’s loan funds no earlier than eight business days after the lender has scheduled the disbursement to allow for expiration of the borrower’s Right-to-Cancel period.  Therefore, students are cautioned to allow enough time for a loan to be processed so it will be in place to cover tuition charges by the payment due date prior to each semester.
  • Once the lender disburses the loan proceeds to the school, the funds are applied first to any existing balance due and then a refund check will be issued to the student for any remaining amount. Refund checks will not be processed until 10% of the semester has elapsed and instructors have turned in rosters verifying student attendance generally resulting in refund checks being mailed at the earliest during the 6th week of the semester.
  • A student’s academic progress will be checked at the end of each semester to confirm a 2.0 cumulative GPA before activating loan funds for the next semester.
  • Pursuant to Section 155 of the Higher Education Act of 1965, as amended, (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan.       The school is required on request to provide this form or the required information only for students admitted or enrolled at the school. Throughout the Applicant Self-Certification, “you” and “your” refer to the applicant who is applying for the loan. The applicant and the student may be the same person. This form may be obtained from the Financial Aid Office here: Private Education Loan Applicant Self-Certification Form